Santa Cruz’s geography, population, and economy makes it a unique rental market. You can’t really measure how your property will perform by looking at national or statewide data. Many of the rental property owners we work with want to know how long it will take to rent out their investment home.
Typically, that answer will depend on a number of factors, which we’re discussing today.
Market Drives Movement
The most important factor is market forces. If you’re renting out a three-bedroom, two-bathroom home in a desirable neighborhood and there are 25 other homes just like yours available for rent, it’s going to take longer to find a tenant who wants to choose yours. On the other hand, if your home is the only one like it currently available and it’s priced well, you should be able to rent it to great tenants in a matter of days.
You need to know the local rental market before you can determine how long it will take your property to get rented. We like to have a good tenant in place within three or four weeks of listing your home. However, it could be a lot sooner or even longer if the market is flooded with properties and not with tenants.
Rental Property Location and Condition
The location of your property is going to impact how long it takes you to rent it out. When your home is close to good schools, commuter routes, and great restaurants and shopping, you’ll be able to rent it quickly. If it’s not in a great area or hard to get to, your vacancy may be a bit longer.
There’s nothing you can do about the market and there’s little you can do about location. But, you do have complete control over your rental property’s condition, and that will impact your vacancy time as well. Good tenants want to rent modern, well-maintained homes. Make sure you provide a property that will get the attention of renters. It should be clean and functional. There should be great landscaping. You can make some small updates and upgrades to really ensure it rents quickly. Put new paint on the walls and replace your tired and worn carpet with some great vinyl or tile flooring. These things will help you rent it faster.
Pay Attention to Pricing
Properties that are priced too high will remain vacant for longer than they should. Tenants know the market and they are comparing rental homes when they’re looking for a place to live. They know how much they’re willing to pay. No one wants to price their home too low, but overpricing it can also be more expensive and lead to costly vacancy times. Be competitive, and talk to a management company about what other homes similar to yours are renting for in Santa Cruz.
Working with a professional Santa Cruz property management company can ensure your property gets rented quickly to high quality tenants. We limit your vacancy rate and increase your success. Contact us at Real Estate Eight Three One to learn more.