One good thing about investing in Jenks single-family rental homes is the predictability of what will happen in the market and when. Renting follows seasonal patterns each year. These patterns are known as “seasonality” and can help property owners and landlords anticipate and prepare for tenant turnovers. Understanding seasonality can help you optimize your time and budget, keeping your rental home investment lucrative.
Searching Season vs. Moving Season
Seasonality shows that there are peak seasons for both searching and moving at different times of the year. While rental markets vary, increases and decreases in renter activity are fairly predictable. The early part of the year is the searching season, peaking at March through July when most people look for a new rental home.
The Heat of Summer
Most renters prefer to move during the summer to take advantage of the warm weather, making May to September peak season for moving in or out. Renters do move all year round, and for various reasons at all times of the year. But, typically, most major life events coincide with the summer months, and most renters also avoid moving in cold or snowy weather. This is why summer is one of the busiest times of the year for rental property owners.
The Cool of Winter
In contrast, the cooler winter months also signal a slow down in the rental market. This is mostly due to weather and renter preferences. Renters rarely want to move during the winter holiday season, preferring to stay where they are.
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. Once you understand these patterns, you can benefit from them 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.
Suppose you think that 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.
When you understand seasonality, you can plan your schedule better. Since most renters tend to move in or out during the summer, most Jenks property managers complete their administrative tasks, take personal time away, or check on other business matters during the winter season. By doing this, you can anticipate and prepare well for the busier moving season when it arrives each year.
One of the ways a landlord can ease the workload is by hiring a good property management company to take care of the day-to-day tasks. Real Property Management Tulsa 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.
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