When is the Best Time of Year to Advertise My Property for Rent?
If you’re a landlord, one of the most important questions you need to ask yourself is, “when should I advertise my property for rent?” You’re sure to agree there’s nothing worse than advertising when the market is slow and having to watch the weeks (and your profits) slowly dwindle, as your property sits empty.
Of course it’s entirely possible to have your investment occupied throughout the year. However, it doesn’t happen automatically. Timing your lease dates to occur at certain times can significantly raise your chance of success. This can be tricky.
For example, though it’s common practice to presume the winter months are best avoided, as people like to hibernate in the middle of the year, it’s actually one of the peak times to advertise property for rent.
Here’s where detailed research into the market makes sense, to understand the movements of possible tenants in the rental market. Your skilled and experienced property management team at Position One Property can help you identify the best times. They know how to operate in accordance with your local area and tenant demographic.
For now, let’s take a look at the basics.
Advertise Property for Rent in the New Year
Along with ‘New Year Resolutions’, the months of January and February see many people turning a new leaf, making changes and moving forward in life. Plus, with school holidays and extended leave from work, tenants often deliberately time a change of location with the busy season. What does this mean for you, as a landlord?
A large pool of prospective tenants!
Delving further into available tenants, you may also find University students relocating at this time. Not all properties are going to suit Uni students. But if your property is appropriate for that market, this knowledge will benefit you. Many 12-month leases come up for renewal at the beginning of the year, so more people are looking to upgrade or change locations.
In summary, advertising in advance of a new year is nearly ideal as the peak period for rentals.
Winter is Prime Time to Advertise Property for Rent
It may be a tad colder and many people wish to stay put in the comfort of familiar surroundings. However, from June to August is your next best bet. With regard to University students, mid-year marks a time of change. Because school holidays fall in this time, families with children often take the opportunity to move and upgrade to a more suitable property.
As tenants regularly look to sign leases at the beginning or in the middle of the year, many contracts expire at this time. This means even more prospective tenants for you. It’s all about looking outside of the box to determine which demographic your property appeals to. This way, you can begin to understand their movements, in order to harness interest at various times of the year.
Get the Timing Right for Advance Rental Property Advertising
Depending on when your property is available to move into, it’s crucial to get the timing right, as to when you actually put the advertisement out. The timing may come down to what’s appropriate within your schedule, however no matter which month you choose, it pays to realise that advertising too early, or too late, could have adverse effects.
As the internet is so effective in serving options up on a visually attractive platter, tenants can search at their leisure, with the ability to pick and choose based on pictures and descriptions alone. This means there’s a lot of competition out there, especially at peak times.
So, the aim of the game is to get the perfect balance.
Striking That Perfect Balance
Generally speaking, tenants begin their search four to six weeks in advance. Therefore, you must consistently stay ahead of the ball, so you don’t miss out on eligible applicants. For example, most tenants, upon finding a home, need to give notice, pack and organise their schedules. They obviously want to have a new place lined up before any of that occurs. So chances are they’ll fit into the four to six-week timeframe.
With the right information, the right planning and the Position One Property Team on your side, you’ll never again have to ask, “when should I advertise my property for rent?”
Though advertising much earlier than this may seem like the smart thing to do, it could result in drawbacks. If other properties offer an earlier date for occupancy, you might miss out on applicants who aren’t prepared to wait, due to similar competition. You also run the risk of your property being online for too long. Prospective tenants could question why, and what’s wrong with it.
When you add it all up, with notice, inspections, screenings, applications and moving, it makes sense to advertise five to six weeks before the commencement of the lease. When you time your ad strategically, you have a fantastic chance of lining all the important dates up, for a successful outcome.
So, What’s the Bottom Line?
It’s all about getting the timing right from the beginning. Plan so it’s possible to arrange six to 12 month leases (as the general timeframe), around the two peak seasons. Then, there is every chance you’ll never again have to ask, “when should I advertise my property for rent?”