6 Tips for Renting Out Your Home in the Winter

Winter is here. And if you are a landlord with an empty property, you might find yourself worrying. It’s true that demand for rental housing dips slightly in the winter months (October through April). However, supply is also slimmer, which can work in your favor if your property is in a prime location.

If you’re looking for help attracting tenants and securing your rental income for the coming months, look no more. We’ve rounded up the top tips for renting out a property in winter.

6 Ways to Secure Tenants in Winter

1. Keep the property in good shape.

 A vacant home can be easy to overlook in terms of maintenance and care, especially if you own multiple units or properties. But prospective tenants don’t want to live somewhere that has been clearly neglected.

Stop by once a week (or more, if possible) and complete a few winter maintenance checklist items to keep your property in tip-top shape. Shovel the snow, dust the inside, and check that all appliances are working. While there, you’ll want to also make sure that pipes haven’t frozen and that no welcome critters have burrowed inside.

2. Boost your marketing.

You may be used to posting your listing on Zillow and leaving it at that. However, in the winter, you’ll want to ramp up your marketing efforts. Consider putting some money into advertising; Facebook advertising lets you post to specific locations, which can help you find tenants in your area.

Make sure you have high-quality pictures of your property when you do choose to post the ad online. Focus on the inside if the outside is snowy and barren. Or, if you have pictures of the property in the summer, you can add those to show prospective tenants what your property looks like outside of winter.

In addition to photos, why not add a 3D video walkthrough? This can help out-of-town renters who are moving see your property. This can also save you time on individual showings – a big win if you are managing multiple properties.

3.   Bring in the warmth.

Does your property have a fireplace? Heated floors? A connected garage? These are all things to bring to the forefront of your rental listing in the cold winter months. When you schedule a showing, be sure to turn up the heat too – prospective tenants want to imagine themselves in a well-insulated, cozy home. Even if you have set the heat down to save on costs, consider bumping it up a bit the day before a showing.

4. Stay flexible on lease terms.

If you are really struggling to attract tenants, why not sweeten the pot a bit? Offer short-term lease agreements. This can help you avoid getting into a long lease with a subpar tenant and opens doors to tenants who only need seasonal housing.

The downside to this is that you may be looking for new tenants in only a few short months. However, this could give you a chance to adjust rent during peak season to account for demand, offsetting the time your property sits empty.

5. Offer incentives.

You don’t want to lose your full rental income, but you also don’t want to wait too long to get a tenant into your unit. Consider running a rent special. Whether it’s a month of free parking or a lower rental price, this can widen your pool of applicants. 

Be careful on this one. You don’t want to slash rent prices so much that you’re below your minimum rent and don’t turn a profit. You also don’t want to sound like something is wrong with the property. Strike the perfect balance of appealing to tenants while maintaining a healthy profit for yourself. 

6. Talk to your current tenant.

Do you have current tenants who are looking to move when their lease is up? While this tip may not work in every situation, it’s worth talking to your tenants to see if they’d extend their lease. You may be able to compromise on a new lease if you reach out, saving both parties time and money.

Rent your home, sooner

 Don’t get the winter blues about your property. These tips should help you draw in a pool of qualified tenants. Not sure if it’s worth renting your house out at all? Check out our article “Should I Sell or Rent My Home? 8 Factors to Consider.”

Anyone renting out a property will need landlord insurance. Make sure you’re covered, no matter what the time of year. Try Obie and request a quote in two minutes or less.