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How to Use the Seasonality of Rental Real Estate to Your Advantage

Model Houses Lined in an Incline with an Upward ArrowA great thing about investing in Wilmington single-family rental homes is that it is very easy to predict what will happen in the market, and when. Like most things in life, renting follows seasonal patterns every year. These patterns are known as “seasonality” and can help property owners and landlords anticipate and prepare for tenant turnovers. Understanding seasonality can help you optimize your time and budget, keeping your rental home investment lucrative.

Searching Season vs. Moving Season

Seasonality means that searching and moving have their respective peak seasons at different times of the year. Even as rental markets vary, the fluctuations in renter activity are vastly predictable. The searching season typically starts in the early part of the year, with March through July usually seeing the bulk of 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. This does not mean, though, that renters do not move all year round. They still do and do so 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 most rental property owners are very busy during the summer.

The Cool of Winter

On the other hand, the winter months are the slow ones in the rental market. This is largely in part due to weather and renter preferences. Most renters prefer to stay where they are rather than move during the winter holiday season.

Using Seasonality to Your Advantage

While seasonality patterns do affect the real estate market on a national level, it is vital that you know your local market patterns as well. This information can be very helpful in your annual planning. Any successful landlord-tenant relationship needs regular communication. 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.

Let us say that your tenant is likely to 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.

You can plan your schedule better if you understand seasonality. Since most renters tend to move in or out during the summer, most Wilmington property managers complete their administrative tasks, take personal time away, or check on other business matters during the winter season. By scheduling tasks this way, you can better accommodate the busy moving season when it arrives each year.

Of course, hiring a quality property management company can help any landlord handle major activities as well as day-to-day tasks. Real Property Management Champion 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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