What time of year is best to advertise my rental property?
The specific time of year your property is vacant or up for lease renewal can have a significant impact on demand—and therefore, your ROI.
January – February
The rental market’s busiest season, January – February is when people are most on the move. A new year means new beginnings, and the reasons range from work transfers and new schools for the kids to students starting university and renters looking for a change in lifestyle or location.
In 2014, the average tenancy duration in Victoria was XX months. The beginning of the year sees the most lease expirations, thus renters are more inclined to wait until this time to make a change, allowing them to avoid the cost of breaking their lease prematurely.
June – August
This is generally the rental market’s next-busiest time of year. New university students are relocating and six-month leases from the start of the year are expiring, resulting in an additional period when demand for your rental property is at its highest.
While finding ideal tenants all year round is Image Property’s specialty, these two peak rental periods provide you with more opportunities—there’s a greater selection of preferred applicants, higher demand for your properties and higher potential to achieve optimal rent.
There is a common misconception about Victoria tenancy agreements that they are legally required to be either six months long or 12 months long. This is not the case—and it provides investors with the ability to gradually align all their tenancy agreements to end during these peak seasons. This results in minimal downtime between leases and a much greater ROI.
Some tenants may express discomfort with an offered lease that doesn’t reflect the traditional six- or 12-month duration. Our property management specialists are adept at communicating the benefits of a lease that ends during peak seasons to prospective tenants.