How to Fill Your Rental Property During Slow Winter Months

Fact, moving during the winter is more difficult for renters. This means landlords should expect and prepare for less activity in the rental market from Thanksgiving through the start of April here in Connecticut. Of course, the easiest way to avoid filling vacancies in the winter months would be to align your lease's end dates with the prime summer rental season, but things don’t always go as planned. If you end up with a tenant who wants to move out in the middle of winter then, what can you do to help fill that upcoming vacancy fast? Here are five simple strategies for you to try:

1. Highlight Listing Features

In order for your off-peak listing to stand out during the winter, why not try and highlight some of the key (and cozy) features of the property? If the home is close to transit for easy commutes during the winter, let people know that...nobody wants to walk miles to the bus stop in the snow! If your unit has a working fireplace and a warm inviting atmosphere, highlight those features too. Make your listing sound like a home they’ll want to be in for the holiday season. And don’t forget, you should also highlight features that will become useful again when the weather changes, like a large backyard or nearby parks. Don't leave something out that could attract just the right candidate at a time when less of them are searching!

2. Update Listing Photos & Video

Please, landlords, update the darn photos. We need to make your property look as attractive as possible and that often starts with a visual. Just because your property is being listed in winter, doesn’t mean you need to post photos of a snow covered driveway. Plan ahead to get high quality images of your units during the summer months. This way people can picture themselves living there during the nicer parts of the year too.

PRO TIP: If possible, you should also shoot a quick video tour of your property! Video can multiply the number of interactions and interest you get quite a bit. Feel free to check out one of our short tours here, they really don’t need to be fancy.

3. Sweeten the Pot (Offer Incentives)

Another trick that landlords use to fill off-peak vacancies is to offer lease incentives! You’re not a retail store, so you can’t give out 2 for the price of 1, but here are a few effective incentives we use at RCW & Co. when we need to fill a vacancy fast:

• ½ off the security deposit with move-in by certain date
• Cashback to the tenants upon lease signing 
• Their first month is free when a tenant moves in by certain date
• Owner will upgrade one appliance of tenants choice upon lease signing
• Include bonus utilities free of charge (cable/internet/laundry facility)

4. Add Flexibility to Your Lease Terms

As we mentioned before, people simply have less desire to move during the winter. This means the tenant pool gets smaller and more difficult to attract. Landlords should consider being more flexible in their requirements then to accommodate for less rental activity. If you don’t allow pets, maybe this is a time to consider, since stats show that more than 50% of renters now own an animal of some kind. This prevents you, as a landlord, from narrowing the selection options further than necessary!

You can also offer lease options with shorter (or longer) terms. These can be a benefit to both the tenant and the landlord. Say a landlord signs a 6 month lease with someone in December instead of the typical 12 month term. The landlord now gives themselves the chance to re-market the property during peak rental season! It also means the renters have a shorter commitment with more flexibility.

5. Show with Tenants in Place

As soon as you know a vacancy is coming…market your listing and begin showing it (even with tenants still there)! Many landlords make the mistake of listing their units only when the tenants have completely vacated and left them with an empty unit. An empty unit in the winter is even worse than normal though, because not only will the landlord miss out on rental income, they’ll also have to pay to heat the home and keep pipes from freezing. Smart owners get ahead of the curve by marketing the listing while the current tenants are still completing their move out! If you can show your property to prospective tenants while you still have someone in place, you may even have a chance to eliminate vacancy altogether.

Don't hesitate to try these offers, incentives, and tricks! The longer you wait to implement them, the more vacancy you'll see. Don't get caught off guard this winter if you end up with a tenant that requests to move out unexpectedly. Or, you can always give us a call here at RCW! We have the highest rated property management and leasing team in the state, and we know how to find quality tenants quickly.