Most landlords hope to have a rent check in hand as soon as they decide to rent out a home.
It doesn’t usually work that way.
In fact, it never works that way. Before you can begin collecting rent, you have to find a tenant. And before you find a tenant, you have to turn your attention to pricing, marketing, and showings.
So, if you’re wondering how long it will take you to rent out your South Jersey property, the answer we have for you might be someone unsatisfying.
We don’t really know how long it will take.
The amount of time you need depends on a number of factors.
The length of time it takes to rent out your property depends on:
- Condition and size
- Marketing strategies
- Pricing and competition
More than anything, it depends on market strength. Are there a lot of tenants looking for homes for rent? Great – you’ll probably rent out a well-maintained home in a great neighborhood in a matter of weeks.
But if there aren’t a lot of tenants on the market, you’ll need to wait. It could take a full month before your property is rented.
Vacancy is expensive and stressful. We want to limit the amount of time your property is unoccupied. Not only does a vacant property lose rental income, it also costs you quite a bit out-of-pocket. After all, you’re the party who is now paying for utilities. You’ll have to check on the home once in a while to make sure there aren’t any repairs needed. You’ll have to keep it clean, safe, and looking good.
We’re often asked how long it will take to rent out a house or apartment in South Jersey, and today we’re sharing some of the factors that play a role in the number of days your property is on the market.
Even better- we’re sharing some important tips that may help you get it rented faster.
YOU HAVE TO KNOW THE SOUTH JERSEY RENTAL MARKET
The main factor in how long it will take to rent your property is the South Jersey rental market.
This isn’t always easy for owners to accept. How can you control the New Jersey rental market?
The best you can do is prepare your property, market it aggressively, and be willing to work with good tenants who are looking for a place to live.
It helps to follow the market, too. Spend some time educating yourself on how the trends are shifting in South Jersey rental homes. Are people looking for single-family homes or units in a multi-family property? This will impact you.
Are rents rising? That’s good for you, but it also means tenants might have a hard time qualifying for a property with a higher rental value. You might need to prepare for roommate situations.
Get to know the market. This will tell you a lot about how long you can expect to wait before a well-qualified tenant is interested in renting your property.
To prepare for your vacancy time, you’ll need to understand the current state of the market and how your property fits into it.
Supply and Demand in South Jersey
Your vacancy time responds to basic economics. It’s supply and demand.
When you find yourself renting out a home in a market that has higher demand than there is inventory, you can expect that your property won’t be vacant for long. Good tenants will understand that there’s not a lot to choose from, and when they come across a home that’s well-maintained, in a good location, and within their budget, they won’t hesitate. They’ll rent it quickly.
Such a market, of course, is good news for owners and landlords.
In a market that’s bad news for owners and landlords, you may find that there are more rental homes than there are prospective tenants.
That will create a situation where it takes longer for your home to rent. There are simply too many choices and good tenants can afford to be selective. You may find your home is unoccupied for several weeks and even months.
This is not a market that will get your property rented quickly.
The market shifts can happen quickly and dramatically.
Where Are We Now?
Right now, as we move towards the ending months of 2022, we can say that it should not take too long to rent out your property in South Jersey. You’ll find a strong pool of tenants who are looking for value.
Rents are rising. The market is favorable to property owners.
Here are some of the things that South Jersey has going for it in the rental market:
- There’s a growing population, and with more remote workers staying remote, this area can attract people who live in New York and other larger cities where rents are much higher. There’s no longer a daily commute to work into choosing where to live.
- There’s a strong local economy for workers who are looking for jobs.
- Sales prices are so high that a lot of tenants who would have purchased a home this year are continuing to rent. This creates more tenants, most of whom are well-qualified, and a competition for the best rental properties on the market.
There will be vacancy days, however, even in a strong rental market.
Some homes will be rented within days of being advertised. That, of course, is the goal. It means your home doesn’t have to sit. You don’t have to wait for rent to start flowing.
But, don’t forget that deciding to rent out a home and then actually doing it will require some days for planning and execution.
Think about the time you’ll need to create a listing, advertise and market the home, and work through showings and screenings. The entire process will take some time. However, when you have an attractive, well-maintained home that’s priced accurately, you shouldn’t have to plan on a long vacancy in the current market.
REAL ESTATE CAN BE SEASONAL
Pumpkin spice season is a big deal.
So is beach season.
A lot of the way we live depends on where in the calendar year we find ourselves.
The rental market is also pretty seasonal. If you’re wondering how long it may take you to rent out your property, think about when it’s going to be available and listed on the market. If you’re renting it out at the end of May, you’re in excellent shape to have it move quickly. If you’re listing it two weeks before the Christmas holiday, you’re probably not going to rent it out until the New Year.
It’s just the way that tenants work.
The majority of tenants we work with tend to move during the spring and summer months, especially if they have children and they want to coordinate move dates with the school calendar.
No one wants to move over the holidays. No one wants to move when there’s a foot of snow on the ground.
When you’re wondering how long it will take you to rent out your property, you need to keep in mind the time of year that it’s available.
If it’s within your control at all, make sure your property will be vacant and available during the late spring and into the early fall. You’ll get the most interest from tenants and you’ll find you can rent your home faster.
This doesn’t mean you can’t rent out a home in the winter. You might have people relocating to South Jersey to start a new job in the New Year. If you are renting to students, they might leave or arrive at the end of a semester or the beginning of a new one.
You’ll simply have to make your property more competitive if you’re renting it out during the slower season. A lower price tag and incentives to move in will help you attract good tenants and get the home rented as soon as you can.
HAVE YOU PREPARED YOUR PROPERTY FOR THE RENTAL MARKET?
A long vacancy is inevitable if you have not prepared your property for the rental market. Don’t advertise it if you don’t have marketing photos of an empty house. No one wants to see how the current tenant is living in that property. Don’t schedule showings if you haven’t installed the new appliances yet. Tenants don’t want to wonder if they’ll actually have a stove and a refrigerator when they move in.
Attractive, well-maintained homes will always rent faster than those that aren’t ready for the rental market.
HOW CAN YOU RENT YOUR SOUTH JERSEY PROPERTY FASTER?
If you can reduce your vacancy days and get your property rented out faster, you’ll earn more money and lose more sleep.
So, how can you do that?
Good question. Other than the strength of the market and the competing properties that may be taking tenants away from you, think about all the details that impact the length of your vacancy. We can think of several things that determine how long you’re waiting for a tenant to rent your property, including property condition, pricing, and your marketing efforts.
Are you working with a property manager in South Jersey? Because that makes a difference, too.
Here are the best ways to get your property rented faster.
Make Improvements to Your Property
Before you list your property, evaluate its move-in condition. Is it ready for a tenant to take residence today? Make sure it’s clean and functional and move-in ready.
You aren’t going to attract a pool of tenants if your home is worn, deteriorating, and in desperate need of upgrades and updates. If you want to rent your home quickly, make sure it’s going to stand out to high quality tenants. They are looking for a property that’s clean and modern. The exterior should be welcoming and free of debris, weeds, and dirt.
Some quick things you can do include:
Create curb appeal so that you get the attention of potential renters. Make sure everything in the property works, and consider investing in minor upgrades and updates. Fresh paint and new floors will help you rent your property faster, as will new light fixtures and energy-efficient appliances.
Pricing and the South Jersey Rental Market
Pricing will always impact how quickly your home rents. This is easy to forget, especially with rents climbing higher and higher every year. Tenants are willing to pay them, especially in such a competitive market.
Overpricing vs. Underpricing
You want to earn as much as possible on your rental home, but you also want to be sure you have the correct rental price attached to the home. Overpricing a property will deter good tenants from even seeing your home. That will lead to a longer vacancy.
Underpricing is no good, either. You leave money on the table and you struggle to bring yourself up to market rents from renewal to renewal.
Today’s renters know what properties are worth, and they will not pay more than they have to. If your home is even a few dollars above market rent, tenants will look elsewhere. It’s not worth losing an entire month’s rent on a longer vacancy just to hold out for a higher rent. In the long term, you’ll lose money.
Take a close look at what similar properties in your neighborhood are renting for, and make sure you’re in the right range. Get a comparative market analysis done if you can – South Jersey property managers can provide that for you.
Marketing Your South Jersey Rental Home
Once you know your home is in great shape and you’re comfortable that it’s priced accurately, the next thing to think about is how you market and advertise your property.
Marketing will impact the speed with which you rent out that property.
Be strategic. Take excellent photos and write an engaging description. Share your listing on all the popular rental websites that tenants are using. Post your home for rent on social media sites so people in your network can share it.
Be responsive. When prospective tenants call or send messages asking about the home, be available and accessible. Make sure showings are convenient for them.
We like self-showing technology because the data we’ve gathered has shown that it leads to a faster application time. The entire leasing process moves along more efficiently, and you could find yourself with a tenant faster just by installing a lockbox so they can access the property themselves and take a look around.
South Jersey Property Management Leads to Faster Leasing
If you really want to rent your property out as quickly as possible and for the most money possible and to the best tenants on the market, you need to consider professional South Jersey property management.
Property managers have access to technology that makes the entire process move a lot faster. We can syndicate ads, set up showings right away, and respond to any questions that prospective tenants have about your home. We also have access to data that can help us price your property effectively.
Managing on your own might be fine if you have the time and the experience. But, when it comes to leasing your South Jersey rental property, you’ll reduce your vacancy loss and increase what you earn by working with a South Jersey property management partner.
We have some innovative tools and resources that help us identify, place, and even retain great tenants
ANOTHER BRIGHT IDEA: LENGTHEN OR LIMIT YOUR LEASE PERIODS
As we discussed earlier, seasons impact how quickly you’ll be able to rent out your home. So, if you have a lease starting in early December and you know you don’t want to be re-renting the home next December, consider offering an 18-month lease. That will give you a longer tenancy, which is a benefit to you and your tenant. You won’t have to worry about finding a new renter next December, and your tenant won’t have to worry about rent going up after a year.
What About Tenant Retention?
You won’t have to worry about how long it will take to rent out your property if you already have a tenant in place, and you manage to keep them there.
Lease renewals are good for you and they’re good for your property. If you don’t already have a tenant retention plan in place – it’s another great reason to talk to a property manager.
We want to help you rent your home out quickly so you don’t lose money on vacancy. Let’s get started with a great plan, whether you’re struggling to find a tenant or you’re just thinking about putting a property on the market.
Please contact us at Realty Solutions, and we’ll see what we can do to help you avoid a long vacancy while enjoying a profitable and pleasant rental experience. We lease, manage, and maintain homes in Audubon, Collingswood, Cherry Hill, Haddon Heights, Blackwood, and the surrounding communities.