Why are there less available rentals in the summer months?
The Pender Island rental market definitely has some seasonal trends. It can be very difficult to find available rentals during the summer months. Most people secure their rentals in the spring if they plan to be here in the summer.
There are a few reasons why there are less available rentals on Pender in the summer...
Many people that have second homes here like to use their homes in the summer months so if they have been renting their home during the off season these renters now need to find a new home. Some of these renters can be at an advantage because they are already on Island and will be able to network to increase their odds of finding a place.
The next reason there is a shortage is because the summer months bring increased employment. Many people come to Pender and just stay for the summer while they are working. The increased amount of renters decreases the available inventory.
Another factor that has an impact on the Pender rental market is the Pender real estate market. We have a lot of visitors in the summer so this is a time that home sellers take advantage of. Renters of these properties either decide to find a new place to live because of the uncertainty of their future living arrangement or the home they are living in sells and they are forced to find a new home.
There are home owners that rent their homes out only for the summer months, they do so because they feel they can get a premium rate during this time. We used to have a lot of weekly rentals, they are not permitted in the North Pender bylaws but they still are present in our market. These home owners can receive the same rent in one week that they would normally receive for an entire month during the off season. South Pender does permit weekly rentals.
My advice to those needing to come to Pender during the summer months - plan ahead, try to secure your rental property before May.
My advice to those wanting to move to Pender Island but have the freedom to choose when - consider moving in the fall when there can be more inventory and more variety is available to suit your needs. You may also get a better rent for the off season if the home owners use their property in the Summer. In turn you will be able to experience Island life and determine if it is right for you. With this arrangement you will also have several months to secure a new property that ideally suits your needs.
Managing Broker & Owner
Coastal Life Realty Ltd.
Licensed for real estate sales and property management
Specializing in Pender Island properties
Direct: (250) 629-9998
Cell: (250) 539-0656
Toll Free (866) 329-9998
Fax: (250) 629-6877