It’s a landlord’s nightmare to have a rental sit empty without any potential tenants reaching out. Every day that it goes without a tenant is a day of lost rent – and that can add up fast!
With the right strategies in place, you learn all about how long it takes to rent out a house or apartment and reduce the chances of your property being vacant for long periods of time.
As a landlord, it’s a normal part of the process to expect that you will have periods from as short as a few days to a few months of vacancy. The length of time between when you first make it available on AHRN until a tenant is signing your lease depends on your approach and the following factors:
Become a DIY Landlord or Hire an Agency
There are two routes you can take when it comes to listing your home. You can market the property yourself, or you can hire a rental agent or property management company. Depending on the condition of the home and its location, an agency using all the tools can rent it out in 1-2 months.
However, if you choose to be a DIY landlord, it could take double the time. While most landlords are capable of eventually getting their property rented, it takes quite a bit of legwork to achieve that goal. Either way, considering the factors below can help you decide which way suits you and your property the best.
Know How to Attract Tenants
The first step to becoming a successful landlord is to know all about how to attract potential tenants. In addition to marketing your property on housing sites regularly browsed by local renters, you have to be able to anticipate what tenants value in a rental.
To get to the heart of how to market to your target audience, consider your ideal renter. Do you want to rent to college students or young professionals? If so, you may want to feature your property’s proximity to campus and other locations commonly visited by college students.
Or are you hoping to become a military landlord and rent to service members and their families? Military families tend to value rentals that are simple, clean and with flexible move-in and move-out lease terms. So, leaning your listing and your lease terms toward those preferences may be helpful.
Even if you aren’t a DIY landlord and you hire a property management company, it’s still a good idea to know how to attract potential renters. This way, you can monitor your property manager’s workflows and ensure they are aligning with your goals!
More Like This: Considering becoming a military landlord? There are numerous benefits when it comes to marketing your property toward military families. Here are 5 Reasons Landlords Should Rent to Military Tenants.
You’ve heard it before (Location, Location, Location), and for a good reason. Proximity to schools, transportation, common workplaces, grocery stores and military bases is a plus. However, it’s best if the location is where traffic and noise are at a minimum while still having aesthetically pleasing views.
All of these factors make a difference in how marketable a rental is. Not only will these desirable terms help you rent your property faster, but you are also more likely to get top dollar per month. While you can’t change most of these features for a property you already own, you can use this information if you are in the process of purchasing an investment property.
Get Your Timing Right
Certain times of year are more conducive to successful renting. People with kids in school tend to move based on the school year calendar. The same goes for rentals in college towns where students are eager to move in at the beginning of a semester and out at the end of a semester. Typically, families and college students want to move in during the summer and, if they choose to move out, will do so at the end of the school year.
If your property is positioned near a military base, it’s good to know that military members tend to PCS to their new installation during the spring and summer months. While this isn’t a hard-set rule, most PCS orders do have service members moving during the warmer months.
States where weather is a factor find that spring and fall are most active for rentals; if the winter is mild, the spring season starts earlier. This is because it can be quite difficult to move in the dead of winter, where ice and snow are an inhibitor, and in the middle of the summer, where temperatures are dangerously hot.
Folks are also less inclined to move around the holidays. With that being said, there are renters seeking properties out there year-round. In locations with major medical centers, landmark industries or booming business districts, professionals such as traveling nurses, visiting teachers and consultants can be looking for a lease at any given time.
Set the Right Price
Knowing how to set a rental price will make a difference in how quickly your property is leased out. Landlords that set their prices too high may have their property sit vacant for longer than they would like. On the flip side, those who price too low may swiftly rent out their property but at a much lower price than they deserve.
Look at comparable homes in the area and see how much they ask for rent. If your price isn’t getting inquiries, you need to consider dropping it incrementally until you get interest.
Enhance The Property’s Condition
You can have a great location and a competitive price but still find it difficult to rent out if the property is run down or lacking in modern conveniences. Tenants these days want homes to be move-in ready. They want to be able to move in their personal items and carry on with their lives without having to worry about how they are going to wash their dishes or dry their clothes.
To set your rental up for success, make sure it has a:
- Central HVAC system
- Fresh coat of paint
Making simple changes like adding a new coat of paint, freshly grouting kitchen or bathroom tiles or replacing old carpet can make all the difference! Everyone, even potential tenants, likes it when rentals feel clean and fresh.
Create Favorable Lease Terms
It’s easier to find a renter if you have fewer lease restrictions. One option is to be flexible on the length of the lease. Remember, short-term renters will at least get your bills covered until you can arrange for someone to come stay for a longer amount of time.
Some may even want a two-year lease or to go month to month after a certain initial period of commitment. Allowing pets and welcoming children also increases your options tenfold. Furthermore, portraying your preferences and restrictions while still being lenient where possible will help build trust with potential tenants.
Learn How to Market Your Rental Property
Whether or not you hire an agency, the more ways you get the word out, the more likely you will be to successfully rent out your property. Host a few well-timed open houses. Drop cards at local stores and pin notices on community boards. Send fliers to neighbors, ask family and friends to spread the word, and put it out on social media with clear pictures and a link to your housing ad.
Through AHRN, you can advertise your property to thousands of military families moving to your area. Military members are some of the most desirable tenants out there, and listing your rental on AHRN will only further expose your property to that market.