Much like how people’s lives slow down in the winter, so does the rental market. October to April is considered the low season in the rental property industry, meaning fewer people are actively looking to rent during this time. So why should you consider renting a new property in the winter? Let us tell you why the low rental season is a great time to sign a new lease. Here are the top 4 reasons to consider moving during the low rental season:
1. Save money
With less demand during this season, rental prices are known to be lower compared to the busy months of May-September. Property owners and landlords want to ensure their units don’t go vacant and will often lower their rental rates as an incentive, which is a huge benefit to renters like you!
2. Less competition
Do you have your eyes on a particular property? Well, if you are applying to rent during the low season, you have a greater chance of getting approved! Fewer applications mean less competition for the home you are hoping to rent.
3. Negotiating room with landlords
Rental property owners are in need of potential tenants in the winter. Since there are fewer applicants and less demand for properties overall, you have more space to negotiate with your landlord. Whether it’s extra amenities or reduced rental rates, use your negotiating power to your advantage.
4. More flexibility
You should have more flexibility with your landlord given that it’s not the busy rental season. Asking for an early move-in date or finding available moving trucks, should be easier during this time and will help make your move feel less rushed and hectic.
There are plenty of benefits to choosing to sign a lease during the low season as a potential renter. Moving boxes in chillier weather is a worthy trade-off considering all the extra savings and added flexibility that comes with signing a lease in the low rental season! Looking to rent in the Hamilton, Ontario area? Browse our wide variety of unique listings on Hamilton Homes for Rent today!
Warm summer months tend to be the busiest for the rental market. With many people going through life changes from May-September, such as returning from university or moving out of their parent’s homes, the demand for rental properties tends to be higher. But how can landlords prepare for the winter season that usually has less interest or demand? Here are 4 tips to attract interest and keep your property rented if you are transitioning between tenants during the low season.
4 tips to attract tenants during low rental season
1. Retain current tenants
Tenant turnover is one of the highest costs as a property owner, so if you are able to retain your current renters, you aren’t just saving time, you are also saving money! To avoid having current tenants end their lease during low demand season, do what you can to keep them longer. Consider offering a month-to-month deal, or a 3-month contract extension. Be sure to approach them at least a few months before their lease ends so they have time to make a decision.
2. Offer short term leases
It’s pretty standard for lease agreements to be 12 months long, but consider offering a shorter lease such as a 3-6 month long. These options are great for people who might be moving temporarily for a job or want to test out a new area of the city, without committing to a full year. Plus, when it’s time for renewal in 3-6 months, it’ll be peak season for tenants and you’ll have tons of demand for your property once again.
3. Offer incentives
Anything extra offered to help your tenants save money or make their stay more enjoyable can be what sets your unit apart from the others on the market. Incentives such as reduced rent, discounted or included utilities, or additional parking spaces are all ways to entice prospective tenants to rent your property during these less busy renting months.
4. Upgrade your unit
What better time to make those unit upgrades you’ve wanted to do than during the low season! If you have the time and money for it, use this time to renovate or upgrade your rental unit so that can attract more tenants and potentially charge higher rent in the future. Need help getting this project started? Reach out to our Cornerstone Renovations team!
Low rental season doesn’t mean that you can’t still make money on your investment property. With the right preparation and tactics, there are plenty of ways to ensure that your property stays rented during the winter months. Looking for a team to support your property? Get in touch with us today!