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Choosing when is the best time to rent an apartment can significantly help or hurt your experience and financial commitments. Timing your search effectively can lead to better deals, advantageous apartment leases, and a prime location.
Of course, a typical renter’s lease is usually dependent upon when their previous lease ends. If you have the choice of when to start a new lease, you should understand the rental market goes through seasonal fluctuations that increase and decrease prices. You also should make an informed decision based on your budget and lifestyle.
This Moving Help® guide will teach you everything you need to know, so let’s get started!
Understanding Seasonal Trends in Apartment Rentals
What many renters may not realize is that apartment rentals have seasonal trends. Rent isn’t always increasing. In fact, rental prices can rise and drop throughout the year.
Typically, October to March will see the lowest prices, and May to August will see the highest prices. Most people move between Memorial Day weekend to Labor Day weekend, which is why prices tend to be higher in the summer months vs. the winter months.
Of course, regions will have variations across the United States. Winter in Florida is much different vs. winter in Minnesota. Summer in Arizona is super-hot unlike the summers in Washington.
Colleges and universities also will experience heightened demand in April and May and August and September because of students leaving and returning to school.
Major holidays such as Thanksgiving and Christmas will typically keep people from moving into a new home because they’re trying to spend the holidays with family and friends. With less potential tenants looking for a new home, some landlords will lower prices and provide other deals to attract new tenants.
Benefits of Renting in the off-Season
It goes without saying that asking yourself, “When is the best time to rent an apartment?” is during the off-season months. It’s the best time to rent an apartment for tenants because it provides numerous advantages worth considering.
The No. 1 benefit is lower rental prices. Demand will decrease, which will lead to landlords making concessions to attract potential tenants.
This could lead to hundreds of dollars to thousands of dollars saved over the course of your leasing term, and that’s all because you signed a lease during the winter off-season.
You’ll also face reduced competition during the off-season. You won’t have to make a rushed or stressed-out decision because someone else is trying to bid on your rental unit.
You can take your time, tour your ideal apartment unit, and make an informed decision.
The final advantage is a better opportunity to negotiate the lease terms. With fewer prospective tenants, landlords might be willing to do the following:
- Adjust your rent price
- Increase or decrease the length of your lease
- Waive application fees
- Lower your security deposit
Remember, when you’re negotiating your lease, come prepared. The best landlords don’t mind negotiating with you, but you need to be prepared by researching the area, researching nearby rent prices, and explaining why a certain perk is a beneficial compromise to you and your landlord.
Advantages of Renting During Peak Season
Just because October to March is a more ideal time to rent when answering the “When is the best time to rent an apartment?” question. That doesn’t mean renting during the peak season doesn’t have some favorable preferences either.
The best reason to rent during the peak season is the wide net of potential rental units. Like we said before, most people move during the summer, so this also will be your best window of opportunity to secure that downtown apartment or the beautiful balcony you’ve been eyeing for a while.
Because the winter months offer limited availability, you’ll get to tour a wide variety of places — virtual or in-person during the summer months.
With that said, more availability will bring fiercer competition and higher rent prices. Depending on your area, you also might face bidding wars with others. While you may have fewer concessions with your landlord, the summer months will allow you to compare multiple properties at once that won’t be available during the winter months.
Another advantage is improved amenities and features. Because this is such a busy period, most landlords will want to invest into their rental units and make upgrades to attract the best tenants.
Upgrades could include:
- Flooring
- Appliances
- A new A/C unit
- In-unit laundry machines
Landlords also will make updates to the apartment complex such as:
- Community gates
- Pools and hot tubs
- Fitness and business centers
- Pavement and sidewalk repairs
These updates may enhance your overall experience and help make the most of your time there.
The Importance of Timing Your Apartment Search
The best time to lease an apartment will be heavily dependent upon when you can search for apartments — without obviously breaking your lease. To maximize your options and ensure a smooth experience, we recommend looking at apartments — whether it’s a studio, one-bedroom, or two-bedroom — about two to three months in advance.
Keep in mind, some apartments require 30-, 60-, 90-, and even 120-day notices. Therefore, you’ll want to start your apartment hunt prior to giving notice. Otherwise, it could create a nervous and anxiety-ridden experience for you.
The most effective timing strategies also depend on your personal circumstances. If you have a new job-date start, family obligations, or moving with someone else to a different state, these factors also can change when you need to start your hunt.
Many websites provide live or recent market trends in your area and region. These analytics can be invaluable. By reviewing this information ahead of time, you can learn the patterns in your desired area, which can help ensure you find an apartment that suits your lifestyle.
Credit Score and Its Impact on Renting
Your credit score plays an important role in the rental application process. Many landlords review your credit score — along with other factors — to determine your financial reliability and whether or not you can afford the rental unit.
A low credit score could raise red flags for landlords. To have a high credit score, make sure you’re doing the following:
- Making payments on time
- Keeping your total credit utilization low
- Avoiding derogatory marks
- Increasing your credit card age
- Having a higher total number of accounts
- Managing low number of hard inquiries
Most landlords also like to examine your monthly income statements. Some landlords require to see your most recent pay stubs.
Additionally, some like to know that you make 1.5 times the base rent of the apartment’s rent price.
Understanding and working on these factors can help give you the best possible shot in securing your apartment when completing an application.
Find Your Best Apartment to Lease Today
Timing is the most significant factor when trying to rent an apartment. The answer to the question, “When is the best time to rent an apartment?” is October to March, especially when it comes to rent prices. Of course, searching for an apartment during May to August will provide you with the best opportunity to explore all your options as landlords will have the most availability during this time frame.
Everyone’s circumstances are different, which is why you need to figure out which factors matter most to you before deciding what time of year is best for you to search for an apartment.
Of course, once you find your next dream apartment that fits your experience and financial commitments, don’t forget about the Moving Help Marketplace. Moving Help has Service Providers in all 50 U.S. states and the 10 Canadian provinces to assist you with all your moving labor needs. Whether you need help with cleaning, packing or unpacking, loading or unloading, our labor-only movers are ready to assist you with all your moving labor needs. Find the right Moving Helpers while staying in line with your budget today.
Frequently Asked Questions
Q: What months are the cheapest to rent apartments?
A: The cheapest months to rent apartments are from October to March. Typically, November and December see the absolute lowest prices to rent apartments.
Q: What are the worst months to rent?
A: When it comes to rent prices, May to August are the worst months to rent. As far as availability, October to March are the worst months for rental units being available.
Q: What is the cheapest month to lease an apartment?
A: The cheapest months to lease an apartment are November and December. You can find cheaper rent prices from October to March, however.
Q: What is the hardest month to rent an apartment?
A: The hardest month to rent an apartment would be either November or December. Fewer people are moving and looking for a place to rent. Therefore, it can be more challenging to rent an apartment during those months. June or July also could be harder months to rent an apartment because you’ll have more competition trying to rent the same unit as you.
Q: What is the best time of year to lease an apartment?
A: The best time of year to lease an apartment depends on one’s personal situation. If you’re looking for cheaper rent prices, the best time of year would be from October to March. If you’re looking for the most availability for apartments, the best time of year would be from May to August.
