Holiday Season: Is The Rental Market Affected?

Does the time of year change the rental market? 

Absolutely! Being knowledgeable of seasonal rent trends is vital for landlords to properly advertise their rentals and avoid long vacancies and rent loss.

Rental properties surged during the pandemic. Over the past two years, landlords have become accustomed to their vacancies renting within days and being able to drastically increase rent when a tenant moves out. Over 2023 we have seen the rental market shift back to “normal” pre-covid conditions.

Now that we are approaching the holiday season, properties are taking longer to rent, and we are seeing a decline in rent prices. According to ApartmentList.com, apartment searches and rent prices steadily decline from August to December and begin to slowly pick back up starting the beginning of the year.

How should landlords prepare?

Have Realistic Expectations:

Gone are the days of your investment property renting overnight. We recommend landlords have a realistic expectation that their vacancy will rent within thirty days. With rent prices stabilizing, property owners also need to be realistic with the rent price they list the property.

Marketing:

Your marketing matters. With vacancies taking longer to rent, this means there are more properties available for tenants searching for a new rental. Your property needs to stand out against the competitors. Make the right investments to help your property show well, and have great quality photography and advertising to make your rental property stand out against the competition.

Hire a Professional: 

Self managing your rental sounds easy, but the truth is there is a lot that goes into managing your property. From vacancy preparation and oversight, marketing photography and 3D Tours, tenant screening and leases.....California Oaks Property Management has you covered. Contact our office today to discuss how the professionally trained Cal Oaks Team can assist you with your rental during the holiday season.