On the Move
If you're looking for a prime time to lease an apartment or home, understand that the volume of people who check the paper or go online to look for properties tops out in July after inching upward from the beginning of the year, and they relocate in greater numbers from March to August.
The answer for when to rent at the lowest cost? Fall to winter– since those are the months when tenants are at their fewest in terms of looking or moving.
Rental experts refer to the rate fluctuations by time of year as seasonality, noting that weather also plays a big role in vacancies and therefore costs.
“Apartment searches tick up from December to January and grow steadily to their July peak,” says Sydney Bennet, senior Research Associate at Apartment List, who displayed findings earlier this month.
“Moves, on the other hand, begin ticking up in March and increase dramatically to their peak in August,” she says. “As moves begin slowing down in the fall, rent prices tend to drop, as demand softens.”
Bennet notes that the best time to lease is in winter while the top choices take place in the summer. “For renters, moving in the ‘off-season’ (December or January) can offer deals, while moving in peak-season (July or August) offers the best selection of rentals.”
Tenants who aren't locked into a time frame have an increased chance of lowering the price.
“If you have the flexibility to make a strategic decision about the time of year to search, choosing the right month could save you a few headaches and even a few dollars,” according to Steve Harper, writing a story update at Apartment Guide.com.
According to Harper, the busiest season for renters to vacate or occupy properties are in May and in September. “This makes sense when you consider that summer time is when kids get out of school, college students graduate, and the weather turns nice for outdoor activities like moving,” he says.
The optimum time to move, then, is summer, when rental turnover is highest and it's easy to find a new apartment. “The downside to moving in the summer is that you may also face higher rental rates, as demand is at its peak. You may also have to act fast: you’ll be in competition with other renters when it comes to landing the perfect pad,” he says.
Again, flexibility can be a bonus as long as the time frame isn't onerous for you.
“Winter could be the best time of year for a move. Following the busy holiday season when most people are tuckered out (and their bank accounts are running low), fewer renters make a move,” Harper says. “Because demand for apartments is lower, you may find a hot deal on rent during the cooler months.”
The Apartment Guide writer offers tips to find the best rental deals, including:
• After determining the most suitable month to move, start looking at the end of the previous month.
• Begin a search during the last few days of a month when people leaving are giving their 30-day notices.
• Conversely, look in the middle of the month for top-notch units that haven't filled and might be available at a discount.
• Even the time of day may play a role: “There’s some research to suggest that cruising online listings between 9 and 10 a.m. is best,” Harper says. “Why? That’s when property managers are most likely to post new listings for recently-vacated rentals. You can strike while the iron is hot,” he says.
Rent prices, Bennet says, “follow the laws of supply and demand. Rents rise most during spring and summer as demand increases -- more renters are looking to move. Supply becomes constrained when vacancies are filled by all the movers, before slowing in the fall through early-winter as demand tempers,” she says.
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