As we approach August and September, the rental market in Washington, D.C. undergoes a significant transformation. The supercharged demand earlier in the year resulting from the influx of families wanting to move in before the new school year and higher ed students returning for their studies starts to wane. For landlords, this period is a crucial time to ensure their properties are appealing and priced competitively. A well-prepared rental property can make all the difference in securing a successful lease. Here are some tips to help you get your property ready for the back-to-school season.
Be Wise, Compromise: Navigating Pricing Strategies
The adage “Be Wise, Compromise” rings especially true as we head into August and September. It’s a period where strategic pricing becomes critical to stand out among a glut of rentals on the market and the tendency to “fire sale.” The rental market demand starts slowing down in August, but it is taking steep hits by September. If your property remains without a lease by the end of August, consider adjusting your rental price to attract tenants.
Lowering your price during August can be a smart move to avoid vacancies, but don’t wait too long. By September, you might face tougher competition as other landlords drop their prices too. Meeting the market demand head-on with a competitive price ensures you don’t miss out on securing a tenant before the academic year begins.
What Renters with School-Age Children Want
Families with school-age children have specific needs and preferences when searching for a rental property. Here are some key features to focus on:
1. Proximity to Good Schools: If your property is within a highly regarded school district you are ahead of the game. Make sure the rental ad includes correct links and updated public information on school districts but be cautious from sounding like you are searching only for families with small children. That could run afoul of Fair Housing laws.
2. Functional Space: Families need ample space. If your rental property offers enough bedrooms, storage areas, and a functional layout that accommodates the needs of a family with children you might seriously consider that market segment as a desirable tenant.
3. Outdoor Areas: An ample yard or nearby parks and play areas are big selling points. Outdoor spaces provide areas for children to play and families to enjoy.
4. Community Amenities: Proximity to community centers, libraries, recreational facilities and splash parks can make your rental more attractive to families than others.
Timing is also critical. Families with school-aged children wish to move in before the school year starts, so aim to have your property ready and listed for rent early. I recommend counting on 6-8 weeks before a move-in date.. This gives you a better chance of finding those tenants who are planning ahead and interested in signing a lease well before the targeted move-in date, settling in before the first school bell rings.
The D.C. Higher Education Hub
In addition to families with young children heading back to school on August 26, the Washington, D.C. metro area boasts a remarkable concentration of higher education programs. According to a recent discussion on The1A.org, this region is home to an inordinately high number of prestigious educational institutions, including my alma mater, Johns Hopkins University which has consolidated its graduate programs in DC into one location at the old Newseum location on Pennsylvania Ave NW. All higher education institutions residing here bring a reliable and annual stream of new students in need of housing, particularly before the new academic year approaches.
Attracting Student Tenants: Essential Preparations
With a considerable student population in D.C., attracting this demographic requires understanding their unique needs. Remember to refrain from sounding like you are searching only for students to avoid going against Fair Housing laws.
Affordability: Students are often budget-conscious. Offering flexible lease terms, such as 9-month leases that align with the academic year, can be very appealing.
1. Proximity to Campuses: If the rental is located particularly close to a school, highlighting it in a list of what is nearby in the community can help those searching for rental housing off campus. The convenience of a short commute is an important factor for students.
2. Amenities and Furnishings: Students appreciate furnished or partially furnished rental homes, high-speed internet, and study-friendly environments. Ensuring your property has these amenities can give you a competitive edge, particularly if your rental is relatively close to a campus geographically.
3. Roommate-Friendly Layouts: Properties with multiple bedrooms and shared common areas are ideal for student roommates. If the layout supports a co-living arrangement with a one bedroom to one bathroom ratio, all the better!
4. Public Transportation Access: Easy access to public transportation is crucial for students who may not have their own vehicles. A short commute on public transportation or by using bike-friendly streets is also very desirable.
‘Tis the Season to Get Ready for Back to School
August is the perfect time to prepare your rental property for the back-to-school season. Here’s a checklist to ensure you’re ready:
1. Conduct Maintenance Checks: Ensure all appliances, plumbing, and electrical systems are in top condition. Address any repairs or maintenance issues promptly.
2. Enhance Curb Appeal: First impressions matter. Make sure the exterior of your property is well-maintained, with trimmed lawns, clean walkways, and fresh exterior paint if needed.
3. Safety Upgrades: Install or upgrade smoke detectors, carbon monoxide detectors, and ensure a fire extinguisher is wall-mounted and readily accessible in the kitchen.
4. Deep Cleaning: A thorough cleaning can make your property shine. Consider hiring professionals to ensure every corner is spotless including windows.
5. Marketing and Listings: Update your property listings with attractive photos and detailed descriptions.
The Rental Market Dynamics: August and September
Understanding the rental market dynamics during August and September can help you strategize effectively. August typically sees a slowdown, but September’s drop in demand means if rental properties have not yet closed the deal on a rental agreement, you will need a sense of urgency to price it right to rent.
Lowering your price slightly or with a stair-step approach every few weeks starting at the end of August can help attract those prospective tenants who are still looking and those making last-minute decisions on their housing needs.
Preparing your rental property for the back-to-school season in Washington, D.C. involves a combination of strategic pricing, understanding tenant needs, and ensuring your property is in top condition. By focusing on strategic pricing you can navigate the market dynamics of August and September successfully. Remember, be wise and compromise where necessary to ensure your property stands out and attracts those tenants who reach the peak of their search in late summer, just in time for the academic year.
*This article was written with some assistance from AI.
Scott Bloom, Owner and Senior Property Manager, Columbia Property Management
Bloom founded Columbia Property Management in 2012. CPM’s goal is to provide a powerful, personal level of service to our clients. We focus on smaller landlords, professionally managing their assets, so they can succeed by investing in rental real estate.
Scott is an active member in multiple professional organizations including the National Association of Residential Property Managers (NARPM) and serves on the property management committee of Greater Capital Area Association of REALTORS® (GCAAR).
For more information and resources, go to www.ColumbiaPM.com
