Searching Season vs. Moving Season
The first thing you should know about seasonality is that both searching and moving have different peak seasons throughout the year. Highs and lows in renter activity are predictable even as rental markets vary. 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
Renters also prefer to move during the warm summer months, that is why the peak season for moving in or out is in May to September. Renters still move for various reasons and at different times of the year. But the summer months tend to be the most convenient, and most renters do not want to move in cold or snowy weather. This means summer tends to be one of the busiest times of the year for rental property owners.
The Cool of Winter
In comparison, the rental market slows down a bit in the cooler winter months. This is mainly due to weather and renter preferences. Not a lot of people enjoy moving during the winter holiday season, and most renters will prefer to stay where they are.
Using Seasonality to Your Advantage
It is important to know the seasonality patterns of your local market, just in case, it varies a bit with the national real estate market trend. This information can be very helpful in your annual planning. Regular communication is a trademark of any good landlord-tenant relationship. But, during peak searching season, you could keep an eye out for hints about your tenant’s intent to stay or leave, especially if their lease is up for renewal.
Suppose you suspect that your tenant might 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 Chamblee property managers complete their administrative tasks, take personal time away, or check on other business matters during the winter season. This way it becomes easier to accommodate the busy moving season when it arrives.
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 Greenway 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.