How Long Should it Take to Rent My House?

I often hear landlords parrot that they consistently lease houses in under 30 days.

While that is a very admirable goal for any landlord, sometimes Client's interests are different and speed isn't one of their top priorities.

In fact, we have some institutional clients who are willing to leave their home out for many months to rent it for a certain price.

So how long does it take to lease a home?  

How long is too long?

I think to understand the question, you need to understand the factors that go into a tenant leasing a home in the first place.

Factor #1 - Price - Yes, this is a case of Captain Obvious.  A low price does increase the chances of leasing the home quickly, while high prices decrease the chance.  

Factor #2 - Product - In addition to what something cost, what you are actually providing (we call it product) plays a huge role in how quickly something will rent.  All 3 bed, 2 bath homes are not created equally.  

Factor #3 - Season - Different seasons determine different demands in the rental house business.  You can typically lease homes on average for more during the spring and summer leasing seasons than you can during the winter months.  While there are some market specific differences, seasonality affects all markets.

If you've decided that your property manager needs to lease your home in under 30 days.  Be careful, because they certainly can.

A better approach would be to ask questions about the above 3 factors and determine the most realistic approach based on all 3 levers.