Time and time again, we have seen new investors in Santa Rosa asking the same question – how long will it take to rent out my Santa Rosa home so that I start to generate consistent revenue? Given how a property deteriorates when unoccupied, it is a valid concern.
Although we cannot predict any fixed duration as to how soon the property may get rented, there are reliable ways to guesstimate the time it could take. Listed here are several determining factors that impact the demand and value of your rental property and understanding these can help you estimate the time in which it can rent out.
Take a look.
The Condition of the Real Estate Market in Santa Rosa
Market trends play a significant role in deciding the time frame to get a property rented as they impact the demand and desirability of a Santa Rosa rental property.
Safety of the Neighborhood
If your property is located in a safe neighborhood that has several amenities, like Downtown Santa Rosa, Oakmont, Bennett Valley, or Historic Railroad Square, it is likely that you will find tenants sooner. However, if it is located in an area that has a high crime rate or relatively few amenities, it could take much longer to find good tenants for your property.
Demand Trends in Santa Rosa
Studies show that the real estate market in Santa Rosa is fast-growing and is a strong seller’s market. Plus, due to increasing year-on-year average rent, it is also becoming a strong landlord’s market. The rental vacancy rate in the city is also lower than 3%. Considering the current trends, it shouldn’t take long to find good tenants in a rental market like Santa Rosa, which is advantageous for landlords.
The Type of Your Property
The type of property you own can decide how soon you will find tenants. For instance, if you own a vacation rental, it is more likely to rent out soon because of the major tourist attractions such as the Sonoma Coast State Beach, museums, the Tattoos and Blues Festivals, the wineries and vineyards, scenic routes, bike-friendly paths, and parks.
Similarly, if you own a residential property like a single-family home, an apartment, a condo, or a vacation rental, it is likely to get rented much sooner, as compared to commercial properties, as the city attracts many families due to its great schools, supermarkets, and local grocery stores.
The Seasonal Aspects of Santa Rosa
The sunny days of June to August are the best time for property owners to actively look for tenants in Santa Rosa. Typically, college students and families with children move and rent homes during summer, and so, your rental stands a high chance of getting occupied quickly during this time. However, it could take a little longer during winters, December through February, as not many residents are looking to move. Having said that, seasonal trends are not absolute and you should consult with a property manager to know more about rental opportunities.
The Rent Price of Santa Rosa Your Rental
Have you overestimated the rent price of your property? If yes, it could be one of the key reasons behind the vacancy of your rental. You can analyze and ask the right rent for your Santa Rosa property after conducting a proper rental analysis, checking the average rent price in the city, and identifying a reasonable rent price that is close to the market value yet helps you earn enough profit. With the right rent, you can attract a large number of tenants in a short time span.
Many trusted property management companies in Santa Rosa offer a free rental analysis, using algorithms that they have developed with their study of rental patterns and real estate trends over decades.
The Condition of Your Santa Rosa Unit
Renters in Santa Rosa prefer well-constructed properties that are rent-ready. The average rent and cost of living in Santa Rosa is high for most of the neighborhoods, so you need to ensure that your property has all essential amenities to make it more attractive for renters.
Long-term tenants look for a home with strong structural integrity, like proper roofs, intact doors, and windows. Structural problems like cracked walls, floors, roofing, or broken stairs can mean that your house does not meet the safety standards stated by the Implied Warranty of Habitability.
In such instances, you will have to make the necessary changes to your property before starting the renting process. Considering the time required to reconstruct the property, it can take much longer to rent it out.
How does your home look from the outside? Does it have a fresh coat of paint, or a deck, or an inviting gate, or a beautiful garden? If yes, your property can stand out from the rest of the homes in the market. Additionally, if the interiors are well-maintained, with wallpaper and curtains, wooden cabinets, and hardwood flooring, it can attract potential tenants faster.
