4 ways landlords can prepare for low rental season
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!