Before you can earn any money with your Cleveland rental property, you’ll need to find and place a good tenant. How long will this take? The answer is: it depends.
The amount of time it takes to rent out your property depends on a number of factors, including your marketing plan, the accuracy of your pricing, and how quickly you’re able to show the home, collect applications, and screen prospective tenants.
The Cleveland rental market plays a role in how long of a vacancy you can expect as well. Sometimes, homes will rent within days, but during a slower market, you may have to wait a month to find a good tenant.
Here are some of the things that will impact how quickly you’re able to get your property rented.
Seasonal and Market Factors with Cleveland Rental Properties
The rental market tends to have high seasons and low seasons. 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. During winter months and over the holidays, the rental market moves a little slower. Tenants prefer to move when it’s warmer and when their children are out of school.
When you’re planning to put your home up for rent, remember that the spring and summer months are the best times to rent out a property. You’ll rent the home faster and probably for more money.
Is Your Cleveland Rental Property Priced Correctly?
Pricing is an important part of renting out your Cleveland property quickly. You want to earn as much as you can, but make sure you’re competitive. Good tenants are informed, and they know what the market demands. Take a look at similar properties in your area and make sure you’re not outside the range of what those homes are renting for. If you price your home too high, you’re going to face a longer vacancy period.
Marketing Impacts How Quickly You Rent Your Property
You’ll spend a lot more time with a vacant property if you’re not marketing the home strategically.
Most tenants are looking for their next home online, so make sure you’re using the popular rental platforms to list and advertise your rental property. Take good pictures to include with your listing. Think about using a video to really give potential renters an idea of what it’s like to be inside your home.
There are hundreds of websites that you can use to market your property. We recommend that you place your listing on sites such as Zillow, HotPads, Rentals.com, and Zumper. Include pertinent information such as the rental amount, when the property will be ready for move-in, whether pets are accepted, and how to schedule a showing.
Professional signage still has its place in marketing your home as well. It can easily get the attention of people who happen to be driving or walking through the neighborhood.
Responsive Owners Rent Homes Faster
When tenants call for more information or to schedule a showing, make sure you’re responsive. They likely have a list of homes they’d like to see, and if you don’t return their call or answer their message, they’ll cross you off the list. The best way to rent your home quickly is to be prepared to let tenants see it when they are available.
We understand the importance of renting your property to good tenants quickly. To learn more about our leasing process and how it helps, please contact us at IIP Management. We work with owners in Cleveland Heights, Lakewood, Lyndhurst, Parma, Solon, and South Euclid (Cuyahoga County).