When is the best time of year to advertise my property for rent?
The time of year that your property is either vacant or due for a lease renewal can have a considerable impact on the demand for your property and, therefore, the return on your investment (ROI).
January – February
This is the busiest season in the rental market and the time of year that people are most on the move. Their reasons typically include transferring for work, settling the kids into a new school, students starting university or simply renters who want a change in location or lifestyle.
Renters are more likely to make a change due to no additional financial obligations that a break-lease might incur at other times of the year, when they are still bound by a tenancy agreement.
June – August
This is the second busiest time of the year in the rental market. New university intakes are occurring and six-month tenancy agreements are due for expiry, so this is another optimal period to maximise demand for your rental property.
While it is not impossible to find a suitable tenant at any time of the year, these two peak periods provide investors with more: more selection of suitable applications, more demand, more quality applications and more potential for the optimal rent to be achieved.
A common misconception about tenancy agreements is they should be either six months or 12 months. This is not a legal requirement and if you are an investor who has a tenancy agreement due to expire in any other time of the year, it is wise to consider aligning your tenancy to end in any of the peak seasons.
Some tenants might find it odd that a lease being offered to them is not for a typical six- or 12-month period, so your property manager should communicate clearly the benefits to the tenant of ending a lease in a peak rental season.