Landlords, are you negotiating advantageous lease anniversary dates for your North Carolina rental properties? To maximize rental investment returns and minimize vacancies, landlords need to negotiate lease terms which ensure their rental units are not coming vacant at disadvantageous times of the year. Use the following rental property tips to position your properties for profit in the coming years.
Have any questions about growing and protecting your rental properties? As your North Carolina property management experts, we’re here to help. Contact us today to learn more.
Seasonal Approach to Lease Anniversary Dates
What is the best time of year to list your properties to rent? This is a question many landlords ponder when trying to determine advantageous anniversary dates for rental property leases. Many property management experts will agree that, in most cases, spring is the best time of year to list rental homes. However, every market is different, and the tips below will help shape an understanding of the best time of year for rental properties to be turning over.
In the lease terms, landlords should include a 45-60 day window to market and show the rental home before the current lease ends. If a current tenant does not renew the lease, this allows the landlord to begin the search for new tenants in time to re-rent the property with minimal or no vacancy.
Appealing to Families with Rental Lease Anniversary Dates
Why is the beginning of summer the right time to negotiate the beginning and ending of lease terms? Marketing your North Carolina rental homes in spring for summer move-in dates is smart for many reasons. The warm weather brings out more individuals to rental unit showings, and your rental homes will have better curb appeal with a fresh, blooming landscape.
Also, it is common for families to begin their rental property searches during spring. With one school year ending and another beginning in a matter of months, families will want to sign a lease and move in the summer to get settled before the start of school. By negotiating lease anniversary dates properly, landlords will capture families in need of rental homes.
Understanding Your Local Rental Property Target Market
Where is your rental investment property located? What is located in the area around your rental property? These two questions bring up an important point: following the seasonal approach to negotiating advantageous anniversary dates for your leases may not always be the most effective approach.
For example, what if institutions of higher education surround your North Carolina rental properties? Students at local colleges and universities will most likely be looking for a place to live when school begins in early August. If students are your target market, then it may be in your best interest to negotiate anniversary dates in July to ensure you have time to prepare your properties for an August 1 move-in date. Learn when area schools hold events like residency assignments and negotiate lease anniversary dates accordingly. Research major area employers to determine whether they cycle itinerant workers predictably and make sure your property is available when they need it.
To sum things up, landlords who understand how timing affects the rental market will put themselves in a strong position when it comes to maximizing rental income and minimizing vacancies. If you have any questions about negotiating advantageous anniversary dates for your North Carolina rental property leases, contact us now, and we will gladly help.
