If your current renters’ lease is up or you have a new rental unit you’re considering putting on the market in Washington DC, it’s important to consider your timing.
Depending on your unique rental property, there are peak times of the year to put it on the market. Whether your unit is designed for a family, a single person, or new employees moving to the city, consider the following times to list your unit that could be the most beneficial for you.
Prime Time: May through Late August
The best time to put your rental on the market begins in May and continues throughout the summer until late August.
This is partly to do with the school year. Not only are kids out of school for the summer starting between May and June, but young adults going to college are graduating and seeing the end of their spring semester as well.
These people may be relocating to a different city and looking for a new place to live as their life circumstances change or they seek better schooling for their children.
Families Need to Be in Before the End of August
If your rental property is ideal for families, keep in mind that most families want to be settled in to their new place by the time the school year starts—so ideally before the end of August.
When listing your rental property, especially one that’s designed for a family, consider putting it on the market during the most popular rental season. Taking advantage of the market at this time will give you your best chance to find a good fit for the property and prevent your unit from being vacant for longer than necessary.
Appealing to Year-Round Renters
Due to government employees and other professionals coming to DC throughout the year, year-round renters are certainly there. However, you may have less renters applying for your unit or may not find the best fit for your property due to a lower number of people coming to the city.
If your unit is in an area that’s popular with people who work for the government or World Bank employees, you may have a steady flow of potential renters throughout the year along with the usual peak season.
Slow Time: Holidays
A much slower time to list your rental would be around the most popular holidays, including Thanksgiving and Christmas. There are less people moving during this time and coming into the city, so you may not have your best pick of renters. Depending on your target market, this may not be the best time to list your unit.
So When Is the Best Time to List Your Property?
The best time to list your rental unit is when your target renters are looking for housing. If your income property is popular among students or families who have children, consider listing it during the peak rental times between May and August.
If you’re targeting employees, you might be safe listing your unit any time of year, but remember that the holidays tend to be a slow time for the rental market in DC.
When you need help listing your rental property, contact us at FAS Management. Not only can we help you prepare your unit for new renters, but we actively monitor the rental market to determine when the best time is for you to get the most value for your property in DC!