For some people, renting an apartment can be a way to save money. For others, a rented apartment could be a stepping stone to their dream home.
With the real estate market being so fierce right now, it’s no wonder most renters choose to go apartment hunting. Some homeowners might even wonder if they should sell their house and rent an apartment instead.
What to consider before renting an apartment
Before you rent an apartment or even start looking for rental properties, there are several factors to keep in mind. Your dream apartment may only be a few clicks away, but you should start your apartment search knowingly.
To do this, make sure you have the following details:
- Current rental trends in the region of your choice
- Rental prices in the regions and how they fluctuate depending on high season – this includes the holiday season, summer season or the season when all students return
- Your planned move-in date and whether it’s the best time to rent or not
- Lease term, security deposit, first month rent requirements, etc.
- The types of apartment communities available, their policies and reputation
This list of considerations is by no means exhaustive, but it can help you find that near-perfect living space. If you can also determine the best time to rent an apartment, your situation may improve even further.
When is the best time to rent an apartment?
Whether you’re renting a new or old apartment, there are certain peak months and various rent prices to consider. Most renters will probably agree, however, that the main consideration is that of rental rates.
The lower the average rental rates, the better deals you can expect on most available apartments. While there are other factors to consider when looking for an apartment, lower rent is a major consideration.
The short answer
The shortest answer to the question of the best time to rent an apartment is: Winter.
Yes, the winter months, especially if they are harsh and snowy, are usually the best time to go apartment hunting.
There is less demand at this point, so rent is generally lower where the winters are harsher. This is the time of year when students are generally well settled in their respective areas and families are too busy or cautious to venture out much.
In short, if you’re looking forward to budget rental rates, wait until the winter months.
Why summer is the most expensive time to rent apartments
The summer months are generally the most popular for getting new apartments and moving in. The weather is usually good, the kids aren’t in school or college, and it’s a great time to move on to new instruction if needed. This way children can start their new school at the start of the school year instead of trying to adapt to drawing a school term. The admissions process will also be smoother, which is beneficial for everyone involved.
Get real winter bargains
Looking for apartments in the summer means that apartments are quite expensive at this time of year. However, during the winter, you’ll be more likely to find real bargains. In addition, all new apartments built during the summer season will hopefully be available during the winter.
Other Reasons for Higher Rent Rates During the Summer
There is a high demand for accommodation during these months; this trend usually comes down to two main reasons.
One of them is that a lot of students come as tenants during this time. If you are visiting a college town to rent an apartment, this factor is particularly important.
The other factor is turnover, that is, people changing jobs and moving to another region. Summer also marks the end of the financial year, which is usually the best time for employees to leave their old job for a new one.
Options for apartment sizes and styles
Since there is generally a lower demand for all kinds of apartments during the winter, one can also expect more choice. For example, you can find 2-bedroom apartments for rent at a price closer to 1-bedroom apartments for rent during the summer.
However, remember that the rent for an apartment is only one of its costs. Before moving in or signing anywhere, it’s a good idea to find out about the bills that come with an apartment.
Since everyone seems to be moving in and out of rental properties during the summer and early spring months, moving companies are also all booked up around this time. This can be a real headache, as tenants have to coordinate their move-in and move-out dates with these companies. With the increase in demand, the availability of professional movers decreases while their parts increase.
Booking movers according to your schedule
If you are moving during the winter, however, it will probably be easier to book the movers of your choice. There should be fewer waiting days, which is good for your work schedule as well as your mental health.
On the other hand, a harsh winter can also mean slower transport and a higher risk of accidents.
What is your highest priority?
When looking for an apartment to rent, your biggest priority might be a low rent. However, you won’t opt for a low-cost apartment, but without amenities or other facilities, will you? Amenities and facilities are equally important. Tenants are also looking for apartments in a certain location, with lease flexibility and other benefits.
Make a list of priorities
If you want to decide when is the best time to rent, start by making a list of priorities. Winter is best for those who want the most economical fares. On the other hand, those who want a decent amount of options may want to wait until the market has maximum inventory. This usually happens in early fall and summer.
If you want to get the most out of a large apartment, it can help to diversify how you search for living space. Pre-select a few websites instead of sticking to just one. Not all sites offer all real estate listings in every region that match your needs. Even if they do, the details provided on each platform may be different. You can also check out our 5 ways to find apartments to rent before continuing your search.
Act as fast as possible
While sorting out your priorities ahead of time is important, it shouldn’t take too long. With the housing market as it is now, any decent apartment could attract tenants fairly quickly.
It shouldn’t take long to complete an apartment viewing. So take some time and check a few probable units at a time. If you can find something within your budget that also meets most other requirements, apply for that unit before it’s too late. Let’s be frank here; now is not the time to expect something better.
Whether you are looking for renovated 2 bedroom apartments or another floor plan, saving money is a top priority. If the situation is clear, then opting for the low rental rates of the winter months makes a lot of sense. However, a peak season is there for a reason. If you’re looking for a new apartment on the rental market, your other requirements might outweigh the need to save money.
No matter where you are in your apartment therapy or research, be sure to learn a little about the real estate market. Learn about the Fair Housing Act, check out kidney market trends, and start looking around in the late summer months. In addition to all these practices, here are 25 apartment search tips you need to know!