Most Popular Months to Rent Out Your Home
When is the best time to rent out your home?
With the new year, this is a question that many landlords ask themselves. The answer is not as simple as a season or a single month in the year – instead there are a number of things you have to keep in mind. You need to consider the economy, the number of rentals available, as well as the success of renting in previous months/years. All of these things are easily accessible and analyzed with the Rentfaster.ca Pricing Tool. With a free account, you can access data from previous years and analyze rental statistics for all Canadian cities. So, to answer the question of when is the best time to rent – we have broken down the most popular months to rent out your home!
Note: Some areas are new to Rentfaster.ca. Number of listings and other data may be lower than other major cities.
Number of Listings
The best months to rent out your home will depend upon the number of listings. When there are a higher number of listings, although there is more competition, it is usually the time when people are looking to rent. Landlords know that these particular months are the most popular for people moving and making life transitions (eg: School year starts, avoiding holidays, etc). Therefore, they list their rentals in that time frame. In the previous year of 2017, the months that had the highest number of listings were:
- Vancouver, BC (1,140 listings)
- Victoria, BC (291 listings)
- Edmonton, AB (3,482 listings)
- Regina, SK (189 listings)
- Saskatoon, SK (297 listings)
- Toronto, ON (237 listings)
- Calgary, AB (7,992 listings)
- Red Deer, AB (109 listings)
- Regina, SK (181 listings)
- Saskatoon, SK (297 listings)
- Toronto, ON (220 listings)
- Vancouver, BC (177 listings)
- Victoria, BC (56 listings)
- Edmonton, AB (3,617 listings)
- Red Deer, AB (144 listings)
- Regina, SK (178 listings)
- Saskatoon, SK (319 listings)
- Winnipeg, MB (346 listings)
- Toronto, ON (236 listings)
Depending on how fast you want to rent out your home, it is important to take these things into consideration. Listing your rental in a time of higher competition (with high numbers of listings) may mean that it takes longer to find a tenant. Whereas listing your rental in a time of low competition may mean that it will take longer to rent out your home compared to popular months.
If you are looking to make more of a profit from listing your rental, then you need to consider the peak and decline of the economy. To determine your perfect rental price, you also need to take into account how many listings are available (see above point). These other listing prices will be your competition and may require you to increase or decrease your price based upon the month and number of listings. The months that had the highest average price in the year of 2017 were:
- Vancouver, BC (avg price $2,472)
- Victoria, BC (avg price $1,410)
- Edmonton, AB (avg price $1,262)
- Saskatoon, SK (avg price $1,031)
- Vancouver, BC (avg price $2,331)
- Victoria, BC (avg price $1,271)
- Edmonton, AB (avg price $1,264)
- Calgary, AB (avg price $1,403)
- Red Deer, AB (avg price $1,061)
- Regina, SK (avg price $1,166)
- Saskatoon, SK (avg price $1,050)
- Winnipeg, MB (avg price $1,102)
- Toronto, ON (avg price $1,698)
- Vancouver, BC (avg price $2,440)
- Edmonton, AB (avg price $1,265)
- Calgary, AB (avg price $1,409)
- Red Deer, AB (avg price $1,068)
- Regina, SK (avg price $1,172)
- Saskatoon, SK (avg price $1,047)
- Winnipeg, MB (avg price $1,112)
Average Days on the Market
The Rentfaster.ca website is filled with excellent tools that can assist you in determining:
- the price of your rental,
- popularity of similar rentals,
- and how long a listing is on the market.
The ‘Average Days on the Market’ graphing tool is new to the Rentfaster site. This tool will tell you the average timeline it takes to rent out your home based upon each month’s popularity. Here are the current statistics for the most popular months to rent out your home based upon the lowest average days on the market (for the year 2016):
- Edmonton, AB (38 days on market)
- Calgary, AB (47 days on market)
Note: Data is limited for particular cities due to fewer listings in the year 2016. – 2017 data will be available in the new year.
To access more specific data (type of home, number of bedrooms, location, etc.) for your own rental, create your free Rentfaster.ca account and go to the ‘Pricing Tool’ page. There, you can narrow your search for rentals that are similar to your own and analyze which month will be perfect for you to rent! Once you find the best month to rent out your home and have your listing all set up, get ready to rent out your home… faster!