Property Management 101: knowing that the time of year a rental is vacant may affect how long its vacant for.
When we setup our clients rental agreements, we keep in mind that there are certain times during the year that we don't want our rental properties vacant. while this is not always the case, (because some areas are always in high demand). There are two periods in particular that a property may remain vacant for longer than needed: 1. peak winter (especially coinciding with school holidays). 2. Summer holidays (a week or two before christmas, and a week after new year).
Over the last few weeks (currently winter) I have watched some available rental prices drop, and drop, and drop, all in the hopes of getting a tenant. So not only does the time of year a property vacant potentially influence its vacancy period, it also influences its annual returns.
Knowing this, allows your property manager, or you the landlord to plan accordingly, and set-up your rental agreement to end outside these periods, to minimise rental vacancy and maximise annual returns.
