One good thing about investing in Elgin 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. It is important if you want to keep your rental homes lucrative, to know about seasonality and how it can help you optimize your time and budget.
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. While rental markets vary, it is easy to predict the changes in the volume of renter activity. The searching season usually begins in the early part of the year, peaking at March through July when you see the most people looking for a new rental home.
The Heat of Summer
Since most renters prefer to move during warm weather, the summer months of May to September are the peak season for move-in or move-out. Renters do move all year round, and for various reasons at all times of the year. But they mostly move during the summer months as renters tend to avoid moving in cold or snowy weather. This is why summer is one of the busiest times of the year for rental property owners.
The Cool of Winter
On the other hand, the winter months are the slow ones in the rental market. This is mostly 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 affects the real estate market on a national level, it is still important that you observe the patterns in your local market. This will help you in your annual planning. Regular communication is a trademark of any good 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.
Suppose you think that 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.
When you understand seasonality, you can plan your schedule better. Since most renters tend to move in or out during the summer, most Elgin property managers complete their administrative tasks, take personal time away, or check on other business matters during the winter season. This way, you can accommodate the busy moving season better.
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 Northwest Chicago Suburbs 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.
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