What’s The Best Time Of Year To Market Your Rental Property?

We were surprised to find how landlords varied on this opinion!  The season you lease your rental property can make a big difference on your bottom line.  Below we discuss the different schools of thought on the best time of year to market your rental property.

November through April

It’s no secret that once Thanksgiving hits, people tend to be busier with holiday gatherings, shopping, celebrations, and vacations.  It seems the farthest from the best time to market rentals is in December, as most people prefer not to move during the holiday season.  Add in the cold weather and trying to load/unload a moving van in sub 40 degrees, snowy, icy, weather and you’ve got most tenants opting to wait for spring to think about moving.

The upside to marketing your rental in the late fall, winter, and early spring?  Generally speaking, more tenants are looking for units than units available, and a landlord can have the upper hand when setting their market rate.   The challenge is finding the tenant that fits your criteria.

The downside is that the pool of applicants is smaller, and you may have a more challenging time finding your ideal tenant.  One who meets the set criteria you follow.  A landlord may be tempted to lower their standards and place a tenant who they usually would deny so that they can get their unit rented and income to start rolling in.  This scenario usually does not end well, and the landlord ends up with more stress and frustration had they just waited for their ideal tenant.  Additionally, the landscaping tends not to be as attractive during these months.  Brown lawns and trees without leaves can hinder a tenant’s desire to live there as it is hard to visualize full plants and colorful flowers in the dead of winter.  So this leaves us still wondering, what’s the best time of year to market your rental property?

May Through October

If you want a larger pool of applicants, generally, late spring through early fall are the optimal months to find them.  Renters are more likely to move during these months as the warmer months do not create weather-related delays or issues like moving furniture out in the rain or on snowy, icy pathways.  In addition, parents prefer not to move with their children during school months, opting for summer months so their students can make a smooth transition at the beginning of the school year in September.

Even though Spring and Summer seem to be the best time to market your rental property, supply and demand issues is one problem many landlords find during these months.  There is an abundance of rentals available, so the market rate tends to be lower.  The increase in supply forces landlords to lower their rental rates to remain competitive and lease their units quicker.  Here’s a simple scenario.  Let’s say you want to rent your unit for $800 a month.  Would you prefer to lower your rental rate by $25-$40 a month and earn $300-$480 less in that year OR chance it by holding the rental for an additional month (maybe more) and lose $800 of rental income?  The sensible option is to lower the rate and generate income quicker.  Even in rent-controlled areas that limit the amount you can increase rents per year, the lower rental rate would still prove to be more profitable.

TIP:  If your state allows it, consider adding an addendum with the condition that the rent will increase 3-5% in six months.  This way, you only lose rent for one half of the year.  Ensure the tenant understands this rent escalation clause before signing the lease.

A Personal Perspective

We rarely have any issues renting our units during the summer months.  Here’s the deal though, these are also OUR busiest months for family obligations, vacations, and covering employee vacations.  One of our “why’s” for owning rental properties is to allow us freedom to travel and spend time with family.  We generally enjoy these activities most in the warmer months, May through September.

Having all our units rented by June 1, with no upcoming vacancies until October, is the optimal situation.  We prefer to work on unit repairs in February and March.  Then place units for rent in April-May and do inspections in November.   Vice versa, in the fall, we will do what we can to do any renovations necessary in September, rent by the end of October, and do semi-annual inspections in April or May.  Those months seem to be the best time for us to market our rental properties.

Of course, it does not always work out like this!  We often find ourselves dealing with move-in/outs in February or July.  Guess what, we deal with it!  We do what we can to avoid it, but life happens.  As much as we like to plan, plans fall through.

When do you prefer to rent your unit?  Leave a comment below!

Check out our other blogs to guide you on your self-management journey as a landlord:

Long-Term or Short-Term Leases, What’s Better For Your Rental Property?

How To Improve Tenant Relations

Security Deposits: 5 Tips Landlords Should Know

Meet Stacie & Kevin, Your Landlord Resource

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