For Orlando property owners, the time of year can affect placing a tenant. The Orlando rental market experiences seasonal shifts, impacting rental prices, tenant demand, and the best times to secure renters. Understanding these trends can help property owners and investors make more informed decisions to maximize both occupancy and rental income.
The Best Time to Find Tenants in Orlando: A Look at the Seasons
Summer (May to September) – The Busy Season
May through September are typically the most active time to fill vacancies in rental properties. Demand for rentals rises significantly, especially as families look to move before the new school year begins in August. This timing allows them to settle in before classes start. Rental properties in the best school districts will see the highest demand.
Here’s what landlords can expect with higher demand:
- Higher Rent Rates: Rental values are at their peak during the summer, thanks to increased competition among renters.
- Quicker Placements: With more people looking for housing, properties tend to get leased faster.
For property owners in Central Florida, securing new tenants before the school year can be a major win. This busy season offers an opportunity to maximize rental income while filling vacancies quickly.
Winter (November to February) – The Slow(er) Season
On the flip side, the Orlando rental market slows down from November through the end of February. Demand hits its lowest point around the holidays, especially between Christmas and New Year’s when most people aren’t looking to move.
Some things to keep in mind for seeking renters during the winter months:
- Lower Rental Values: Rental prices tend to dip slightly in the winter. Property owners can typically expect rent rates to fall $50 – $100 below peak summer rates.
- Longer Vacancy Times: With fewer renters looking, it may take longer to secure tenants during these months.
Despite the slower season, people still move, and well-prepared and competitively priced properties will likely attract tenants. This is a crucial factor to consider when deciding whether to list a property or wait for the busy season.
COVID-19 and the Return of Seasonality in Orlando
Like many other things during the peak of the COVID-19 pandemic, seasonality trends in Orlando’s rental market went out the window. Central Florida experienced a major boom, with more than 1,500 people already moving to the area each week; that number went even higher during COVID-19. This kept rental demand high throughout the year and inflated rental rates without any real downward shift.
However, about a year and a half ago, the Orlando rental market experienced a shift back to traditional seasonal patterns. Rental rates dropped, vacancies became more common, and seasonal variations returned.
The Math Behind Seasonal Rental Strategies
Some property investors may hold off listing their properties to nab those higher rental rates during the summer. However, this strategy often doesn’t make financial sense.
Let’s assume an investment property typically rents for $2,000/month in the winter. The property owner wants to wait to sign a lease on their vacant property until the summer months to fetch that extra $50/month. So it sits vacant for three months.
That means the owner would lose out on approximately $6,000 of uncollected rent. In return, this waiting period would only gain $600 extra in annual rental income, which doesn’t compensate for the loss.
In other words, maintaining consistent occupancy is generally more profitable than holding out for peak-season rates. Listing properties as soon as they’re rent-ready, regardless of the season, often results in a better return on investment.
How to Attract Tenants During Orlando’s Slow Season
Even though Orlando’s rental season slows down in winter, well-prepared properties can still attract tenants. With increased rental options available, tenants are now more selective than in the past three to four years.
Here are some ways Orlando property managers and landlords can make their listings stand out during the slower months:
Ensure Move-In Ready Conditions
A property that doesn’t need any repairs or upgrades is more appealing to prospective renters. Nothing gives a tenant “renter’s remorse” more than moving into a property and then finding a bunch of things wrong.
Highlight Unique Features
Emphasizing amenities or upgrades like renovated kitchens, modern appliances, or proximity to desirable locations can make a property more attractive. Knowing which ones fetch the best ROI sweetens the deal.
Keep Pricing Competitive
During the off-season, setting a competitive rental rate can make a property stand out and reduce vacancy times. Of course, this can be relative to the amount of competition in the area.
Every Season is Rental Season in Orlando
Yes, seasonality plays a role in Orlando’s rental market. However, with expert guidance, property owners can achieve consistent occupancy and maximize rental income. The Realty Medics can help you make your property stand out to new tenants and keep it filled, regardless of the season. Partner with The Realty Medics for expert Orlando property management, and we’ll help you maximize your rental’s potential.
