What methods do you use to keep your properties rented during winter and fall?

Question

As a property manager, I try to keep lease expiration out of these slow seasons (if possible). I advertise early and keep my property listing updated on a regular basis. I also offer small, targeted move-in incentives if needed to help the leasing process along. In addition, I ensure that my properties are kept clean, heated/air conditioned, well-lit, and ready to be shown quickly. Finally, I always have good communication with my existing tenants when it comes to lease renewals, which allows me to plan accordingly and, in most cases, minimize the time I have to wait for a unit to be turned around.

I’m curious, how do you handle these slower leasing seasons? Any marketing tactics, renewal timing strategies, incentives, or operational adjustments that have worked well for you?

Adam Bartomeo · Answer

We have identified the best months to market to potential tenants and the months that have the highest likelihood to have vacant units occupied. We coordinate all of our lease to end the months prior to that. This gives us the highest probability of finding a tenant in the shortest amount of time.

Lydia Winn · Answer

I find this is largely dependent on the size of the unit. For larger units, we always advise listing during the summer but for studio and one-bedrooms we find renters (in NYC) to be agnostic and the market doesn't slow down the same way.

Stuart Udis · Answer

I try to avoid lease turnovers between November 1 and end of February, as that period tends to produce the lowest demand and the longest vacancy timelines. When a unit does turn over during that window, I’ll often use a 15- or 18-month lease so future renewals and potential vacancies fall outside the winter season. This may be an 18-month lease with no renewal rent increase whereas the typical 12-month period would have the increase. Alternatively, I will anticipate the desired lease renewal date and price the unit a little higher and offer a "discount" with a lease period that aligns with more favorable leasing seasons.

Drew Sygit · Answer

As several have posted:

1) Avoid leases ending during slowest months

2) Offer MoveIn incentives when necessary

3) Proactively pursue lease renewals at least 60-days (we start at 90) before current lease ends

4) MTM leases are fine, but have "Commitment Season" during slowest months. - If tenant doesn't give notice by mm/dd/yyyy, then the lease will auto-renew for x months, after which it goes back to MTM.

What methods do you use to keep your properties rented during winter and fall?

What methods do you use to keep your properties rented during winter and fall?

Most Popular Reply

4 Replies