One good thing about investing in Portland single-family rental homes is the predictability of what will happen in the market and when. As with other aspects of life, renting also has its seasonal patterns each year. These patterns are known as “seasonality” and can help property owners and landlords anticipate and prepare for tenant turnovers. It is important if you want to keep your rental homes lucrative, to know about seasonality and how it can help you optimize your time and budget.
Searching Season vs. Moving Season
Seasonality means that searching and moving have their respective peak seasons at different times of the year. Even as rental markets vary, the fluctuations in renter activity are vastly predictable. The searching season typically starts in the early part of the year, with March through July usually seeing the bulk of people looking for a new rental home.
The Heat of Summer
Most renters prefer to move during the summer to take advantage of the warm weather, making May to September 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 tend to be the most convenient, and most renters do not want to move in cold or snowy weather. This is why summer is one of the busiest times of the year for rental property owners.
The Cool of Winter
In comparison, the rental market slows down a bit in the cooler winter months. This is largely in part due to 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. Once you understand these patterns, you can benefit from them in your annual planning. Regular communication is very important in any successful landlord-tenant relationship. But, during peak searching season, you could keep an eye out for hints about your tenant’s intent to stay or leave, especially if their lease is up for renewal.
Suppose you suspect that your tenant might 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 the majority of renters move in or out during the summer, most Portland property managers use the winter season to work on administrative tasks, enjoy personal time, or see other important matters of your business. This way it becomes easier to accommodate the busy moving season when it arrives.
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 Shoreline 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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