Knowing these seasonal trends helps landlords and property owners anticipate changes in the market and get ready for tenant turnover. To accommodate families who are more likely to move, they might, for example, offer shorter lease terms during the summer. Alternatively, in order to encourage tenants to remain put during the holiday season, they might extend lease terms during the winter.
Delineating the Seasons: Search and Move-In
Two distinct time periods comprise the seasonal cycle of searching and moving homes. The majority of prospective tenants typically start their search for a new home at the beginning of the year, and this activity peaks between March and July. During the moving phase, there is a rush of activity that follows.
On the one hand, during the warm months of May through September of each year, people have a tendency to relocate more frequently. Due to a variety of changes in people’s lives and individual preferences, this is the height of the move-in and move-out season. Conversely, a constant stream of people relocate all year long, with most preferring to avoid the bitterly cold and snowy winter months.
Navigating the Tides: Seizing the Advantage
Tenant and landlord communication becomes even more important during the summer, which is peak searching season. Tenants are actively looking for new rental properties during this time; landlords can use this information to determine their tenants’ intentions. Landlords can find out whether their tenants want to extend their lease or move out by having frank discussions with them. Landlords must apply this information in order to maintain consistent demand for their rental properties.
In order to effectively manage the impending turnover, landlords may proactively anticipate the departure of each tenant. This includes evaluating properties, producing eye-catching marketing collateral, and setting up required maintenance. By making these arrangements, a seamless handover between tenants is ensured.
Comprehending the rental market’s seasonality is also crucial for proficient time management. Property managers have the opportunity to concentrate on various facets of their rental business, personal activities, and administrative duties during the slower winter months. They are able to maximize their efforts during the peak moving season by taking this strategic break to fully prepare for the busy summer.
By capitalizing on the cyclical nature of the rental market, landlords discover a clever tactic that turns it into a customized blueprint for long-term success and operational efficiency.
Keeping your investment safe requires partnering with a reputable property management firm. In order to ensure a stress-free season ahead, get in contact with Real Property Management Fidelis today to find out how we can help protect and preserve your properties in St Paul and its surrounding areas. You can contact us online or at 844-365-7368.