Screening and selecting suitable tenants can be a stressful time for landlords. Read some factors below that can affect how long it will take to rent your house.
Each day your property remains vacant is lost rent which adds up very quickly. Vacancies are a completely normal part of being a landlord and it is important to have reasonable expectations about how long it will take to advertise, hold viewings, and screen prospective tenants prior to signing them up with a Tenancy Agreement. Ensuring all reference and backgrounds checks are completed will save you a lot of headaches in the long run and increase your occupancy rate.
Depending on the specifics of your property and its location, property management companies can generally rent a property within 9 -14 days in the current Auckland rental market.
Here are some factors that will affect how long it will take to rent your property:
The condition of the property – Properties that are in pristine condition with lots of trendy upgrades will likely be snapped up by eager renters much more quickly than the average property.
Seasonal fluctuations – The time of year will determine how quickly your property will be rented. It is known that there are more tenants in the market place looking for new homes during the months of February and March. To maximise your income ensure you have a fixed term lease in place that ends during this time. Advertising your property for rent during this time will ensure lower vacancy rates and an increase in tenancy applications allows you to effectively screen prospective tenants for the most suitable tenant for your property, as well as receive premium rent.
Location – The more desirable your location, the faster your house will rent. Vacancy rates are determined by a number of factors, mostly by tenant demands which are determined by the location of the property; i.e. school zones, proximity to public transportation, shopping malls and recreational facilities. The relative charm or “likeability” factor of the property will have a significant influence on how quickly you rent your house.
Property price – If you have determined your rent at the higher end of comparable rents in your area, it may take you longer to find a tenant. Alternatively, slightly under-pricing your rental will likely bring you tenants more quickly (however this tactic may also attract more under-qualified tenants).
Strength of your advertising – Showcasing your property at its best is super important, small things like ensuring your photographs are in focus and present the best features of the property make a big difference to how the property is marketed. When writing the description of your property be sure to note points of interest in the area, i.e. local park or walking track, school zones. Advertise your property on a number of platforms including online advertising (e.g. Trademe) as well as placing a ‘For Rent’ sign outside the home. If you aren’t available to take people during work hours or field phone calls from interested parties employ a letting agent to take care of this for you. We have a large tenant database to which we market and a letting agent will also speed up the screening process.
Terms of the Agreement – A short term or fully furnished rental can take a longer time to tenant due to the specific situations only being suitable to a number of people. This would also apply to other special conditions such as no pets allowed, no students, etc. With a lot of properties going on the market over the past year the majority of tenants are seeking longer term tenancies for security and to reduce the costs associated with continuously moving.
If you have questions about how long your property could take to rent, get in touch with us on the below form: