If you’re like most rental property owners in Grand Rapids, you’re eager to get a new tenant in your home almost as soon as your existing tenant moves out. The turnover process is expensive, and the longer your home is vacant, the lower your earnings and the higher your costs.
So, how long will it take to get a new tenant into your rental property?
The answer is not as clear as many owners would like. That’s because your timetable will depend on several factors.
You are at the mercy of the Grand Rapids rental market and all of its competing properties. The time of year impacts how quickly you’ll find a new tenant. Location matters too, of course.
You don’t have control over those things. But, you can control the condition of your home and whether it’s an attractive and welcoming property that people will want to rent.
Limiting the amount of time your rental property is vacant will prove to be an important part of your investment strategy. An unoccupied property doesn’t earn any rent, so you want to make sure you get a great tenant in place as quickly as possible.
Let’s take a look at the factors impacting how quickly you can get a new tenant into your Grand Rapids rental property.
How Efficient is Your Turnover Process?
To get a new tenant in place quickly, you need to be prepared to turn your property over.
These preparations must begin as soon as you receive notice that your current tenant plans to leave at the end of the lease term. Organize your marketing, contact your vendors to schedule cleaning, pest control, painting, and other turnover work.
Get inside the property as soon as your tenants vacate so you can inspect and make a list of repairs that may be needed. Good relationships with vendors and contractors will help you complete the work quickly.
If you can get your turnover period down to a matter of days, you’ll find you can re-rent your home to new tenants without too long of a vacancy.
Grand Rapids Rental Market Conditions
The main factor in how long it will take to re-rent your property is the local rental market.
In the current Grand Rapids rental market, we’re experiencing low vacancy rates. There’s more demand than there is inventory, so you can expect your property to rent within a week or two of it being listed.
Rental markets fluctuate just like sales markets. You might eventually find yourself in a market that’s very competitive for owners. If Grand Rapids is flooded with rental properties just like yours and competition for tenants is tough, you may have to wait longer to rent out your property.
Seasonal conditions are very present in the Grand Rapids rental market. Very few people enjoy moving in the middle of winter, when they may have to navigate snow and ice.
During winter months and holidays, the market slows. Tenants prefer to move in the spring and the summer. Homes rent faster and for more money during those seasons.
You Can Rent Your Grand Rapids Property Faster
A well-maintained home that’s priced competitively will always get the attention of good tenants. Even in a slow market. Even when a lot of other properties are available. If you want to rent your home to a new tenant as quickly as possible, pay attention to these factors.
Rental Property Condition
Does your property look like a comfortable home? Or, is it visibly aging, worn, and in need of repairs 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.
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 Affects the Pace of Renting
Another way to ensure your property rents as quickly as possible is to make sure you have the correct rental price attached to the home. Obviously, you want to earn as much as possible in rent every month. But, if you overprice the house you’re trying to rent, you’re going to lose good tenants and you’ll likely face a longer vacancy period.
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 turn to other options. 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.
These are just a few of the things that impact the amount of time it will take to rent your home. Make sure you have a great marketing plan and a responsive showing process.
Grand Rapids Property Management
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 Grand Rapids 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.
If you need some help with your turnover process or you’d like to rent your home faster, we can help you achieve the results you want. As professional Grand Rapids property managers, we’re here to help you have a better leasing and management experience. Contact our team at Short South Realty Group.