There are a number of questions we hear most frequently when we’re working with San Diego rental property owners. One of the more popular questions is something you’ve probably wondered about yourself:
How long will it take to rent out my home?
Knowing the answer to this question is imperative. It will help you budget for vacancy, set a rental value, and prepare a marketing strategy.
The answer is often somewhat deflating, and that is: it depends.
It depends on a number of crucial factors, including the location of your property, its size and amenities, whether you’ve made any improvements, and if you’ve priced it accurately.
Overpriced homes that are deteriorating will take far longer to rent out than clean, modern homes that have recent upgrades and updates.
Perhaps the most important factor, however, is the strength of the current San Diego rental market. If there are an abundance of properties just like yours, it might take a bit longer to rent out your home. But, if the market is tight and inventory is low, you’re in a stronger position. You’ll rent that home out faster than you might have imagined. There might even be a pool of highly qualified tenants competing for it.
Limiting the amount of time your rental property is vacant will prove to be an important part of your investment strategy. An unoccupied property doesn’t earn any rent, so you want to make sure you get a great tenant in place as quickly as possible. Not only does a vacant property lose rental income, it also costs you quite a bit out-of-pocket. After all, you’re the party who is now paying for utilities. You’ll have to check on the home once in a while to make sure there aren’t any repairs needed. You’ll have to keep it clean, safe, and looking good.
We’re often asked how long it will take to rent out a house or apartment in San Diego, and today we’re sharing some of the factors that play a role in the number of days your property is on the market. We’re also sharing some important tips that may help you get it rented faster.
Understand the San Diego Rental Market
The main factor in how long it will take to rent your property is the San Diego rental market. To prepare for your vacancy time, you’ll need to understand the current state of the market and how your property fits into it.
When you find yourself renting out a home in a market that has higher demand than there is inventory, you can expect that your property won’t be vacant for long. Good tenants will understand that there’s not a lot to choose from, and when they come across a home that’s well-maintained, in a good location, and within their budget, they won’t hesitate. They’ll rent it quickly.
Such a market, of course, is good news for owners and landlords.
In a market that’s bad news for owners and landlords, you may find that there are more rental homes than there are prospective tenants. That will create a situation where it takes longer for your home to rent. There are simply too many choices and good tenants can afford to be selective. You may find your home is unoccupied for several weeks and even months.
The market shifts can happen quickly and dramatically.
Right now, in the middle of 2022, we can say that it should not take too long to rent out your property because the market is favorable to owners. San Diego has a growing population, a strong local economy, and a military presence that keeps plenty of people coming to the area and looking for high-quality rental homes. You should not have to worry about waiting very long to rent out your home.
There will be vacancy days, however, even in a strong rental market. Plan for the time it takes to create a listing, advertise and market the home, and work through showings and screenings. The entire process will take some time. However, when you have an attractive, well-maintained home that’s priced accurately, you shouldn’t have to plan on a long vacancy in the current market.
Tips on Renting Your San Diego Property Faster
Other than the strength of the market and the competing properties that may be taking tenants away from you, what will impact the length of your vacancy? Several things, including property condition, pricing, and your marketing efforts.
When you focus on those things, you can be sure you’ll have a lower vacancy time and a better tenant.
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San Diego Rental Property Condition
Before you list your property, make sure it’s clean and functional and move-in ready. You aren’t going to attract a pool of tenants if your home is worn, deteriorating, and in desperate need of upgrades and updates. If you want to rent your home quickly, make sure it’s going to stand out to high quality tenants. They are looking for a property that’s clean and modern. The exterior should be welcoming and free of debris, weeds, and dirt.
Create curb appeal so that you get the attention of potential renters. Make sure everything in the property works, and consider investing in minor upgrades and updates. Fresh paint and new floors will help you rent your property faster, as will new light fixtures and energy-efficient appliances.
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Pricing and the San Diego Rental Market
Pricing will impact how quickly your home rents. This is easy to forget, especially with rents climbing higher and higher and tenants showing up – willing to pay them.
You want to earn as much as possible on your rental home, but you also want to be sure you have the correct rental price attached to the home. Overpricing a property will deter good tenants from even seeing your home. That will lead to a longer vacancy.
Today’s renters know what properties are worth, and they will not pay more than they have to. If your home is even a few dollars above market rent, tenants will look elsewhere. It’s not worth losing an entire month’s rent on a longer vacancy just to hold out for a higher rent. In the long term, you’ll lose money.
Take a close look at what similar properties in your neighborhood are renting for, and make sure you’re in the right range. Get a comparative market analysis done if you can – San Diego property managers can provide that for you.
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Marketing Your San Diego Rental Home
Once you know your home is in great shape and you’re comfortable that it’s priced accurately, marketing will impact the speed with which you rent out that property. Be strategic. Take excellent photos and write an engaging description. Share your listing on all the popular rental websites that tenants are using. Post your home for rent on social media sites so people in your network can share it.
Be responsive. When prospective tenants call or send messages asking about the home, be available and accessible. Make sure showings are convenient for them.
Seasons Can Affect Vacancy Rates
When you’re thinking about how and when you rent out your property, remember that the rental market can be seasonal. This may seem unlikely in San Diego, where we don’t have dramatic winters. But, tenants tend to move during the spring and summer months, especially if they have children and they want to coordinate move dates with the school calendar.
No one wants to move over the holidays.
When you’re wondering how long it will take you to rent out your property, you need to keep in mind the time of year that it’s available.
If it’s within your control at all, make sure your property will be vacant and available during the late spring and into the early fall. You’ll get the most interest from tenants and you’ll find you can rent your home faster.
San Diego Property Management Leads to Faster Leasing
If you really want to rent your property out as quickly as possible and for the most money possible and to the best tenants on the market, you need to consider professional San Diego property management. Property managers have access to technology that makes the entire process move a lot faster. We can syndicate ads, set up showings right away, and respond to any questions that prospective tenants have about your home. We also have access to data that can help us price your property effectively.
Managing on your own might be fine if you have the time and the experience. But, when it comes to leasing your San Diego rental property, you’ll reduce your vacancy loss and increase what you earn by working with a San Diego property management partner.
We have some innovative tools and resources that help us identify, place, and even retain great tenants in your San Diego rental property. We’d love to help. Please don’t hesitate to contact us at Chase Pacific Property Management & Real Estate Services.