Have you recently purchased a property to lease/rent out or have an investment property with a lease renewal or change of tenants coming up? Whilst an impending vacancy is rarely positive, you need to try and negotiate your lease expiries to come up in the best possible time of year.
Considerations About Leasing Your Property
Here are some ideas for the best time to lease out your property:
Avoid Lease Expiries In Winter (where possible)
You should avoid leases expiring in the winter months as prospective tenants do not enjoy going out to look for a property to rent in cold and wet conditions. Another disadvantage of a lease expiring in these months is that you do not get an opportunity to ask for a premium rent as there are fewer prospective tenants looking at this time of year.
Most Tenants Start Looking In Late Spring / Early Summer
Most prospective tenants generally start looking for rentals during the late spring season and into summer. This is an opportunity which you should not miss. It is the right time to showcase your property in the best way possible to ensure you attract quality tenants. It is important to get any repair and renovation work done before this period starts so that the property is ready for presentation during the high demand season.
Match Lease Expiries With TAFE or University Semesters
If your property is located in an area near a university or TAFE, then you should time vacancies or lease renewals to occur when a new term or semester is going to start. Students are always looking for places to rent for the academic semesters.
The Timing For Newly Constructed Property Complexes
If you have bought a unit in a newly constructed housing complex, it is important to wait until the whole construction process is over and all the amenities are in working order. The advantage of this is you can highlight all these facilities to the prospective tenants. As your property is new, it is bound to be well-maintained and whoever comes to take a look at it is sure to be impressed.
Wellington & Reeves Can Assist You
Our expert property management team can assist you when you require a rental appraisal or listing your investment property for lease. We have unrivalled experience in the Albany property market and our reputation is strong within the Great Southern region. Get in touch with our specialist team today!
