When should I rent my property? There is definitely better times to rent out your property, however we understand that sometimes this is just not possible. The rental market changes from month to month and year to year. The main factors that impact on the rental market are, the number of available rental properties, interest rates and the performance of the sales market.
So when are the best and worst months? I would say that January is the best month and December would be the worst month. At the start of the year we find that a lot of people want to move into new properties. So January, February and March are all active months and a great time to find a new tenants. December is clearly the worst month as most people’s focus moves to holidays and the festive season. Last year we showed vacant properties over the December / holiday period and found our most successful day was Thursday 27 December. People were on holidays and were wanting to find a rental property.
Any other standout months? Over the last 2 years we have noticed that May, July and August have been also been very active months for finding new tenants.
Any other months to avoid? Clearly our data shows, that in September, tenants are not really that interested in moving.
What about if your investment property is located in a beach side suburb? It is better to rent out during the warmer months like January, February, August, September, October and November. Definitely avoid the winter and colder months.
How long will it take to find a new tenant? This really depends on the property and the price range, however well priced rental properties are generally leased within 2-3 weeks.
6 tips to renting out your property!
- Work out the best month to lease your property.
- Find out about property management fees.
- Find a good property manager.
- Determine if you need to carry out any works or improvements before leasing the property.
- Determine what rental price you can achieve.
- Set an ideal date to commence advertising.
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