Renters like to move in the spring. That’s not big news to anyone with experience over more than a couple of years. When I first started buying apartments 11 years ago I had heard this, and it made sense, but year after year this simple rule of thumb has proven extremely reliable. Even if they’re not thinking about schools for their kids, it is still the time of year when they want to make important changes in their lives.
This year those moves have been even more prevalent. In one property we’ve watched our marketing leads jump 2-3X over six months ago. Maybe there’s a pandemic affect – tired of having to stay in one place, nowhere to move because even the non-paying tenants were staying put, uncertain job situation. Whatever the reason, demand for apartment rentals has surged.
How has this affected your properties? We knew there would be a demand and we planned for it, but have still been surprised. We have units that need renovation and might have pushed harder to finish them earlier, and we have tenants who are disruptive whose lease shouldn’t have been renewed.
Now is the time for landlords to be selective if you have vacant units. Enforce your rental criteria or even strengthen it. Don’t skip the background checks. Nurture your good tenants. The tenants you place now should stay with you for a long time, so make them feel wanted.