With colder weather approaching, the rain set in, and school well underway, the market is slowing as people settle down in preparation for Christmas-tide and the surrounding holidays. The constricting economy already meant, for many units, a longer turnover period, as fewer and fewer tenants look to move.
Any properties available now are already experiencing the slowdown and those that come available before New Year’s will most likely sit on the market for a time. But, like with everything in property management, some steps can be taken to minimize that lost time and fill the unit.
1. Rent Concessions
The foremost and simplest way to fill your unit is to offer some kind of rent concession. This can mean the second month free, a month half-off (most common), or a set amount off the first or second month’s rent.
A rent concession is a clear and simple way to stand out from the competition without lowering the actual monthly rent.
2. Delist and Relist Property
A simple way to generate interest is to delist the unit for a few days and then relist it, causing the home to reappear in all of those “newly available” emails and notifications everyone receives daily while searching for a home.
3. Allow Pets
If your rental has a stringent pet policy, or maybe doesn’t permit pets at all, loosening those restrictions slightly will generate more interest. Pet owners have a very limited amount of properties available to them, and when they find a home that will allow their furry friend, they tend to move quickly.
4. Lower the Rent
This option is always a possibility, but unless your home is priced above the market rate, it should be treated cautiously. If the home remains vacant for over a month and receives limited interest and few or no applications, the property manager will assess the unit for issues, and if none are found, will consider lowering the rent.
The slowdown for the winter months usually ends after New Year’s, although the year doesn’t reach its climax until May or June. Aside from the seasonal changes, rents in the area have peaked and are no longer rising. The real estate selling market is experiencing a similar change.
If you have questions regarding your unit, reach out and let us know. As always, Happy Landlording!