Did you know there are better times (and less ideal times) of the year to have your property on the market? As such, there are better times of the year, for your lease contracts to end. Historically, in these better times, tenant demand is up by around 270% by comparison to other times of the year.
As a rental provider, why should you care about lease-end seasonality?
Well, we’ll explain why below, but let us first say this, if you know the times of the year when tenants are more actively looking, you’ll be able to command a higher rental price because demand will outweigh supply. It is vital to note that the level of demand will greatly affect the rent achieved and the potential vacancy period.
Many property managers and agents won’t share this information with you because a) they’d prefer to ensure a steady stream of transactions year-round, or b) whether they understand the low and peak times for tenant demand, they aren’t always prepared to negotiate a better outcome for their clients.
As an individual landlord (residential rental provider), it pays to appoint the right representation, to achieve you the highest possible return on your investment property. After all, who doesn’t want a higher performing investment?
When are the best times of the year for a lease to expire?
The time of year your property is either vacant or due for a lease renewal can considerably impact the demand for your property and your return on investment. The peak periods provide property owners with greater opportunities to generate higher returns based on the high demand for rental properties, with more applications received from renters, to give you better choice for a suitable tenant as well.
Contact us today to find out when the peak rental periods of the year occur and how we negotiate rental agreements to end at a time to benefit you.
There are also some common misconceptions about tenancy agreements
Typically, tenants are led to believe tenancy agreements are either six or twelve months in duration. Most fixed term rental agreements fall into these time frames, but aren’t mandated by any act of legislation, they can be any duration! So it’s a no-brainer to have your tenancy work for YOU. A landlord can request their tenancy agreement be drawn up to end at a specific time of year to attract a higher calibre and greater volume of applicants when the lease ends. This way, an owner can afford to be more particular with their choice of tenants when a higher number of applications are received. Plus increase your potential to achieve a higher rental return!
At Dynamic Residential, we view 12 months as a minimum lease term for those seeking longer-term tenancies. And while some tenants might find it strange that a lease offered is not for a typical six- or 12-month period, Dynamic Residential doesn’t shy away from the conversation or negotiations.
How else can Dynamic Residential help landlords generate higher returns?
Plain and simple, we give our clients peace of mind. Here’s how we do it:
- We aim to negotiate expiry dates for new leases to fall during peak leasing periods. This helps avoid vacancies during slower market periods and achieves higher rentals with the anticipated increased level of demand.
- With our agency’s own robust property datasets gained over years of experience, we negotiate the custom rental agreement lengths with the renter on the rental provider’s behalf and benefit.
- We respect that tenants always look no matter what time of the year, but based on the rules of supply and demand, we use our knowledge, and data to give you the best chance of achieving your desired result.
- Did you know you can no longer ask a tenant to vacate for no reason unless they are in their initial lease term? We have a solution! Contact us to find out how.
