Looking for an apartment to rent can be a very tedious process. What makes it more stressful is taking the financial side into account. However, knowing when the best time to rent an apartment just might make the process easier for you and even help you save some money.
According to a study by Rentalhop.com, rental deals are more affordable between December and March. In contrast, the most expensive time to rent an apartment is between May and October. RentHop’s data shows that there is a 3.4% average difference in rental rates between the off-peak and peak seasons. There are a couple of reasons why rental rates are lower during the winter season and higher during the summer season. Here is why: People usually go through life events during the summer season, such as graduation and job changes, and are looking for apartments to move into by fall.
Apartment rentals are indeed more convenient during the summer season. First, there is more supply of available apartments during this month. Second, the weather is warmer which makes moving more comfortable, especially when it comes to transporting the furniture. The downside to this is that demand is higher during this season and therefore, prices are also higher. On the other hand, during the winter season, nobody really wants to go out apartment hunting and less people are interested in moving, which then makes the demand lower and prices also lower, but the disadvantage is that the number of available apartments are much lower.
Although prices are much cheaper during off-peak season, don’t expect to be paying $500 less. Renters interested in moving during this time expect to save around $39 to $139 for a one-bedroom apartment and $47 to $176 for a two-bedroom apartment monthly. The amount may be small, but the total annual saving you get from is quite an amount, especially if you’re tight on budget.
The bottom line is: the best time to rent will depend on your flexibility and what you’re willing to compromise on. If you want to save a bit of money and rent during the winter season, be prepared to have fewer options than if you were to rent during peak season.