We are right in the middle of the peak rental season, the busiest time of the year for rental properties, which peaks between May and August. We have more properties available during this time of year than any other. What does this mean for you as an investment property owner? This means that the market is hot and properties are renting fast because there is a lot of demand during the summer months. It’s always a matter of supply and demand.
This demand stems from several sources:
- Families wait until summer to move, in order to create a smooth transition for themselves. Parents of children, who do not want to disrupt their children’s school year by moving in the middle of it, choose the summer months to move their families. Even if the move isn’t far, packing up and moving across town can be difficult with children in school.
- Another source of summer demand for properties are students and graduate students. Recent college graduates are excited to move into their first post-grad home and their new jobs often require relocation to a new city or state. Renting is often the primary choice among recent graduates, as they are not always certain where their brand new careers will take them, and they often do not have the savings to purchase a home right after graduation.
- Current college students are also a driving factor of the peak season, as students are looking to have a place secured before school starts in the fall. Within Colorado, this situation affects the Broomfield, Denver, Fort Collins, and Greeley student rental markets, as they are each home to multiple higher education institutions. Colorado Realty and Property Management, Inc. proudly serves both the Denver, Colorado Springs, and Fort Collins student rental markets and the students that attend universities in these cities.
- Finally, the seasonal aspects. Many states in America are exposed to snow and winter storms during the late fall to spring months. Moving during these conditions can be dangerous and difficult, and many people would choose to avoid moving during adverse conditions.
Given all these factors, it’s no wonder that many investment property owners and property management companies aim to have their properties rented during these months. While 12 months leases are typically standard, one way to get back to a preferred rental cycle is to offer a longer lease term by a few months, for example, a 14 or 16-month lease which will end during the peak rental season. As of right now, we are in the middle of the peak season. So if you are interested in renting property, want to know a rental price, and are interested in property management services now would be a great time to get started!