TIPS TO MAXIMIZE PEAK RENTAL SEASON
May-August are common times for people to relocate, making it a busy season for landlords and property managers. As peak rental season gets into full swing, a little extra preparation can have a big impact on your ROI, stress levels, and customer service to potential tenants. Maximize peak rental season by understanding the tenant lifecycle, updating your website and listings, capitalizing on renewals, and having a vendor list or DIY maintenance kit on-hand.
Peak rental season can be overwhelming in the rental industry, especially if you don’t prep well behind the scenes.
With National Moving Month in May and the school soon out for summer, the months between May and August can be a fast-moving time for property managers and landlords. Summer is the most popular time of year for relocating, meaning that peak rental season is here.
Peak rental season doesn’t have to lead to chaos and stress. Landlords and property managers can take advantage of this hot market while staying organized and stress-free with a few helpful tips.
WHEN IS PEAK RENTAL SEASON?
Peak rental season is the time between Memorial Day and Labor Day: roughly 70% of all moves take place during this part of the year. This statistic encompasses the real estate industry as a whole, but renters are no exception to the rule.
Winter and fall can come with more risk of unpredictable weather, and parents are loathe to disrupt their children’s school year with a move. Moving in late spring and throughout the summer can eliminate these obstacles.
Spring weather may invite the risk of showers but is less likely to storm like a fall or winter day. Renters moving in spring can avoid the blistering heat of summer as many areas of the country experience mild temperatures. Summer’s longer daylight hours can make it easier for renters to pack and load moving trucks–giving families more flexibility to DIY their move.
5 TIPS TO MAXIMIZE PEAK RENTAL SEASON
ENSURE YOU UNDERSTAND THE TENANT LIFECYCLE
If you are a new landlord or property manager, ensuring you know exactly what the lifecycle of tenancy looks like is key to timing your actions while managing a rental. Be sure that you know the best order of operations when it comes to tenancy, this will ensure you don’t miss a vital step, and your units can be rented easily and seamlessly when turnover occurs.
THE LIFECYCLE OF TENANCY IS AS FOLLOWS:
- Rental Vacancy: This includes all the steps to get the unit rent-ready, including cleaning, photography and marketing. This can also include rental showings and engagement with prospective tenants.
- Leasing Tasks: The lease creation process is arguably the most important aspect of lease; ensure you regularly take the time to check in with a licensed attorney in your area who specializes in landlord-tenant law. Laws change regularly, so you always want to ensure your lease agreement is up-to-date and legal.
- Prep for Move-in Day: Remember this can be a stressful time for your tenants, so be sure to offer simple ways to make them feel at home. A tenant welcome basket, a few toiletries, and a cheat sheet of the most common rental rules can also be a helpful addition.
- Occupancy Tasks: These have their own lifecycle and are at the heart of rental management. Routine tasks like rent collection, inspections, seasonal maintenance, repairs, and addressing lease violations are all part of this task list.
- Extending or Ending Tenancy: Once the lease term has ended, you and your tenants have the opportunity to extend the term through a term renewal or a month-to-month agreement. Alternatively, both parties can choose to end tenancy and part ways.
- Move-Out Process: The Move-Out process marks the time for a move-out inspection and for the cycle to repeat with the hopes of finding a new tenant.
CAPITALIZE ON RENEWALS
Renewals are the most reliable way to to make your peak rental season a little less stressful. Instead of facing the stress of tenant move-out inspections, returning security deposits, making the property rent-ready and finding new tenants, you can save a lot of time and money by keeping the good tenants you already have. Peak rental season is often peak renewal season, so be sure you are prepared to encourage your tenants to stay long-term or renew their lease for the upcoming year.