One good thing about investing in Tampa single-family rental homes is the predictability of what will happen in the market and when. Like most things in life, renting follows seasonal patterns every year. These patterns are known as “seasonality” and can help property owners and landlords anticipate and prepare for tenant turnovers. Understanding seasonality can help you optimize your time and budget, keeping your rental home investment lucrative.
Searching Season vs. Moving Season
One thing you should know about seasonality is that both searching and moving seasons have different peak times within the year. While rental markets vary, increases and decreases in renter activity are fairly predictable. The season for searching for a new rental home usually begins in the early part of the year, with March through July typically having the most activity.
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. Renters still move for various reasons and at different times of the year. But they mostly move during the summer months as renters tend to avoid moving 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
On the other hand, the winter months are the slow ones in the rental market. This is mostly due to weather and renter preferences. Most renters prefer to stay where they are rather than move during the winter holiday season.
Using Seasonality to Your Advantage
While seasonality patterns do affect the real estate market on a national level, it is vital that you know your local market patterns as well. 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, it is wise to listen for hints about your tenant’s intentions for the coming year. This is especially true if their lease is up for renewal.
Let us say that you predict your tenant will 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.
Your understanding of seasonality can also help you plan your schedule. Since the majority of renters move in or out during the summer, most Tampa property managers use the winter season to work on administrative tasks, enjoy personal time, or see other important matters of your business. By doing this, you can anticipate and prepare well for the busier moving season when it arrives each year.
Of course, hiring a quality property management company can help any landlord handle major activities as well as day-to-day tasks. Real Property Management Freedom 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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