It is essential for those who considering or are currently renting an apartment to know what time of year to start hunting to get the best deal. The real estate market fluctuates with the seasons, so it’s worth it to pay attention to these cycles to have a better chance of finding your dream rental. There are so many personal factors that must be considered when deciding the best time to rent an apartment, such as how much money you are making and the urgency of a move. However, it is best to wait to rent at a time of low rental rates.
Here are some factors to consider regarding season and availability when renting an apartment.
Rental Inventory
The best time to rent depends largely on your circumstances: your desired housing and price, as well as your moving flexibility. Individuals concerned about having the most options for rentals should target May through September, while individuals focused primarily on price should target October through April.
The most common rental and moving period seems to be between May and September as many life changes tend to occur in these months, such as high school graduates leaving home and college graduates looking for a place close to where they will start their careers. Plus, warmer weather makes it more convenient to move. Those looking for the best rental options may want to plan on moving between May and September; however, if you are trying to land a better price, shoot between October and April.
The weather and life changes throughout summer result in a much higher turnover rate, so finding an apartment tends to be easier with a wider selection of apartments to choose from. Although the summer season sees the highest rental activity levels, this makes the demand for rental space skyrocket, making the rental cost and other associated fees go up. You may even see double what could be negotiated during fall and winter. You will also want to consider the additional demand of the quest for the perfect apartment, which creates higher competition for the same space. This may force individuals to make quick moves in locking in their apartment choice.
Rental Savings
The lowest rental rates are typically found throughout winter, especially right after Christmas and New Year holidays. You will find that demand is usually at its lowest at this time of the year since fewer renters are interested in moving. Those who are looking to rent between December and March can usually secure the best rental bargains. You will also have to consider that with the low levels of moving activity and turnover at this time, you will typically see that it is more difficult to find exactly the type of apartment you want.
How Early to Apartment Hunt
Once you have zoned in on the moving season that works best for you, you can then narrow the choice down to a specific month. The best time to begin apartment searching is at the end of the month before the target move month.
This method may seem a little rused, but it works because most renters have leases that are up at the end of a month or within the first few days of the next month. Renters who are about to leave vacancies will have to give a 30-day notice during this time, which means you should be ready to have the first choice of available space if you begin your apartment search within that time frame.
If you are willing to take a gamble or have the flexibility to move on a moment’s notice, you could use a different apartment-hunting approach. Waiting until the second week of the month to move may be beneficial, as landlords trying to fill vacancies become more eager to secure renters.
There are plenty of factors to consider when renting an apartment. But, with this guide, you can choose the best time of year for you to make a move.
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