If you're a first-time landlord and wondering when is the best time to put your home on the rental market in the Baltimore Metro Area, you'll find this article valuable.
After 17+ years in the property management business, we definitely see some patterns in terms of rental home supply and demand that we would like to share with you.
Monthly Baltimore Area Rental Market Trends
Here are the trends that we see affecting the Baltimore Metro Area rental market:
January/February ? These tend to be slower moving months. If possible, tenants prefer to not move during these months. We do rent out homes every month of the year but these are traditionally slower times. This is a great time for landlords to think through their plans, choose a property manager, get their homes ready for the market and get into compliance on their landlord paperwork.
March ? The phones start to get very busy in March. People are planning for their summer moves and we have a few local niches that definitely start calling during this month. The Match Day medical Residents and Fellows get matched in March and must be in their homes by the start of these programs in June and early July.
The Ravens players need to be situated before summer training camp.
And families with children are planning to make their moves during the summer school break.
The phones really pick up in March and our online search activity is extremely busy. If you are planning on putting your home on the market during the spring season, you want to have all of your inspections and licenses in place prior to this time.
April/May/June ? Our "Christmas" season is here! The spring months are really busy months! As a landlord, you want to maximize the market by having your home looking great and ready to go by this time. Tenants ? get ready for some competition. These are the most popular lease expiration dates and there is a lot of movement during these months. So hold on and get ready to make quick decisions.
July ? Now we are a bit more relaxed compared to June. We are still busy but people are moving at a bit of a slower pace during these hot summer months. Many landlords are calling us about putting their homes on the market in the Fall and we tell them to get their paperwork and compliance inspections done now so that we can take advantage of August.
August ? August is the month when families start to panic because they want their kids enrolled in a specific school and they must show lease paperwork for that district. Our phones pick up again and the pace can get very fast as families scramble to get their paperwork in order. Please, if you are applying for one of our homes, give us some time so that we can prepare your home correctly.
September/October ? Still busy months but not crazy. Relocations, last minute Ravens? roster additions, Department of Defense moves ? we are still very busy but we do have some time to prep our homes correctly and take a deep breath. We are perfectionists and enjoy having some more time to do everything right.
November/December ? If possible, many people prefer not to move during these months. However, sometimes our clients are not given a choice so moves happen during these months also. Know that our dedicated staff is full time and working 12 months a year to fill vacancies and manage your home as if it is our own.
So what do you do with this information? Call Chesapeake Property Management; we can help you plan every aspect of your move so that you can calmly move on with your life. We are here, native Baltimoreans, and not going anywhere so that you can move on and have peace of mind knowing that someone local is watching over your home.
I hope this helps. As I watch the trends, I will update the information.