If you’re a first-time landlord, or considering increasing your portfolio in 2017, having a sound knowledge of rental market peaks and troughs is an essential ingredient in making any buy-to-let a success.
Whilst you shouldn’t find it too hard to find a tenant – especially if you go through an online letting agent such as lettingaproperty.com – you may find that certain tenants are attracted by the prospect of moving at a specific time of year. Here are just four time periods to watch out for:
A new rental home for a new year? Absolutely! As well as tenants looking to make a fresh start in a new property at the start of a year, research has shown that landlords investing in property should begin their search in January / February to allow time to exchange, complete and be ready for marketing during the spring and summer peak moving seasons.
From Good Friday to May Day, Bank Holidays make a very attractive time for tenants to move. This is because they can use a three-day weekend to move without having to take time off work. This is where you can really reap the benefits of investing during the earlier months of the year.
Be warned, however, if you are offering a six-month tenancy, you may want to extend it as an agreement that ends in November/December is classed as the ‘low’ season – and for many landlords with vacant properties, this is a no-go zone.
It’s during these summer months that many families will be looking to move. This is because they want to get their children settled in a new home and environment before the new school year starts in September. Also, the summer holidays mean that their children’s education won’t suffer any disruption during the move.
If you are looking to let to students, September is the time to do so. While some students sort their accommodation months in advance, there will also be those who leave it until the last minute. In this case, they will be looking for a quick move before the new term starts.
Although the level of enquiries starts to dip from mid October onwards during the ‘low season’ the quality of the enquiries increases as these seem to be from more genuinely motivated tenants.
Jonathan Daines, CEO of lettingaproperty.com says: “Private landlords can save huge amounts of time and money going through an online agent. While there are clearly peak times when tenants are looking to move, online letting agents should be able to find you the right tenant throughout the calendar year, with over 42,000 registered tenants on our books, we’re well placed to help.”