Prospective renters moving into our area of Central Virginia do not understand when I mention the "rental cycle" to them when they ask about lease terms.
People moving from larger areas with loads of rental options are often used to the concept of month to month which allows them AND THEIR LANDLORD options for increasing rents and terminating tenancy with 30 days written notice.
The rental market in our area of Central Virginia is VERY DRIVEN by the school year * not the University of Virginia school year necessarily * rather by the K-12 school year that causes families to move during the school vacation months and be in situ by the first day of school.
Rental properties that are attractive to families should be available in the June and July time frame and they should be leased on a yearly basis.
Smaller or multi-unit properties may be more attractive to rental prospects moving into the area with no concern for the school year and they usually rent on a month to month basis as the apt management has full-time on-site staff to handle tenant turn-over.
Six to seven months into a 12 month lease, I am sending lease renewals for another year with rental increases. For those residents who I know will be leaving at the end of their current lease this year, I am offering their properties for rent NOW for summer occupancy.
This way properties are often rented with little or no down time between residents and lost $$$ for the owner; AND prospects who know they are moving into our area this summer, can get a jump on suitable rental home inventory which will be tight as many prospects are finding!!
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
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Wallace,
I agree, we have a solid rental cycle here in Atlanta as well. I am gearing up for our busy Spring/Summer season. It revolves a lot around the school year as well.
Although, I have had a very busy January this year, which is not as typical.
I really like renewals to be up May, June or July 1st for reduced vacancies.
All the best, Mcihelle
Michelle * I am eLeasing my properties for summer occupancy to military and medical staff who are not coming into the area to preview homes - they are renting directly from my website.
Our rental market is not so school based. We are busy all year long with no rest.
Bob * I got no rest this year as military and new-hires for expanding government security agency are in town RENTING * as you have said, having Good systems and GREAT software are the keys!