When is best time of year to market your property for lease?
The truly successful investors aren't the ones with the deepest pockets. Instead the real investors know how to play to the market conditions that favours them and their investments.
Expert investors know that the market presents itself with the highs and lows throughout the seasons. Therefore having a vacant property in the low of the market will not maximize the return on the investment.
As property managers we are said to be the experts within the industry and therefore have the knowledge on answering the most common question, when is the best time to lease.
The property rental market offers a high during the November - February months, and with the low during May - July months.
November - February have been known to be the busiest months due to job transfers for the new year, uni placements and is also most common time of year for lease expiries.
May - July have been known to be the quietest months due to weather conditions, less lease agreements expiring and lack of job placement/transfers.
So when is the best time to market your property? The peak months of November-February would be the ideal time of year.
When it comes to advertising the property in the peak season, your property will be competing with other properties, so you need to ensure your property will stand out from the crowd, whether it be professional photography, a fresh coat of paint, updating of kitchen appliances etc.
If your property does become available in the low period, it is best to secure a longer lease of 18 months or 6 months to start, to help the property become in line with the high peak of the rental market.
Feel free to contact our agency for anymore advice.