Every Sacramento homeowner is concerned with renting out their house as they want to start earning passive income as quickly as possible. Vacant properties can be liabilities and can leave you with financial losses, risks of thefts, vandalism, and squatters, among others. However, if you are wondering how long it will take you to rent out your Sacramento rental, we at Eagle Property management can help.
Renting out a home is not a one-step process. It requires a great deal of planning which depends on numerous factors. Additionally, you need to be patient as your potential tenants may take time to decide whether or not they want to live in your house.
Here are a few prominent factors that impact how long it will take to rent out your Sacramento home.
The Location of Your Sacramento Home
The location of your property plays a critical role in determining the time required to rent a unit. If your rental home is in a desirable neighborhood like East Sacramento, Land Park, Curtis Park, or Boulevard Park, it can get rented comparatively sooner.
However, if it is in a relatively unsafe neighborhood where the crime rate is high, it could take longer to find renters. In such a scenario, we recommend that you add extra security measures to your home if you live in such neighborhoods. Motion sensor-based lights, trespasser alarms, a smart doorbell, and a surveillance camera can help your potential renters feel much safer. Once you finish securing the rental, it has potential to get rented quickly.
The Condition of Your Sacramento Property
The Sacramento rental market is booming rapidly due to desirability, comfortable living, pleasant weather, and plentiful professional opportunities. In such a competitive market, the property’s condition can play a deciding role when renters select a home. Therefore, you can consider upgrading the rental to draw qualified tenants.
If your home is habitable, has good amenities like a yard or a pool, and has all the essential appliances in a working condition, it can get rented soon.
On the contrary, if your house is dingy, has mold, pest infestations, or structural damage, you may need to repair or renovate it to rent it out.
The Rent Price
The average rent for an 826 square feet apartment in Sacramento is nearly $1792. Of course, the rent differs from neighborhood to neighborhood. For instance, the average rent for a similar apartment in River Park is approximately $2,845, and in Central Oak Park is $2,694.
You need to decide how much you want to charge based on the average rent in your locality. If you are charging a rent that is way overboard the average for your location, chances are that your house will stay vacant for a long time. On the other hand, you cannot undercharge to rent it faster and bear losses. We suggest that you talk to a property management company, conduct a rental analysis, and find what rent is perfect to set the correct rent price that will lead to consistent revenue generation.
Demand Based on Time of the Year
The time of the year can be instrumental in deciding how long it could take to rent out your property. The weather plays a vital role in determining when tenants prefer to relocate and move into their new houses. Winters are often slow-moving for the Sacramento rental market. The weather can be extreme and often make it difficult for the tenants to pack, unpack, carry big boxes, and travel with the luggage to move in.
On the flip side, significant changes like the commencement of a new school year, new jobs, or college courses often happen between May to August. Families or students tend to move during these months, which can make the rental market boom in this period. Hence, your Sacramento home can get rented sooner during these months and could take longer to rent during the winters.
Terms of The Lease
Having some flexibility regarding lease terms is important to attract a large pool of potential tenants. If you manage to capture the attention of several applicants, naturally, the possibility of the house getting rented soon is higher. It is a bonus if your lease is pet-friendly or has a more accepting guest policy, you may find a renter more quickly.
On the other hand, if you have rigid policies and offer no flexibility, you may miss out on good tenants. You could drive away potential tenants with a strict no-pet policy, a no overnight guest policy, or a fee for failing to take out the garbage every day. In such instances, it could take longer to occupy your Sacramento rental.
Advertising Techniques Used for Rental Promotion
As competition is escalating, Sacramento landlords are trying their best to keep up with the developing marketing strategies to promote their homes. If you use the same old strategies to promote your rentals, like publishing in the newspaper or SMS marketing, it could hinder the time required to reach your potential residents. These ways can be helpful, but they might not be enough in the current digital age.
However, if you use advanced techniques like posting on listing websites, social media promotions, banner advertisements, posting flyers in the community places, and so on, you can speed up the process of renting your house.
Whether You Have Hired a Property Manager
An experienced property management company knows the local Sacramento market inside out and is aware of strategies to attract more renters to your home. They already have a wide network of professionals to find valuable leads. They maintain your property well, keep it in a habitable condition, and can suggest the best renovations and upgrades to keep it in demand. So, if you are working with a property manager, you could rent out your home significantly more quickly.
Get tenants in your Sacramento property by working with the most trusted property managers in the city, Eagle Property Management. We have been in the real estate business for over ten years and know how to get quality tenants to become your tenants soon. We operate in several areas including Sacramento, Stockton, Fresno, and Modesto.
For more information on how we can keep your Sacramento rental occupied, contact us at Eagle Property Management.