Finding a suitable resident for your rental house can be time-consuming. However, with the right strategy, landlords in Michigan can speed up this complex process.
So, how long does it take to rent a house? On average, finding a renter takes a few weeks to a few months. The answer depends on various factors, including location, market demand, and rental price.
Besides, the latest house vacancy rate, the month of vacancy, weather, and surrounding conditions of the state play a role here. Let’s learn more from our rental market experts about what impacts rental time and how you can rent your house faster.
Statistics of Rental House Vacancy in Michigan
Michigan has seen significant changes in rental house vacancy rates over the years. In 2019, Michigan State recorded a vacancy rate of 6.8%.
This was a significant drop from the 2010 vacancy rate of 12.8%. According to national data, the house vacancy rate has always been decreasing in the USA since 2008.
However, by January 2023, Michigan’s vacancy rate increased to 7.3%. Between 2011 and 2021, the state experienced an impressive decline. The rate had fallen from 4.2% to 1.9%.
The vacancy rate statistics give an overview of people’s interest in and affordability of rental houses. The higher the vacancy rate is, the longer it takes to rent a home. Generally, the 5% vacancy rate is considered healthy in Michigan.
Factors Behind Fast or Slow Property Rentals
Wondering why some properties rent faster than others? AmeriHome shares the key factors that can make all the difference.
Location of the Property
The area where a house is located particularly affects how fast it gets new renters. Houses near schools, businesses, or public transport often attract residents faster.
Besides, safe neighborhoods with good conveniences also play a key role. On the other hand, homes in remote areas may take longer to rent.
A rental property in a high-demand area generally sees more interest from potential renters.
Current Market Demand
People don’t change their accommodation at a constant rate. They only look for a rental house when they need it.
When more people look for homes, renting a house becomes easier for landlords. This is expected in areas with growing populations or strong working opportunities.
In contrast, areas with fewer renters or high competition among landlords may have slower leasing times.
Rental Price Competitiveness
Nobody likes high pricing searching for a rental property. So, selecting a competitive rental price can greatly impact the timeframe of renting a house.
In Detroit, Michigan, the median rent for one- and two-bedroom apartments was about $1,050 at the end of 2023. The rents have increased since the pandemic.
Michigan is one of the more affordable rental markets. So, the vacancy rate in comparison to pricing isn’t frustrating yet.
Quality of Property Photos and Ads
Clear, high-quality photos and properly described ads make a big difference in attracting renters. Pictures should highlight the property’s finest features, like spacious rooms or modern appliances.
A straightforward ad with sufficient, accurate information enables renters to decide faster. As many people search on renting house websites, the ad needs to be unique.
Poor photos or incomplete descriptions can make potential residents lose interest quickly in your property.
Property Condition and Maintenance
A well-maintained property attracts renters faster and provides a good impression. Clean interiors, functioning appliances, and attractive paint can influence their psychology.
If repairs are needed, they should be handled quickly before advertising for vacancy. Renters prefer homes that are move-in ready without major issues.
Moreover, keeping the rental house in good condition shows that the landlord cares, which encourages renters.
Responsiveness to Inquiries
Renters are fond of responsive, cooperative landlords. They don’t like hearing any complications or false words while desiring a house rent. Fast communication shows professionalism and builds trust.
Answering questions about the property and providing details they need encourages faster decisions. Delayed responses may make renters lose interest or move on to other options.
So, landlords must be available and approachable to ensure the renting process is smoother for everyone.
Lease Terms and Flexibility
Flexible rental terms can make a property more appealing to renters. Options like month-to-month agreements or allowing pets attract a wider audience.
Shorter lease durations may also interest residents who prefer flexibility. A rental house in Michigan with clear and fair terms has a higher probability of being rented quickly.
Most renters appreciate agreements that meet their needs while being easy to understand.
Common House Renting Delays and How to Avoid Them
Renting a house can sometimes take longer than expected in Michigan due to delays. Here are some typical delays and ways to avoid them:
- Unclear listings: Provide a detailed and honest property description.
- Poor-quality photos: Use high-resolution, creative photos to show the house’s best view.
- Overpriced rental: Check the average house rent in Michigan to set a competitive price.
- Lack of flexibility: Offer flexible lease terms to attract more renters.
- Slow responses: Answer inquiries quickly to keep potential residents interested.
- Maintenance issues: Ensure your house is well-maintained and ready for move-in.
- Limited marketing: Advertise on several platforms, including popular house rent websites, to reach more people.
The Perfect Time to Rent Your House in Michigan
Timing is essential for renting your house in Michigan because it determines how many rental applications a landlord will get. The peak rental season is from May to September.
Demand is higher during these months, meaning more potential residents are looking for homes. That means you can offer your expected rent to many people.
On the other hand, rental rates drop from October to April, especially right after the December holidays. It happens due to the cold weather. Moreover, many families don’t want to move during the school year.
Should You Hire a Property Management Company?
Managing a rental property can be time-consuming and stressful. Hiring a property management company in Michigan can make things easier. These professionals not only help to get the right renter. They assist landlords in rent collection and maintenance.
A big plus is that they also acknowledge local laws. So, the whole rental process will meet compliance with regulations. You won’t face any legal issues further.
While their utmost target is to fill your vacant apartment, they can help maximize your rental income and reduce stress. This option can be a smart choice for busy landlords or those with multiple properties.
Last Words
Renting a house is more than just finding a resident. It’s about making correct decisions to ease the process. Making the necessary adjustments, like fixing a worthy price or advertisement timing, can resolve your vacancy issue.
The answer to the question “How long does it take to rent a house” is no more a mystery to you. After reading this article, you should know a lot of factors are working behind this.
If you find everything complicated or have a busy schedule, contact a rental property manager in Michigan to simplify the renting process.
Frequently Asked Questions
Does Your Location Impact Houses Rent?
Yes, the location of a rental home affects the rent. Areas with good schools, job opportunities, and amenities tend to attract higher-paying residents.
Can Online Renting Websites Help Rent A House Faster?
Online renting websites are a good option to find renters faster. These online platforms provide wider exposure, easy comparisons, and quicker communication between landlords and renters.
How Does Market Demand Influence House Rental Time?
Market demand directly impacts rental time. High demand means quicker rentals, while low demand can lead to longer waiting periods for residents.
