When is the Best Time to Rent my Property?
You want top dollar for your rental property, and you want it to rent fast too. It’s a tall order to fill, but when you know the best time to rent your property, it can happen. While the right time to rent your property is when the property is in great condition, its value is up, and the rental market is hot, there are certain times of year that you should and shouldn’t rent your property.
What is the Best Month to Rent my Property?
There isn’t one specific month you should rent your property, but focusing your renting efforts in the spring and early summer months usually has the best results. Most landlords get the most for their rental properties in June and July, but most of the spring and summer months are great times to rent.
What Time of Year is the Worst to Rent my Property?
There isn’t a certain month that is the worst time to rent your property since you could rent it at any time of year, however, winter months tend to be slower no matter which part of the country you live in.
There aren’t as many people looking to move in the winter months which may bring rental rates down. When there are fewer rental properties in the market, market rates increase slightly because renters are willing to pay a bit more when there is competition for the rental property they want. Supply and demand.
What Day of the Week is Most Rental Properties Listed?
The most popular day to list a rental property is Thursday. It sounds like an odd choice, but here’s why.
Most potential renters plan the rental properties they’ll see over the weekend on Thursday or Friday. Fresh listings will catch their eye faster, and they’ll be more likely to want to see it right away to get ahead of the competition. If you list your rental property near the end of the week, you’ll have a better chance of it being viewed and even possibly have applications on it faster.
What’s your Financial Situation?
Of course, your financial position plays an important role in when the best time to rent your property is. If rental rates are lower than what you are "needing or wanting" on a monthly basis on the property, no time is good for you to rent it out because the rent is never guaranteed. You always want to make sure you already have funds set aside for your mortgage, taxes, insurance, utilities (until it is rented), and for potential large ticket maintenance items.
If you have the opposite situation and you are in a decent financial position that allows you to cover the mortgage, taxes, insurance, utilities, and still have some funds saved for potential large ticket maintenance items, it’s a good time to rent your home. Remember, rent is never guaranteed.
Final Thoughts
Knowing when to rent your property is important. If you’re wondering when the best time to rent your property is, contact me today and we’ll discuss your situation to see when you should rent your property.
704-566-3610
hello@pgmanagementgroup.com
www.PGManagementGroup.com
