Owning a rental property can be a fruitful endeavor, but is often times stressful. Knowing what changes to make so it will appeal more to tenants and when to actually put it up for rent is important. Dean Graziosi’s tips will help you prepare.
The best time to move for a renter will depend on several factors. Renters move when their leases are up. If they are lucky, they may be able to rent in their current locations month-to-month, but this isn’t always an option. All too often, a renter is forced to choose a property in a relatively small timeframe in order to avoid renewing a lease.
Some renters really need to save money. Perhaps they wish to downsize or move to a different location. The specific circumstances for each will differ, so the perfect time to move may not be cut and dry.
Renters who have time on their hands to find the right property will be able to comb through all the options out there. You want your home to stand out, so taking some extra steps can really help.
Now that more homeowners are deciding to sell their properties and rent instead, finding the right rental can be difficult. The first step as a homeowner who wishes to rent a property is to offer features that will appeal to renters. Fresh paint, new window coverings, and a well-landscaped yard are all great places to start.
So when is the best time to rent a property? There’s really no hard answer to this question. Homes may sell better at various times of year, but people need rentals during all different seasons. A lot of moves do occur between the months of May and September, making summer a prime time to rent your property. This said, many people spend a lot of time outside during the summertime, so adding special touches outdoors may really help make your property more marketable during this season. Families typically move during the summer because that’s when the kids are out of school. The month or so leading up to summer is also a great time to put your rental on the market because college graduates are moving out of their dorms or campus housing and will be looking for a place to live. Summer in many places also means warmer weather which can also make for more turnover during those months.
According to an article posted on money.usnews.com the summer months are typically more accommodating because of the factors discussed above. This means there will be more competition among renters, but it will also work better for you because it shouldn’t take long to rent your property. This may not always be the case depending on the specifics of where you live, the climate, and whether or not the schools are attended year-round. Properties can be rented during any month at any time. That is why you should always keep your rental property well-maintained and ready for a tenant.