If you’re an investment property owner, getting familiar with peak rental season trends can help you get your property quickly snatched up from the listings. However, there’s some work to be done. This succinct guide will help you prepare in time for the peak rental season in Baltimore to ensure maximum success.
When Is Peak Rental Season in Baltimore?
The peak rental season in Baltimore typically occurs when there is a spike in tenants looking to rent new houses, which is usually between May to August.
For one, this period (before school starts) is when many college students prefer to rent a house. Many large universities in the area, like Johns Hopkins, Towson University, and Morgan State make the state a prime hub for students searching for college housing. A larger majority of Grad students usually graduate in the summer, as well, and immediately go house-hunting for their next apartment.
Also, this period is perfect for parents because schools are on break, and they can move houses without affecting the kids’ school year. Weather conditions are also a major affecting factor, as it’s easier to move in the warm summer months than the freezing winter period.
With the above conditions working together, the peak rental season is a prime time to give your property more exposure in the midst of your competition. Find out how to do this below.
How to Prepare for Peak Rental Season in Baltimore as a Property Investor
Use the following steps to get ready for peak season:
Fix a New Rent at an Appropriate Market Rate
If you want to get a good number of applications for your property, set an appropriate rent amount. You can check out Baltimore rental comps to set an accurate and reasonable market price for your property. Additionally, any renovations of the property will also influence what the new rent will be.
Prepare Your Property for the New Tenant
Preparing your property involves doing any necessary repairs, thorough cleaning, and other maintenance activities the house needs. For example, you may need to clear out any overgrown grass in the backyard or fix the broken sink in the kitchen.
Set Up a Marketing Strategy
Work with these marketing tactics to get the best deal as an investment property owner in Baltimore:
- Find the Best Listing Sites
Make a list of some of the best listing platforms and list your property on all of them. As a result, you’ll get more eyeballs and more options to select your ideal renter.
- Describe Your Property Clearly
List the basic features (like amenities and square footage) clearly. Then describe the space to help prospective renters visualize the space. Our minds think in pictures. So how you describe your property can also influence renters’ decisions.
- Create Beautiful Photos of your Property
Beautiful pictures easily draw people’s attention. A beautiful picture of your property will help people clearly envision the space they’ll be occupying if they rent your property. It’ll also help them decide if the property is worth giving a shot or not.
- Leverage 3D-Mapping Tech
You can use 3D-mapping technology to create a digital model of your property in 3D, to give renters accurate information about your property such as the layout. People outside Baltimore can get a virtual tour of your property when you use 3-D mapping tech.
- Use Social Media Marketing
During peak seasons, get your property in the face of prospective renters using social media platforms. Everyone uses social media and you can use social media ads to target prospective renters.
Refresh Your Screening Procedures
When the demand for your property is high, you should be able to handle the screening process faster and more efficiently. To make it easier;
- Digitize Application Files
You can’t go wrong when you go digital. With digital files, there’s better organization and faster processing of application files.
- Include Essential Queries for Background Check
Conduct a criminal background check for potential tenants, review their credit history, and examine their rental history—number of evictions from past landlords.
- Use a Tenant Screening Service If Necessary
It’s always best to hire a tenant screening service to eliminate any form of bias and for a thorough examination of renters’ background checks.
List Your Property with Ben Frederick Realty
Peak rental season in Baltimore is upon us. If you want to take full advantage, it’s important to have investment realty experts in your corner. Our team can help you expand your portfolio with a huge array of investment properties throughout the greater Baltimore area. Our team brings the expertise and knowledge you need to accomplish your property investment goals. If you’re ready to get started today, reach out to our team.