Renting a home or an apartment can be a confusing task. Before you can even start the hunt, you need to do a lot of research to help you snag the best deal possible. Once you’ve chosen the perfect property, you need to start packing and do more paperwork to make sure the move is as smooth as possible.
You get all the boxes and other packing materials you need, put everything inside, have them shipped to your new address, only to realize one of your appliances got damaged during the transit, and you’ll need to find services for fridge or dishwasher repairs.
Every little thing can get quite stressful without proper management. Before you start thinking about moving, it’s essential to understand how the real estate market operates. It can be cyclical and seasonal, so as a potential renter, you need to pay attention to these cycles to find the most fitting rental for you.
There are plenty of factors that play a role when picking the best time for renting an apartment. Other than the urgency of a move and cash flows, renters should also find the right timing when the rates are lowest.
Rents are typically the lowest in the winter
Many potential tenants think that moving in winter isn’t the most convenient task, and it’s highly understandable. People aren’t usually keen with relocating in winter, especially in cities where both snowstorms and icy roads can ruin moving plans and delay your timeline.
College student leases are also more available during the summertime. If you’re planning to move to New York, Chicago, or Boston, the weather is a factor you need to consider. But, because the majority of renters avoid moving in winter, this is actually the best time to find a unit at the lowest rate possible.
December and January are the best months to score a deal. Because landlords and property managers have to make sure their apartment units are filled to maintain a low vacancy rate, potential tenants can use this as leverage to negotiate prices.
Rental prices are the highest during the summer and fall
According to a report by RentHop, May through October – or early summer until early fall – marked the highest rental prices across ten cities. Therefore, these aren’t the ideal months to rent an apartment unit.
Several significant life changes happen to people between the months of May and September, making these the peak season – the busiest rental-moving period. Many students who have graduated from high school are looking to find a place where they can leave independently.
On the other hand, college graduates start looking for real estate close to their soon-to-be workplace. Also, it’s much more convenient to move furniture when the weather is warmer.
Because of these life and weather changes, there’s an increased turnover rate. While these mean you’ll have an easier time to find an apartment, and you’ll have a better selection to choose from, expect a boost on the cost of rental fees due to the higher demand for rental space.