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Logically, more people tend to move in the summer season because most people have kids & they don't want to pull them out of school to a new school during the school year if they can help it. (Some people may try to move during Christmas vacation when kids have 2 weeks off from school, but it's less likely.)
Some complexes say that in the summer, the rent tends to increase because more people are moving, but due to that, I would think it should be decreasing.
I'm curious to how is the rent during the summer where YOU are?
Anywhere there are colleges, rents tend to go up after the last semester is over. Either in June or in Auguest for the new semester. It's the time when leases expire and LLs can raise the rent.
In non-college towns, rents tend to increase in the summer b/c of people with kids moving before school starts. If the LL wants an increase, that's the time to do it.
More people are moving out but more people are moving in, too. In most places, the supply and demand stays pretty balanced year round, so rents don't change seasonally. At least that is my experience.
As mentioned, in college towns, or areas with a lot of seasonal activity, that may be different.
I don't think I explained myself well, what I meant was that if a LL was going to raise rents, it would be logical to do it at the end of the lease/start of the new lease, which in those towns is typically June-Aug. I didn't mean that rents would be lower in the winter in a college town although I can see where that might be the case in a vacation town.
Makes no difference what time of year it is on my rental, I set the charge based on what the going rate is in the area and how desirable my property is. Summer has nothing to do with it. Almost all leases in this are are for 12 months, I have not heard of any for 9 months, but there may be a few around the university. What is the landlord supposed to do with the property the other 3 months? I assume they must build that cost into the 9 month rate.
Makes no difference what time of year it is on my rental, I set the charge based on what the going rate is in the area and how desirable my property is. Summer has nothing to do with it. Almost all leases in this are are for 12 months, I have not heard of any for 9 months, but there may be a few around the university. What is the landlord supposed to do with the property the other 3 months? I assume they must build that cost into the 9 month rate.
The norm around here is, the shorter the lease, the higher the rent.
I live in a seasonal area...lots of snowbirds...they rent for 6mths and head back home. The place sits empty for the other 6 mths or it's rented on a month to month basis to visitors. Many snowbirds rent the same units year after year and based on what they're paying, it could sit empty for 6 mths and the owner still comes out ahead.
Makes no difference what time of year it is on my rental, I set the charge based on what the going rate is in the area and how desirable my property is. Summer has nothing to do with it. Almost all leases in this are are for 12 months, I have not heard of any for 9 months, but there may be a few around the university. What is the landlord supposed to do with the property the other 3 months? I assume they must build that cost into the 9 month rate.
thanks for a ll response!--in addition to meeting the going rate---do landlords consider the area of the rental too or/and the persona of the renter(meaning--age,habits,etc)?
thanks for a ll response!--in addition to meeting the going rate---do landlords consider the area of the rental too or/and the persona of the renter(meaning--age,habits,etc)?
You have to consider the area the rental is in when you determine the market rate for that area. I do consider the persona of a renter to some degree in regard to how responsible they seem and in consideration of the long term relationship we will have through at least a one year lease, hopefully longer. I don't want to rent to someone who seems hard to get along with or gives me any reason to think they won't take reasonable care of the place. I take good care of my property, when I lease it out I'm taking a risk when I put that property into another persons hands. I'm clearly not likely to rent to someone I have reason to think is irresponsible or untrustworthy.
Thanks guys. Yes, I knew that the shorter the lease, the more the rent will be. One complex I know of has about 5 different lengths of leases! I'll probably sign mine for a year. I'd try 6 mos first if the rent didn't become so high then.
I sure hope summer doesn't make a difference because I'm going to try my best to move by July & I don't want to have to wait until the fall season to move. I've been keeping track of the rent since early Feb & I've asked the leasing agent what the lowest rent is that they've ever seen, so I can have an idea.
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