Again, a landlord’s ultimate goal is to increase NOI, and decrease days on market.
This data was taken from FMLS
(First Multiple Listing Service, a local MLS) using the inputs listed above.
Spring: AVG Rent- $1322 AVG DOM- 47
Summer: AVG Rent- $1309 AVG DOM- 40
Fall: AVG Rent- $1327 AVG DOM- 46
Winter: AVG Rent- $1284 AVG DOM- 51
If you’re looking to rent your home quickly and efficiently, then you’re going to want to put it on the market during the summer season.
However, that doesn’t tell the whole story. Because most tenants (especially those with children) move during “summer break”, there’s more competition between landlords which, in turn, causes lower rents, on average. So, your home may rent faster, but it will also rent for less.
Most experienced landlords will try to get their house on the market in the spring. This time of year offers the best of both worlds; relatively low DOM + high average rents.
Fall can also be a great time to rent your home, with high average rents and a nice average DOM number. But, be careful… winter is right around the corner.
Homes leased during the winter months had the lowest average rents and the highest DOM in 2013, by far. The weather’s cold, the market’s cold, and your home will likely sit empty for quite some time.
If your current lease is going to end in the winter, then you may want to consider altering your lease terms for future tenants. For instance, if your current lease is up in December and you sign another 12 month lease… Guess what? Your NEW lease will also end in December. Instead, try to have the tenants sign a 6 month lease (or even an 18 month lease). That way, your new lease will end in June… aka the “busy season.”
In summation, as a landlord, it’s important to know how the time of year can affect your rental rate, your home’s DOM, and consequently, your NOI. In general, when the weather’s hot, so is the rental market. So, get that house on the market during spring or summer and watch your rental income continue to grow.