The average time to rent a property depends on many factors including the property location, condition and rental rate to name a few. Additionally, supply and demand, time of year, terms of the lease and agent’s track record and responsiveness impact the time on market. Generally speaking most managers can rent a property within 30-60 days.
Lindsay Leasing – Average Time to Rent a Property
At Lindsay Leasing the average time to a rent property is 14 days. We understand that every day the property sits vacant is a day of lost rent. Additionally, the broker is also the listing agent and therefore you can be assured that the property is being marketed in the best way possible. Our online marketing program includes over 50 websites including MLS, Trulia, Zillow, Hotpads to name a few. We show 7 days a week including the accommodation of evening appointments.
The two most significant factors impacting time on market are the following…
Property Location and Condition
Additional external factors affecting the average time to rent a property include: easy access to employment, shopping, good schools, entertainment, restaurants and area amenities. In addition, if the community and neighborhood homes are in good condition then more prospects will be interested in the property. If the external factors draw prospects to your rental property, then you want to make certain your property is in its best condition to clinch the deal. Would you want to rent a property that has numerous nail holes in the walls, has mismatched paint or non-neutral colors, is missing window treatments, stains in the carpeting, burnt light bulbs, or a yard in poor condition? Renters are people like you and me and take pride in their homes even if they don’t own them. Spruce up your home so it rents quickly to the best tenants at the best price.
Rental Rate (Price)
In addition to location and condition, pricing affects the average time to rent a property. It is a two way street….owners want good tenants and well qualified tenants want good properties at competitive prices. Pricing it too high and the property can sit on the market. High pricing can also lead less desirable prospects knowing that they may need to pay more for a property in order to lease it. Owners get nervous when a property has sat too long and then jump at the first offer. Prospects that have good credit/background understand that owners want to attract their interest. It is a two way street….owners want good tenants and well qualified tenants want good properties at a competitive price. On the flip side, pricing the property too low can also lead to problems. This tactic may also attract less qualified prospects.