Scouring through listings to search for an apartment and the process of moving out and moving in can be a tiring process. But one of the most stressful parts of looking for an apartment to rent is considering the financial side of it.
If you’re thinking about looking for an apartment to lease, then you probably need to get going and take advantage of the “cooler” real estate market this time of the year. According to a research by apartment listing site RentHop, you’ll likely get the most affordable rental deal during winter months.
The study, which looked into the top 10 cities by population, aimed to find out the best and worst season to start an apartment lease. Based on the results, between early winter to early spring months of December to March are the best time to sign that lease agreement as listings are most affordable during this time. On the other hand, early summer to early fall months of May to October usually has the most expensive rates.
RentHop’s findings show that apartment listings during the colder months are reportedly 3.4% lower than the peak summer months. The lower demand for housing is most likely one of the main reasons for this.
People usually switch homes during the dry summer season, while they mostly start school in the fall. As for job changes, employees usually start a new job during the fall and tend to avoid changing jobs in the winter.
Also a determining factor for when to best sign a lease is the weather. As the months go colder going into the holidays, fewer people would want to go apartment hunting. Therefore, the less competition you have in the property market, the lower the prices will be.
The study also analyzed the correlation between temperature and rent variations of top cities. Researchers found out that there is a moderate connection between the two.
As per their research findings, RentHop recommends renters who are about to renew their lease to do it on the winters. However, they should be mindful of so-called non-standard lease terms. According to RentHop researchers, their winter schedule might bump up to a higher price similar to that of prices during the summer or early spring schedules.
Even though the market prices for rental properties during the winter may be a bit more inexpensive than other seasons, it doesn’t necessarily mean that apartment-seekers have a wide range of options to choose from. Since there is little movement in the market during that time, there may be a limited selection of apartments.