When Is The Best Time To Rent An Apartment?

Q: When is the best time to rent an apartment?

Contrary to what some may believe, there is a best time to rent a house. December and January are usually the best months to rent an apartment or home. During this time, renters can typically rent apartments for cheaper than their usual rate.

As a renter, it is important to consider seasonality when hunting for your next apartment. Aside from location and size, the time of year can also affect apartment prices. Keep reading to learn the best time to rent an apartment.

When Is the Best Time to Rent an Apartment?

When apartment hunting, renters usually have a wide variety of factors to take into account. Beyond location and amenities, rent is usually the chief consideration. When you’re looking for apartments online, you might feel discouraged going through listing after listing that you can’t seem to afford. But, did you know that there is a timing strategy when it comes to renting an apartment?

Contrary to what some may believe, there is such a thing as the best time to rent a house. December and January are usually the best months to rent an apartment or home. During this time, renters can typically rent apartments for cheaper than their usual rate.

When you look at the situation from afar, this makes perfect sense. During the winter season, there is normally lesser demand for rental properties. People don’t like packing up and moving house during the cold months. Not only is it inconvenient due to the busy holiday season, but inclement weather and icy roads can make the move infinitely more frustrating — not to mention, a bit dangerous. This is particularly true in cities that experience snow and extremely low temperatures during winter.

Because demand is low at this time, landlords and property managers normally drop rent prices to avoid a long vacancy. As such, the best time to get an apartment is from December to January. Of course, renting an apartment in the dead of winter means you will probably go through the same inconveniences. But, at least you can get better deals and have more power to negotiate the rate.

When Is the Best Time to Look for Apartments?

Aside from considering the best month to rent an apartment, it is important to know the best time to look for one. While the winter season offers some of the best rates, you might encounter some difficulty finding an available apartment. This is because landlords don’t want to lose money on putting up their properties for rent at a much lower rate.

Conversely, you will find that the best time to search for apartments is during the peak rental season. This usually falls between the months of May and September. Demand is high during this time for a number of reasons, such as:

New high school graduates are moving out of their parent’s homes to go to college;
New college graduates are moving away from their universities to be closer to their jobs;
It marks the end of the school year, which means families have more freedom to pack up and move to a new place without disturbing their children’s studies; and/or,
The spring and summer months bring good weather, making it easier to pack up and move to a new home.

As people move from one place to another, apartments become vacant and find new tenants at a quicker pace. Because of this high turnover rate, you will have a much easier time looking for available apartments. Plus, in general, you have more options to choose from.

Be Warned

But, just because it is easier to find an apartment during these months does not guarantee you will end up renting one. Due to high demand and rental activity, landlords have more power to raise the rent. As such, you might find your dream apartment only to be disappointed that it costs twice the amount of rent that you can afford.

Additionally, there is more competition during the spring and summer seasons. Other people are looking for places to rent, and they may have more buying power than you. They may also act quicker, swooping up the apartment you had your eye on before you could even fill out your application.

When Will Rent Prices Go Down?

Oftentimes, if tenants are not in a hurry, they will wait until prices go down before renting. But, when are apartments cheapest to rent exactly?

As previously explained, the cheapest month to rent an apartment is in December or January. But, you can generally find good deals between the months of October and April. Keep in mind, though, that you may not find an apartment that you like during these months. This is because demand isn’t high at this time, and the only properties that are left vacant are the more undesirable ones.

Tips for Tenants Looking for a Budget-Friendly Apartment

Cost is a primary concern for most tenants. But, many tenants find it challenging to look for an apartment that meets their budget. Apart from utilizing the best time to rent an apartment, here are some tips that can help you land an affordable rental.

1. Find a Roommate

If you can’t afford to live in an apartment alone, it may be best to find a roommate to split the rent with. This can save you a lot of money in the long run. For instance, if a 1-bedroom apartment costs $900 and a 2-bedroom apartment costs $1,400, going for the 2-bedroom with a roommate will only run you $700 each. That means you can save $200.

You can find roommates online using websites such as Craigslist or Roommates.com.

2. Look for Rent Specials

Some landlords offer rent specials to attract more tenants. This is particularly true for newer apartment buildings with no tenants yet. You may come across deals such as free one month’s rent or even a waived security deposit. If you find one that meets your needs and budget, get a jump on the deal quickly before it disappears.

3. The Floor Makes a Difference

Have you ever noticed that, in apartment buildings, units located on the lower and upper floors tend to cost more? This is because tenants either want fast access to their units or great views. If you want to save up on rent, go for the units located on the middle floors. You might not get a nice view or you might have to walk up the stairs more, but at least you can afford it.

4. Move to a More Affordable Neighborhood

Who says you need to rent an apartment in the middle of a bustling city? There are many up-and-coming neighborhoods nearby that offer cheaper rent for similar properties. Sure, it probably means you get a longer commute, but the savings you rack up will surely make up for it.

5. Don’t Break Your Lease Early

If you find a nice apartment at a really good price, you may feel tempted to snatch it up before it goes off the market. But, what if you’re still mid-lease on your current abode?

Don’t be fooled into thinking that terminating your lease early is a good move. On the contrary, breaking your lease before it’s due to expire could mean losing your security deposit or paying a hefty fee. If you really can’t wait, find someone else to take over your lease, and make sure your landlord agrees to the switch.

Using Seasonality to Your Advantage

In the ever-competitive rental market, many tenants are wrongly led to believe that they have no bargaining chips in the game. But, using the right strategies and tips can give you an edge over others. By knowing the best time to rent an apartment, you can widen your selection and have more room to negotiate.

Rental Choice provides a comprehensive online directory of property management companies that landlords can hire. Narrow down your search by area today with our help.

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