September is the final month of perhaps the most active season of the year when it comes to rental properties.Source: www.flickr.comDuring the summer, property rental spikes because a large number of people are hunting for houses, condos, and other properties for college, job transitions, and other reasons to relocate. The weather is the most convenient for moving purposes, and the timing works well, too – kids are out of school; college-age kids have graduated from high school or are moving out of the dorms or apartments into houses; and many businesses are hiring during this time. Just because this activity will drop off a bit heading into the fall doesn’t mean your job is done, though. There are plenty of opportunities to seize this fall to increase your rental rates and make your properties just as attractive as they were in the beginning of the summer. College Students Move Often By the end of September, the majority of college students are settled in their living accommodations, be it a dorm, a privately-owned home or an apartment. That doesn’t mean they’ll stay there, though, especially if they’re in a dorm. Most dorm contracts are on a semester-by-semester basis. That means a percentage of college students will be considering moving off campus at the beginning of the winter term in January. Some off-campus students will be considering moving at that time, as well – plus, there are always transfer students and students who begin school in January instead of August. Be prepared to take advantage of these opportunities throughout the fall if you market extensively to college students. Just because it’s no longer the summer doesn’t mean there isn’t ample opportunity. Have Renovation Plans? Now’s the Time to Prepare Late fall is also a great time to renovate units and prepare them for the busy spring and summer seasons. Demand can drop during the late fall and early winter, so it gives you time to put into place any renovations, repairs or upgrades you want to carry out on your properties. Preparing for them now is a good step to making the transition as seamless as possible. A property manager can help you with your rental properties no matter what the season may be. Contact gkhouses.com at 205.940.6363 to learn more about managing your Birmingham, AL rental properties and making the most of your opportunities.
Matthew is the CEO of Evernest. He is a student of the book Good to Great and is passionate about building the best property management company on the planet (and maybe even the universe if Elon Musk will hurry up). You can usually find Matthew at the baseball field with his son, at a dance recital with his daughter, or at his favorite restaurant with his wife, when he’s not in the office. And if you can’t find him in any of those places, it probably means he’s traveling.