Searching Season vs. Moving Season
Seasonality means that searching and moving have their respective peak seasons at different times of the year. Highs and lows in renter activity are predictable even as rental markets vary. The season for searching for a new rental home usually begins in the early part of the year, with March through July typically having the most activity.
The Heat of Summer
Renters also prefer to move during the warm summer months, that is why the peak season for moving in or out is in May to September. Needless to say, renters still move all year round and for various reasons. But the summer months generally coincide with most of life’s big events, and most renters prefer not moving in cold or snowy weather. This means summer tends to be one of the busiest times of the year for rental property owners.
The Cool of Winter
On the other hand, the winter months are the slow ones in the rental market. This is mostly due to weather and renter preferences. Very few renters would like to move during the winter holiday season.
Using Seasonality to Your Advantage
While seasonality patterns do affect the real estate market on a national level, it is vital that you know your local market patterns as well. If you understand these, it will be helpful in your annual planning. Regular communication is very important in any successful landlord-tenant relationship. But during peak searching season, you could be more attuned to your tenant for hints of staying or leaving in the coming year, especially if their lease is due for renewal.
Let us say that you predict your tenant will move out. In that case, you can then start preparing for the turnover ahead of time by assessing the property condition, preparing marketing materials, and scheduling property maintenance.
You can plan your schedule better if you understand seasonality. Most Beech Grove property managers complete administrative tasks, take personal time away, or check on other aspects of the business during the winter season, knowing that renters tend to move in or out during the summer. By doing this, you can anticipate and prepare well for the busier moving season when it arrives each year.
Of course, hiring a quality property management company can help any landlord handle major activities as well as day-to-day tasks. Real Property Management Indianapolis Edge can help with almost every aspect of rental property ownership, all year round. This can free up your time to focus on your investing business. Contact us today to learn more about all the services we offer.