Amenities and Upgrades of Your Santa Rosa Property
Santa Rosa is a family-friendly city, and most families live with their furry friends, so adding amenities like a small gym, a pet station, a pool, a barbeque area, or kids’ play area can take your home to the local property hotlist and rent out quickly. Safety-oriented upgrades like a smart doorbell, an emergency bell for the elderly, or a trespassers’ alarm can attract potential family tenants to your unit and rent it out sooner.
Your Marketing and Advertising Tactics
Your marketing strategies highly impact the number of potential tenants that get to know that your Santa Rosa home is on the market for rent. So, it is crucial to use the best techniques like:
Digital platforms can pave the way for renting out a property soon. Studies show that listing websites help landlords advertise and find useful leads much quicker than other techniques like email marketing. Using trusted websites like Zillow, Trulia, or Realtor can help you reach your prospective renters sooner than ever.
Social Media Marketing
Prospective tenants typically use upbeat social media groups like Facebook, Instagram, and WhatsApp to find rental properties. If you create appealing posts with all essential information and post them on the right social media platforms, you can reach a wider pool of tenants at once, thus expediting the process of renting your house.
Don’t forget to use some of the conventional methods like word-of-mouth publicity, sticking pamphlets in community halls and other public places, newspaper listings, or SMS marketing. These can also reach the right audiences and easily connect your tenants with you.
A Smooth and Streamlined Rental Application Process
There are two things your rental application process must be – efficient and short. A comprehensive tenant screening process ensures that you find good tenants who meet your expectations and are ready to stay for the long term. However, the process should not be so long that the tenant loses interest or finds a property elsewhere. Ask yourselves these questions to know if your process is working well enough, to get your home rented quickly.
Are You Using Online Rental Applications?
If yes, you have already taken a step closer to renting your home sooner. Online applications help you save time, as you get to cross out the applications that don’t fit your criteria early on and shortlist the potential tenants easily. Besides, they are convenient for the applicants as well.
How Long Does It Take You to Screen the Tenants?
Efficiency is key here. Yes, you need to screen tenants properly to find a reliable renter, but if you are taking longer than necessary for the pre-screening and screening process, it is inevitably going to take longer to narrow down your choices. Expedite the process while ensuring that you carry through all the requisite tasks like checking credit reports, criminal backgrounds, and rental histories to find and place qualified renters soon.
The Terms of Your Lease Agreement
The terms on the lease impact the resident’s way of living in many ways. Hence, if your lease has some strict implications like ‘no pet policy,’ ‘no overnight guests,’ or ‘watering the plants on a daily basis,’ it can reduce the number of potential tenants. If you have flexible policies that, for instance, allow pets, designated smoking zones, overnight guests on prior notice, and so on, you are likely to attract a greater pool of tenants and might rent your home sooner than you think.
Managing your lease terms is a personal choice though. Plus, you also need to ensure that you do not end up sacrificing your neighborhood’s peace and comfort while enforcing these terms.
Do You Have a Santa Rosa Property Manager?
If yes, you might not need to worry about getting your property rented at all. Property managers have the necessary skills, network, and experience to easily find, screen, and place qualified tenants. Besides, they add value to your leasing process by offering:
Accurate Rental Analysis
Property managers have the resources they need to know the local price trends. They can do an unerring rental analysis in a short amount of time, which will increase the demand for your property and attract tenants easily.
Great Marketing Tactics
Property managers are well-aware of the best marketing techniques that are most trusted to the local audiences and draw them to your property without delay.
How Quickly Can They Rent Out Your Unit?
Studies show that property managers typically lease out properties sooner than self-managing landlords. Depending upon the location and condition of your property, they can rent it out in 2-6 weeks.
Based on our experience, it may take about three to six months for inexperienced homeowners to rent out their Santa Rosa property, without professional help. Alternatively, you can work with the best property management company in Santa Rosa, Redwood Residential Property Management to reduce this time by less than half. We have helped Sonoma County landlords rent out their properties easily and effortlessly for decades and our only aim is to help you make the most out of your rental investment.
For more information, contact us at Redwood Residential Property Management.