One good thing about investing in Georgetown 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. If you understand how seasonality can help you maximize your time and budget, you are on your way to owning lucrative rental homes.
Searching Season vs. Moving Season
One thing you should know about seasonality is that both searching and moving seasons have different peak times within 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
On the other hand, others want to take advantage of the warmer summer months so most renters prefer to move between May to September, making this the peak season for moving in or out. Needless to say, renters still move all year round and for various reasons. But, typically, most major life events coincide with the summer months, and most renters also avoid moving in cold or snowy weather. This means, as a rental property owner, you will be very busy in the summer as well.
The Cool of Winter
In contrast, the cooler winter months also signal a slow down in the rental market. This is largely in part 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. This information can be very helpful in your annual planning. Regular communication is very important in any successful landlord-tenant relationship. But during peak searching season, it helps to listen for hints about your tenant’s intentions of staying or leaving in the coming year, especially if their lease is up 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. Since most renters tend to move in or out during the summer, most Georgetown 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.
Of course, one of the best ways to unload a landlord of what can become an overwhelming list of tasks is to hire a good property management company to handle the day-to-day tasks. Real Property Management Longhorn 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.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
