How long does it take 24 Hour to find a tenant?
In over 1000 rental transactions spanning a decade, we have found that properties that rent up to $3000 per month take an average of 17 days to locate a tenant. For properties that rent for over $3000 per month, the average time it takes to find a tenant is 31 days. However, for the first 8 months of 2019, our average days on the market is 14 and 20 for properties listed under and over $3000, respectively.
To clarify, this time refers to the amount of time to find a qualified tenant, sign a lease, and collect the deposit. There usually can be days or weeks before the tenant moves in and starts paying rent.
There are many factors that can affect these averages for an individual property. For example, if you allow pets, you’ll likely speed up the chances of finding a qualified tenant. Your definition of a qualified tenant can affect the time frame as well. For example, do you require applicants to have 800+ credit and a gross monthly income of four times the rent? And biggest of all: seasonality. From mid-November through the end of February is the slowest time of year. So, if you list during this time, expect your rental take some extra time to become occupied. Conversely, May through August is extremely active. You may be able to rent your property even faster than the average times if listed during this time of the year.
Contact 24 Hour Property Management, Inc.
We’ve refined our systematic approach over the years through hundreds of rental listings and we have the data. If you any questions about marketing your property, or any other question related to property management, please contact us so that we can answer your questions and advise you. You can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.