Did you know that August is Back to School Month? You may think that this has no significance in the real estate world, but it could be an important factor for landlords and property managers to consider. With higher rental demand in the summer, it’s clear that many people move at the start of the school year. Today, we’ll review why many people move during Back to School Month and what it means for rental properties.
Contents of This Article:
- What Is National Back to School Month?
- Do More People Move for School During the Summer Months?
- What Does This Mean for Rental Properties?
- How to Market Your Rental Effectively for Back-to-School Month
- Rely on the Professionals to Handle Your Rental Needs
What Is National Back to School Month?
August is Back to School Month, meaning people are settling into their routines to prepare for the new school year. But why should landlords and property managers care?
It’s important for individuals involved in real estate and Philadelphia property management to acknowledge the importance of when people are most likely to move. This information is helpful for several reasons. For one, it indicates when tenants will likely move out of rental properties and when new tenants will likely move in.
Peak rental season is typically from May until September, meaning August is a popular time for people to move. Some families and individuals move during this time to get settled and prepared for the new school year. Read along to learn why people move locations for school during the summer months.
Do More People Move for School During Summer Months?
Many people move during the summer months in preparation for the new school year. That’s part of why August, Back to School Month, is so popular for rental property businesses. Moving before the school year starts can give students and families a fresh start and time to develop a new routine.
Here are some of the benefits of moving before school starts back up again.
- Academic School Year
- Transitions to New Schools
- College Students
- Avoiding Mid-Year Disruptions
- Housing Availability
Academic School Year
Most schools in the United States run from late August or early September to May or June. During the summer break, students have several weeks off from school, presenting a good time for families to move to a new location without disrupting their children’s education.
Transitions to New Schools
Summer is an ideal time for families who are moving to settle in and enroll their children in schools before the new academic year starts. This allows students to start the school year fresh with their new peers.
College Students
College students often move during the summer months when transitioning to a new school or returning to campus for another school year. That’s why many college students start looking for housing during the summer, so they can prepare to move and adjust to where they’ll be living for the school year.
Avoiding Mid-Year Disruptions
Moving during the school year can be disruptive to a student’s education. However, by moving during the summer break, students have time to adjust to their new surroundings before classes start up again.
Housing Availability
In college towns and areas with a high concentration of students, some landlords coordinate their renting cycles to align with the academic calendar. This means more rental properties become available during the summer months.
What Does This Mean for Rental Properties?
The increased moving activity during the summer months can have several impacts on rental properties. For instance, there are some benefits, like higher rental demand, and some disadvantages, like higher turnover rates. Good or bad, here’s what busier summer months can mean for rental properties.
- Higher Demand- With more people looking to move during the summer, there’s usually an increase in demand for rental properties. As such, landlords and property managers can expect to see more inquiries and applications during this period.
- Increased Turnover- On the other end, summer is a common time for leases to end and people to move. So, there may be a higher tenant turnover rate during these months, meaning landlords should plan accordingly for marketing vacant units.
- Competitive Rental Market- Higher demand for rental properties can lead to a more competitive rental market during the summer. While landlords can choose from a larger pool of tenants, it’s important to price rentals competitively to attract high-quality renters.
- Potential for Higher Rates- Some landlords may be able to charge slightly higher rents during the summer months due to increased demand. However, you’ll want to research your local market to ensure you’re pricing is reasonable yet competitive.
- Shorter Vacancy Periods- With more people seeking rentals during the summer, landlords may experience shorter vacancy periods between tenants. Luckily, this reduces the potential loss of income.
- Marketing Opportunities- Landlords can leverage increased demand by improving their marketing efforts during the summer months. Effective advertising can help attract quality tenants quickly.
How to Market Your Rental Effectively for Back-to-School Month
Marketing your rental property effectively is crucial to attracting quality tenants and minimizing vacancy periods. That said, here are some tips to help you market your rental successfully.
- Online Advertising- Utilize online rental platforms and listing websites to reach a broader audience. For instance, popular platforms like Zillow, Trulia, Apartments.com, and Facebook Marketplace are great places to start posting your properties.
- High-Quality Visuals- Invest in professional photographs and, if possible, a virtual tour or video walkthrough of the property. High-quality visuals give prospective tenants a good idea of what to expect and can make your listing stand out.
- Detailed Listing- Write a comprehensive listing description that highlights the property’s key features, amenities, and nearby attractions. Add details about the rental terms, like the lease duration, pet policies, and utilities.
- Competitive Pricing- Research the local rental market and set a competitive yet fair rental price.
- Good Communication- Respond promptly to inquiries from potential tenants. When they inquire about a property, provide all the necessary information they need, and be available for property tours.
Rely on the Professionals to Handle Your Rental Needs
If you own rental properties, you’ll want to prepare for Back to School Month with effective marketing measures. Remember to take high-quality photos, write a detailed listing description, and follow up with prospective tenants promptly. For ultimate success, you may want to enlist the help of professional property managers.
how can you get help managing your rental business?
Luckily, Bay Property Management Group is here to help. BMG offers comprehensive rental management services throughout Baltimore, Philadelphia, Northern Virginia, and Washington, DC. So, whether you need help listing properties, communicating with tenants, scheduling maintenance, or collecting rent, we’ve got it covered. Contact us today to learn more about how we can help your rental business succeed.