Timing can be crucial when renting an apartment–there are a host of factors that also play into the decision. If you’re looking for an apartment for rent in Financial district, it may be surprising to know that the rental market fluctuates based on the season.
Rent prices tend to fluctuate between 5% to 7% between high and low peak seasons. Although it may save you money, the prices may not fluctuate as much in cities like Manhattan where demand is so high.
Summer Rentals
Summer remains the most active rental and moving season, more specifically during the months of May and September. The reason for this is pretty straightforward: this is when college graduates start looking for their first apartments and families plan moves because their kids have a break from school.
Expect the cost of rent to increase during the summer months. If your budget is healthy enough to sustain this increase, then moving in the summer shouldn’t be a problem for you. But if you’re working with a lower, tighter budget, it’s probably best to wait until the Fall or Winter to move to a new place.
When are Apartments the Cheapest
Rent prices usually begin to decline around September or October in most real estate markets. Sure, it may be a little more challenging to move into a new apartment on a cold and rainy day, but it may be worth the struggle if you want to save money.
One major drawback of renting during the fall and winter is, of course, limited inventory. Since most people move during the summer, you won’t have as many units to choose from during off-peak renting periods. But, despite the limited choices, you are likely to find more move-in specials, discounts, or other incentives to entice you to rent since property managers are also struggling to find tenants.
The rental market also works on the idea of supply and demand: the higher the demand for an apartment, the higher the cost. Similarly, if the demand is lower, like in the winter, then the cost of rent will also be lower. For this reason, it may be a good idea to consider a winter move.
Is Renting an Apartment in the Winter Cool?
So, now you know that the optimal time to rent an apartment for the lowest rent is during the winter season. But there are still additional factors to consider if this is your plan. The busiest season during the winter months is from New Year’s Eve to Thanksgiving, so most people won’t even be able to seriously prepare for a move until possibly February.
The Best Time to Search for an Apartment
Once you have decided on a target moving season, you’ll need to determine the specific month during which you will move. Let’s assume that your targeted month is October. The ideal time to start your apartment search would be at the end of September. While it may seem like this is last-minute, keep in mind that a majority of leases conclude at the end of the month. Those tenants who would be leaving have already submitted move-out notices, which means you will have more units to choose from.
It Maybe Different
We know that timing plays an essential role in whatever we do. There are better times than others to rent an apartment, and waiting for that right time is likely to help you save a little money or find the perfect place and nyrentownsell can help too. But the best time to rent an apartment can be different for different people.
The trends discussed above are valid for the most part, but different cities may have different peak rental times. If you’re moving to a city with a large college student population, the best time to look for a rental may be after school starts in September.
The Bottom Line
The best time to get an apartment largely depends on your unique circumstances, including your budget, and how easy it will be to move. Those who want more rental options to choose should consider moving in summer, while those who have budget constraints should plan to move during the winter months. Remember, there are pros and cons for moving during any season, but your main goal is to rent an apartment. So, be strategic about the season you choose, do your search, conduct a comparative analysis of different rental units. Then select the apartment that best fits your budget and fulfills your requirements.
