To get the most out of your rental property, it’s crucial to implement long-term strategies that will maximize profits. One of the best ways to boost your rental’s performance year-round is to take advantage of seasonal trends by listing your property at the right time of year. For most, summer is the best time to list your rental for a variety of reasons:
- Better weather: Blue skies and sunny days create the perfect opportunity for potential tenants to view your property. Good weather also makes it easier for tenants to move in, which is part of the reason why many people wait until spring or summer to switch locations.
- Higher demand: Summer is a high-demand season for rentals, especially because of college and university schedules. Fresh springtime graduates will be looking for new areas to live, and new college students will be looking for units near their school before fall semester begins.
- More applications: Because of the higher demand for rentals during the summer, landlords will likely receive more applications during this season. Not only does this allow you to be more selective when choosing tenants, but it also provides a great opportunity for you to raise or update your rent prices.
How to Take Advantage of Peak Rental Season
While listing your rental during summer is one way to take advantage of peak season, there are a few other tips and tricks you can follow to make the most out of the yearly spike in demand. Here are some great ways to take advantage of peak rental season:
- Schedule leases to renew during summer: Most tenants will wait until their lease expires to move, which means you can expect to have more vacancies when leases are set to renew. To make this trend work in your favor, try to align the lease expiration dates with summer. That way, vacancies are more likely to fill quickly and you’ll have more units available.
- Perform maintenance and improvements during spring: Making property improvements during the spring is a great way to set yourself up for success during the summer. The fresh updates will help your rental stand out from the competition while providing you with a reason to raise rent prices, resulting in more and higher-paying tenants.
- Begin advertising early on: Most people who plan to move during the summer will start looking for their next location beginning in spring. To ensure your property is visible while people are searching, try advertising in the late spring when people start looking.
- Work with an experienced property manager: Summer is an incredibly busy time of year for landlords, and it’s easy to become overwhelmed – especially if you have a lot of units to fill. Thankfully, you don’t have to handle everything alone. An experienced property manager can help streamline your processes to save you time and money while ensuring your property and tenants are all set up for success.
If you need quality property management services in Clark County WA, turn to the experts at Zenith Properties NW! Our team has over 30 years of experience in local real estate markets, and our knowledgeable team is dedicated to providing you with exceptional and dependable service. Contact us today to get started!