One good thing about investing in Katy 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. If you understand how seasonality can help you maximize your time and budget, you are on your way to owning lucrative rental homes.
Searching Season vs. Moving Season
Seasonality means that searching and moving have their respective peak seasons at different times of the year. While rental markets vary, it is easy to predict the changes in the volume of renter activity. The season for searching for a new rental home usually begins in the early part of the year, with March through July typically having the most activity.
The Heat of Summer
On the other hand, others want to take advantage of the warmer summer months so most renters prefer to move between May to September, making this the peak season for moving in or 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 the summer months generally coincide with most of life’s big events, and most renters prefer not moving in cold or snowy weather. This means, as a rental property owner, you will be very busy in the summer as well.
The Cool of Winter
On the other hand, the winter months are the slow ones in the rental market. This is because of 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 there are seasonality trends in the real estate market on a national level, you should also get to know the patterns for your local market. This will help you in your annual planning. Regular communication is very important in any successful landlord-tenant relationship. But during peak searching season, it is wise to listen for hints about your tenant’s intentions for the coming year. This is especially true 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 Katy 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 West 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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