How long will it take to rent my house out?
Waiting to fill a vacant rental can be a stressful time for a new landlord. Every day that your house sits empty is a day of lost rent…and those days and dollars can add up quickly. Still, it’s important to remember that vacancies are a normal part of owning rental property—and to of the have reasonable expectations about the length of time it will take to go from posting your “For Rent” sign to getting your rental house leased.
Depending on the specifics of your property and its location, property management companies can generally rent a house within 30-60 days. For DIY landlords, it’s not unusual for it to take up to twice that long to fill a vacant rental house. Regardless of which route you choose, here are some factors that will affect how long it will take to rent your house:
- Location: Simply put, the more desirable the location, the more quickly your house will rent. Most locations have both positive and negative aspects, but in general, the relative ease of access to major places of employment, shopping, restaurants, and good schools—as well as the relative charm of the neighborhood—will have a substantial impact on how quickly you rent your house.
- Price: If you’ve priced your rent at the top of the scale for your area, it may take you longer to find a renter. On the flip-side, slightly underpricing your rental will likely bring you renters more quickly (be careful with this tactic, though, as it may attract more under-qualified renters.)
- Condition of the property: Properties that are in pristine condition with lots of trendy upgrades will likely be snapped up by eager renters much more quickly than the average property.
- Terms of the lease: The less restrictive your lease, the easier it will be to find someone to rent your home. Allowing pets, smoking, and/or a lease term of less than a year may help you secure a renter more quickly.
- Time of year: Most landlords schedule leases to end in the spring and summer months, as this is when most people prefer to move. With more people looking to rent during these times, you’ll likely rent your house more quickly during the warmer months of the year, especially if you live in a region that experiences harsh winter weather.
- Strength of your advertising: The more aggressive you are with your advertising, the more likely you are to rent your house quickly. Mailing flyers to the neighbors, holding open houses, and putting the word out to your network while asking friends and family to do the same are all good ways to supplement your Craigslist ad.
Want to know more about how long it will likely take to rent your specific property? Consult with a property manager in your area.
Category: Renting My House FAQ