Many know that the market presents itself with peaks and throughs throughout the seasons; and as property managers we use our knowledge to highlight when is the best time to lease.
The months between November & February are busy periods. This is mainly due to increase employment opportunities and job transfers, and also pending new school placements, following the end of the school year.
Many leases expire during in this period. It is something to be aware of, because advertising in this period, will seek more attention to be standing out from the crowd, as there is usually multiple vacancies, especially in the 2 peak months of December and January. Where possible The Leasing Network plans ahead to avoid leases expiring between the 2nd week to December to the 2nd week in January.
The quiet periods are usually around winter, so from May to August months due to colder weather conditions no doubt, we have less lease agreements expiring and lack of job placements and fewer job transfers fall around this time of year.
In saying that, the Central Coast region is fairly consistent throughout the year. Although sometimes over the Christmas period it could be a little bit unpredictable if too many prospective tenants are moving here to experience that wonderful summery ‘sea change’.
A common misconception about Fixed Term Tenancy Agreements is that they should be either 6 months or 12 months. Yet, there is no legal requirement in NSW and unless specifically requested by the prospective tenant, a good property manager will align the end of the tenancy to fall outside December.
A good property manager will also understand if you are an investor of multiple properties and make themselves aware that you doesn’t have any other properties leases expiring at the same time. A multiple property investor could have an increased risk of having more than 1 investment property vacant at the exact same time, affecting their cash flow.