New investors want to know how long it will take to rent out their property. It’s a common question, and an important one. Longer vacancy times will result in less ROI and a more expensive property, and that’s not the goal of owning a rental home. There are a couple of things that go into the amount of time your property will likely spend on the market.
Time of YearThe time of year that a home is on the market matters. From Thanksgiving through the New Year, things tend to slow down. It’s not impossible to rent a home, but you’ll need to be prepared to wait a little bit longer to find the right tenant.
Property ConditionThe most important factor that impacts how quickly you can rent your home is its condition. We don’t like to market or even manage a property until it’s 100 percent done. It should be ready for the rental market and attractive to potential residents. Our team has a property management meeting every Tuesday and if we know a property will be ready soon and it’s just right for a certain potential tenant, we’ll begin discussing it. Otherwise, we wait until it’s in great condition so that once it does arrive on the rental market, it generates a lot of interest quickly. We want to fill vacancies immediately.
Pricing the PropertyThe short and simple answer is two to three weeks. If you bring us a home that’s ready to go and priced correctly, we’ll get it filled pretty fast. Our pricing strategy is to get as much rent as possible so you’re not leaving any money on the table without extending the vacancy period.
We can rent your home in two to three weeks when it’s in great condition and priced competitively. If you have any questions about the Columbus rental market or anything pertaining to Columbus property management, please contact us at Solutions for Real Estate.