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The Best Time to Rent an Apartment

By September 10, 2021September 30th, 2021Home

People often say timing is everything. There is more than just a grain of truth in that advice, especially when it comes to renting an apartment.

The choice to move could possibly be out of your hands, but if you have a say, you might save money or have more options in the type of apartment (if your timing is right). So, when is the best time to rent an apartment?

The answer could depend on several factors:

  •     When are most of the renters moving and looking for a new apartment?
  •     When is the market cost-effective?
  •     When are the best apartments available?
  •     Where are you looking for an apartment?

 

If you have the freedom and flexibility to make a calculated decision about when to search, choosing the right month could make the difference. Just remember that finding the best time to rent an apartment is determined by your priorities: Do you want the best apartment or more affordable rent?

 

Understand that the impact of these factors might be minimal

Although the factors listed above will have an impact on the cost of a new apartment, it may not be all that substantial. The difference between renting at a peak season or a lower one will only be a few percentage points.

Of course, every little bit of savings counts, but no one should be expecting to find an apartment in San Francisco or New York City for $1,000 a month. So, keep your expectations realistic!

 

Summer is the best time to rent for the most apartment choices

Those searching for an apartment between May and September will have the most choices. That is because the kids are getting out of school, college students are graduating, and the weather is favorable for moving.

Since the majority of renters sign a one-year lease in the summer, it means their contracts end at that time, and a higher number of new apartments will come on the market. Keep in mind that other renters will be looking at this time, so act quickly and expect to pay higher rents.

 

What is the best time of the year to rent an apartment and save money?

If May through September is the high-water mark for rents, then October through April are the months to find the best prices on apartments. Statistically, winter is the best bet for getting the most for your money—probably because the holidays have left many people without the money or energy to look for apartments.

There likely will not be as many units from which to choose, but a discount or lower monthly rent could accompany the vacancies you do find. Prices are higher when demand increases, and demand is traditionally lower from December to February.

 

Is there a best time of the month to rent an apartment?

If you know which month you want to move, start looking at the end of the month when most leases will be expiring. Most landlords require a 30-day notice before leaving, so you should be looking right as these apartments are coming on the market. For instance, if you want to move in by the end of December, start searching in the last two weeks of November.

Also, think about looking in the middle of the month. If there is something available, it has probably been vacant for some time, and the property managers might be motivated to give you a good deal if you move in right away.

 

What is the best time to move into an apartment?

The majority of people are searching for an apartment and moving into them during the warmer months of May through September. Fresh graduates are looking for their first apartment, and families are moving when their children are on a summer break from school. The rental market has always followed this trend, so the cost of rents will be higher, but it will be much easier to move all those belongings when the weather is warm.

While summer sounds like the logical choice for moving into that new apartment, those who are on a budget might find that the summer months are not their personal ‘best time’ for renting and moving. For anyone trying to save money, all the snow and bitterly cold temperatures are worth the extra stress that comes with winter.

 

Don’t forget about renters insurance

No matter what you decide is the best time to rent an apartment, make sure you have protected it adequately with renters insurance. Talk to one of our advisors to find out how White Cloud Insurance can help you. Fill out our contact form, call us at 305-556-1488, or send us a message at hello@accelinsurance.com. We’re always excited to assist you with everything insurance!