Seasonal Marketing Report (Part 3): Leveraging School’s Out Season’s Peak Rental Applications
As any rental property investor knows, there are ebbs and flows in market demand. This means that there are times of the year when the market is busier than others, and more renters are looking for a new home.
And as it turns out, one of those busy times coincides with the start of the school season.
Now, if you’re not prepared for this influx of family tenants, you could easily find yourself without a tenant come September (and months after that, getting into winter ). But luckily for you, we have just the thing to help get you ready: our Seasonal Marketing Report
This report looks at rental activity over the past three years and gives you some pointers on how to best leverage this information to your advantage. So if you want to ensure your property is rented out during peak season, read on!
3-Year Seasonal Marketing Report on Peak Rental Season
There is a significant spike in June rental activity after kids get out of school. Activity increases in the months leading up to September. Overall, our three-year report shows the number of prospects and showings started increasing as early as June and hit its peak by October.
Why Do Family Tenants Rent Before School Starts?
There are several reasons why Summer is the busiest time of the year for families to move:
- They want time to settle in a new place before their kids start school. This way, the parents and their children can start the school year off on the right foot without dealing with the stress of moving homes and/or schools in the middle of the academic year.
- They want to secure a home before everybody gets too busy. Similar to the above, some parents may relocate due to employment. In those cases, they’ll want to secure a home in the new area before their children get too busy to help with the relocation.
- They want to get ahead of other parents. Some proactive parents may wish to get a head start on their search to submit and start a rental application process on the best rentals before other families beat them to it—they’re all gunning for the same thing.
- They want to prepare for unexpected delays. Families may also want to have buffer time in case of unforeseen delays (e.g., if their current lease is ending soon and they can’t find a new place right away, starting the search early gives them a buffer in case anything comes up).
Whatever the reason, it’s important to know the demand for rentals during the school season. By catering to this demand, you’ll be in a much better position to fill your vacancies and generate income from your rental property. Let’s look at some ways you can prepare for heightened rental activity.
5 Ways to Leverage on School Season Rental Peak
Now that you know why and how there’s a demand for rental properties during the school season, it’s time to start leveraging this information to your advantage. Here are 5 ways you can do just that:
- Start your marketing early: The key here is to start your marketing efforts early. Demand starts picking up in June and July, so list your property by then to catch the attention of families.
- Use targeted keywords: Use keywords in your rental listing that are relevant to families with children. Some examples include “near good schools”, “safe neighborhood”, and “ family-friendly”, so your listing shows up when parents start searching. Just check to make sure you don’t violate Fair Housing laws.
- Highlight family-friendly features: Think of what the families would like. This could be a backyard, a playground, or even a spacious layout that allows them to get creative. The more they can imagine living in your rental, the higher your chances of locking them in.
- Offer incentives in the rental agreement: You could offer a discount on the first month’s rent or even throw in some furniture for them to use while living there. Whatever you decide, ensure that it’s something that would appeal to families with kids.
- Be flexible with move-in dates: Many families will be looking to move before the school year starts, so if you can accommodate their schedule, you’ll be more likely to get them as tenants.
By following these tips, you’ll be in a much better position to take advantage of the rental demand during the school season. Start putting them into action today and your rental property will stay occupied and lucrative for guaranteed investment returns.
Secure Family Tenants During Peak School’s Out Rental Season
As a rental property investor, it’s important to be aware of the different seasons in the rental market. By understanding the peak seasons, you can adjust your marketing and pricing strategies accordingly to maximize your profits. Remember: there is increased demand for rentals during the school season.
So are you ready to meet the demand?
Get in touch with our team today to advertise your property, help screen tenants thoroughly, and share insider knowledge on when the peak season begins and ends.
Click on the links below to read the rest of this series!
- Seasonal Marketing Report (Part 1): How to Deal with Cold Weather Vacancies
- Seasonal Marketing Report (Part 2): Prepare for Tax Season’s Heightened Rental Applications