Best and worst time of the year for finding tenants / lodgers

SlovakianGuy

Hello!

I'd like to ask all the experienced landlords and other people here, if there's such thing as the best or the worst time of the year for finding new tenants or lodgers? Particularly professionals. Are people more likely to move during the summer or not really? Any advice appreciated.

muhandis

From my experience as a tenant, I can vouch for the fact that summer is the best time to let houses/flats which are poorly insulated and/or have a damp problem....

dimbo61

On the spareroom website there are over one thousand adverts for students and professionals looking for a room or flat in Manchester at the moment ?
You don't really want an empty room or flat just before Xmas.
Summer holidays may also be a quiet period in a University town or city

FreeBear

dimbo61 wrote: »

On the spareroom website there are over one thousand adverts for students and professionals looking for a room or flat in Manchester at the moment ?
You don't really want an empty room or flat just before Xmas.

Around here, the three months or so either side of Christmas I see about 180-200 people looking for rooms on spareroom. At the moment, I'm seeing nearer 350. Most of the increase is from students leaving it late finding accommodation for the next academic year. So August/September would appear to be the best time if you want students. Professionals seem to be at a fairly constant level throughout the year. And as the weather turns colder in October/November, the homeless start looking....

That said, do not discount those on benefits or that are homeless - My current lodger was drifting between couches & hostels before moving in last December. She has turned out to be a wonderful young lady, always happy to lend a hand, and has paid the rent in full & on time each month. She then introduced another young lady a couple of months later who is also keen to help and pays the rent on time.
The complete opposite to the last pair that had moved in in May of last year - Those two turned out to be a nightmare.

Is there a best time to find lodgers - I don't think so, depending on the type you want (i.e. Student, professional, on benefits).
Is there a best time to find good lodgers - No, but you do need to check them out and ask the right questions.

wesleyad

Anecdotally I've never noticed that I get particularly more applicants at any point in the year, including even right before christmas.

However, on the practical side of things, if you are doing the viewings yourself, it's a lot easier to show people round on a nice summers evening with the grass neatly trimmed, the house warm and light, the smell of BBQ's in the air, than a freezing winters night, the rain lashing down, the house cold and damp.

SlovakianGuy

Thank you guys. Also, is it a good idea to rent to students? My friends says students usually don't pay for the accommodation themselves and if they do, there's something suspicious about it. Not sure if true, I have zero experience with this.

Btw, FreeBear, what are the "right questions" that I should be asking lodgers? Some examples please? Thanks

diggingdude

Read freebear's thread about lodgers wanting to cook, you may not want to copy his approach

FreeBear

diggingdude wrote: »

Read freebear's thread about lodgers wanting to cook, you may not want to copy his approach

But, but, but... I couldn't ask for a better lodgers than the current two. I had met up with Miss A in town and took her to a nearby cafe for a coffee. Sat and talked for the best part of an hour about life and stuff before offering her a chance to view the room. The rest, as they say, is history.

If/when I need to find another lodger, I think I'll do the "meet for coffee @ neutral location" again.

ThemeOne

FreeBear wrote: »

If/when I need to find another lodger, I think I'll do the "meet for coffee @ neutral location" again.

That's a good idea, which I hadn't thought of.

Crashy_Time

Expect a drop off in numbers as FOM ends, competitive rent will be the key to finding good long termers IMO.

Honeylife

SlovakianGuy wrote: »

Thank you guys. Also, is it a good idea to rent to students? My friends says students usually don't pay for the accommodation themselves and if they do, there's something suspicious about it. Not sure if true, I have zero experience with this.

Btw, FreeBear, what are the "right questions" that I should be asking lodgers? Some examples please? Thanks

I cant imagine whats "suspicious" about a student!!!
I specialise in Students lodgers and never ever had a problem with rent not ever!
The majority of students have their parents paying the rent or in the case of International students a grant from their government or scholarship of some sort.
Of all the issues with Students, Rent is certainly not one. I have never even had one deliberately pay late or had to chase up payment.

Only two I was extremely delighted to see the back of, and that was personality clashes not rent issues. The rest of my students have been quiet studious, hard working, clean, and I have had no issues giving them clean clear references when they left.