The winter months can spmetimes be the toughest months in terms of finding a renter for your rental property. What causes this? Typically there are a few factors that go into what drives the demand.
One major factor is the school year, many families don’t like to move during the school year and having to enroll their children in a new school mid-year. This also applies to college students, many students secure their rental properties months in advance and leases usually run from August to August making the winter month’s off limits for searching.
A Second major factor is that many companies looking to relocate employees will do this during the spring and summer months when there are more properties available, business picks up and the weather is better.
A third factor is the weather! In the winter the last thing many renters think about is moving in the frigid cold and dealing with the threat of snow. The winter holidays are also a major factor when it comes to moving. Most people do not want to be packing or unpacking their belongings when they have shopping to get done, decorations to put up and cards to send out. There is already a lot of stress during the Holidays no need to add more!
What do most renters do in the winter? Typically leases have a clause that when a lease ends it will go onto a month to month lease until there is 30 day notice. A lot of renters take this option and wait until June, July or August when there are more options and better weather for moving. This is ideal for property owners as well since there are many more renters searching in the spring and summer making it easier to secure a tenant.
If your rental comes up vacant during the winter months there are a few different things to consider:
– Are you asking a fair price for the time of year and in comparison to other properties in your area?
– Consider the length of a lease that you want: do you want to have the same vacancy issue at this time next year?
Sometimes the best option is to ask a very discounted price for a short term lease until the spring when securing a tenant will be easiest.
Have any further questions or concerns? Please feel free to give us a call