Mo Hashem here with www.FlatFeelandlord.com Property Management serving Washington DC, Northern Virginia, and Maryland. Today I want to discuss a common theme Maryland homeowners find themselves in this time of year, and that is deciding to rent your Maryland rental home after it didn’t sell. The Spring and Summer tend to be known as the “Peak” or “Prime” real estate seasons. More real estate transactions occur during this half of the year than in the other half (Fall and Winter). That said, since we are nearing the end of the Summer and the “Peak” real estate season, many homeowners that didn’t have much luck trying to sell their home are now hoping to rent it out. Generally, the real estate seasons do not discriminate. By that, I mean that whether you are trying to sell or rent your home, the peaks and valleys of the real estate seasons apply to both options. With that in mind, here are a few tips and expectations for trying to rent your home in the late Summer/early Fall.
Tip 1. Have Realistic expectations as a landlord. If your home was having trouble selling during the “Peak” of the real estate season, you will probably have more trouble renting it during the “Non-Peak” seasons. Pay attention to feedback you get from prospective buyers and renters and use it to try to have the home rented. Don’t expect your home to rent right away if you had trouble getting it sold also. The two (renting and selling) typically go hand in hand in regards to demand.
Tip 2. Be aggressive when setting your rental price. Unfortunately, since we are nearing/are in the “non-peak” season of the year, you don’t have the luxury of starting on the high end of the rent value for your home. If you want your home rented and limit vacancy, set the rental price on your home either right at or even slightly below market rates to ensure your home gets rented….and not passed up for the neighbors. Make sure you are always keeping an eye on your market and competition to see what Maryland homes are available for rent.
Tip 3. Basic economics apply to the rental market. If demand for real estate and rentals go down, prices generally do as well. If less people are looking for a place to live in the late Summer/early Fall, then take that into account and make adjustments to your listed rental price in order to get it rented.
Tip 4. Try to get it rented as quickly as possible. Since it is late Summer, there is still hope that people are out looking for a place to live. Try to take advantage of this small window of “Peak” real estate. If you aim too high, you may end up not finding a renter headed into the Fall, which you want to avoid. Winter has its own challenges when it comes to finding a tenant for your vacant home. Weather, holidays, and school all make it very unlikely you will find a tenant at top market value for your home. Get your home rented as quickly as possible in the Summer/Early Fall. Always remember, “Winter Is Coming……”.