In New Jersey Should I list Property For Rent During Winter?

Question

My tenant is vacating the property this week and I am wondering whether to list it for rent immediately or to wait for March/April when whether may not be as cold? The reason I am asking is, should I list now, there may not be enough foot fall to view the property, not many people move during cold season? Listing after 2-3 months would also mean loss of rent, whereas listing now may mean property may be on the market for a bit longer.

What have others experienced? Appreciate any words of wisdom.

JD Martin · Answer

Never wait. There's no logical reason to wait. I've rented in cold weather every month of the year. Where I am November/December/January suck relative to the rest of the year but it doesn't mean you can't find qualified tenants during that time.

Daniel Vineis · Answer

Hey Andy one of the keys to profitability as a landlord is quick turn over. if you where renting your unit out for $2,000 a month and waited 3 months to get someone in. The lose in rent would be equivalent to having rented it out for $1,500 a month for a year. I am not saying to drop it $500 just to get someone in. You would run into many issues with raising rent etc. but this is how a look at most of my rentals. I normally list them with a tenant inside and if I cant get what I want after 2 weeks Ill drop the rent a little to get someone in. I would also recommend a 6 month lease so you are not running into this same situation year after year. Most tenant will be fine with this as long as you explain your reasoning.

Alecia Loveless · Answer

@Andy S. I’m in northern New Hampshire where we regularly get to -20 degrees during January and February. People still move during this time.

No reason to wait and eat 3 months of rent. List it as soon as it’s ready.

Adam Bartomeo · Answer

@JD Martin Like he said never wait, unless there is a really good reason. If you wait 5 months and rents are $2,000 it would be like throwing away $10,000, plus all of the expenses every month. Why not rent for $1,700 for those months and make $8,500?

Second, when you find a tenant make sure that you are ending the lease around April or May, even if it is a 6-month lease or 1.5 years. This way you are ready for the next time you have turnover.

Giselle Azcona-Lubbock · Answer

List! People have housing needs year round!

Mark F. · Answer

I’m in Northern NJ like you and I just rented a vacant unit just a few weeks ago. I rented out another unit years ago in the time between Xmas and New Year’s Eve.

Like everyone else rent, list it now. Just understand it’ll be a bit slower.

Paul Cijunelis · Answer

BTW I'm doing that on one of my properties right now that finished rehab mid Nov. Listing immediately at a bit of a discount to fill it quick on ST leases to reup in spring. The only issue is with a bit lower rent there's a higher number of applicants that won't qualify but I don't mind the volume to get it filled. Good luck.

Paul Cijunelis · Answer

I would list now but do a 6 month lease. There are less renters now so OP might need to compromise on the lease cost, so imo I would rent it at an attractive price now, and in 6 months raise the rent to market. If they move out who cares, it's rental season and put someone new in.

Shawn Mcenteer · Answer

Hi @Andy S. list right away.  For future tenants I would include in lease verbiage around listing property for rent prior to them moving out so you have time to market the property.  I have turned over all of units multiple times the highest vacancy I'll get us under 1 week becuase property will be up for rent 2 months prior from existing tenants moving out.

Dale Sterling · Answer

Hello Andy, I'm not an expert by any means but, if you don't list no one will know the place is available. I just rented out our house, a little over a month ago. I Came across a video from the bigger Pockets team, this video gave a ton of gems. It's about self-management, however it's so much more than that.  The title: The Pro's Guide to Property management Less Stress, More Rent, with Amelia McGee and Grace Gudenkauf.

In New Jersey Should I list Property For Rent During Winter?

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