If you’ve recently purchased property and intend to let it out, then you probably want to know how long it takes to rent the property out. While there are a number of variables, the following covers a basic overview of the process if you haven’t hired a professional Woodinville property management company to expedite the process for you. Let’s start with the basics.
Location, Location, Location
Location is a huge issue when you go to rent property. How close are you to amenities like public transport and shopping? If you’re very close to schools then you can also consider these as amenities. The more amenities you have, the faster your unit will rent out. You can also consider the view, and any negative location factors (such as is being right next to Interstate 405), as factors that detract away from how quickly you can rent the unit.
Do You Accept Pets or Smokers
Units rent more quickly if you choose to accept pets and smokers, but this is a personal decision and you can choose to go either way.
Terms of the Lease
Generally, apartments and homes with a lease of one year or less tend to rent out much more quickly than homes with a longer lease. However, a longer lease typically benefits you because it means a longer term in which you are guaranteed a tenant.
Time of the Year
Did you know that the majority of people tend to move in the spring and summer (and for good reason considering the winters). For that reason, if you’re trying to rent during the warmer months, you will rent your unit much more quickly.
Condition of the Unit
Condition is an important factor, and this applies to both inside and outside of the unit. A house that looks new, or an apartment with a nice curb view will rent out much more quickly than something that is old, poorly taken care of, and looks dingy. Make sure you put work into it to fix it up whenever possible.
Finally, you’ll also want to pay attention to the rates. If your unit is priced at twice the rate of everything else in the nearby area then you won’t be able to rent it, no matter what the amenities are. instead, focus on offering competitive rates that still offer you a return on your investment, without making it difficult for tenants to come up with the rent.
The average time to rent for a property managed by a professional Woodinville property management company is 15-60 days, but for someone marketing the unit on their own, it is usually two or even three times that amount, meaning that you could be marketing for three or four months before you find a suitable tenant. Of course, you could also get lucky, spend money on a good advertising campaign, or rent to someone you know, but those cases are usually quite rare.
The discussion herein is of a general nature only and is not to be construed as specific legal advice, which requires the establishment of an attorney-client relationship and fee agreement. SJA Property Management does not provide legal services.