How Long Will it Take to Rent My Salem House or Apartment?
Mendell Gosnell - Thursday, December 14, 2017
When new clients, owners, and investors are looking for professional management services, they want to know how much we charge, how much we can rent their place for, and today’s question – how long will it take to find a tenant? There are a few things that go into that answer.
Renting Out Your Property: Market and Season
One thing we have no control over is the current rental market. In 2017, the rental market is great in Oregon and throughout the nation. But, that can change. It hasn’t always been that way, and market conditions are a huge determining factor. Seasonality is also a factor. Summer is what we call turn season, and homes are easier to rent. Once the school year starts and the fall arrives with cooler, rainy weather, people move around less, so you’ll have longer vacancies.
Renting Out Your Property: Condition and Amenities
The desirability of the property and the price you set are also important. If you have a fair, reasonable price, your home will rent quickly. The amenities you offer in comparison to other competitive rental units and houses or apartments and townhouses will also affect how long it takes to rent your home. The best way to rent a house is with great overall curb appeal. You really want to put your best foot forward. If someone sees the house and it’s not up to par, it will take a little longer to rent. Generally speaking, you cannot count on getting the best tenants for your property. To attract quality tenants, you have to provide a quality product.
This is relative. A high end house in a nice area needs to compete with the surrounding inventory. A lower end rental unit or apartment in a difficult part of town needs to be the nicest property in that part of town. If you can do that, you’ll find great success.
The ad you’re using can help or hurt your rental efforts. Use yard signs with a visible contact number, and create flyers that talk about amenities. Advertise online with Craigslist, Rentals.com, and all the other different sites out there. Be careful not to violate any fair housing laws by targeting certain classes to the exclusion of other classes.
These are the best ways to maximize how quickly you rent your place. If you have any questions, please contact us at Centurion Real Estate Management.