If you’re planning on moving into a new apartment, you will undoubtedly want to get a good apartment at a good price. And while it may not be easy to find an appropriate new home at an affordable price, if you know the right time to start hunting for rentals, you’ll have a good chance of scoring a satisfying deal.
If you have flexibility in when you can move, choosing the best time to rent an apartment can help you save money – or find a really great home.
The rental market is cyclical and seasonal – and that makes some months better for apartment hunting than others.
So, when is the best time to get an apartment? It depends on whether you want the best apartment or the best price.
Rental costs and availability vary throughout the year – and throughout the month – based on demand. By understanding the general trends in the rental market and analyzing your own needs and preferences, you’ll be able to pinpoint the best time to move into a new apartment.
Here is everything you need to know in order to choose the right time for your apartment move:
When is the cheapest time to rent an apartment?
The rental costs are probably going to be your first concern when you start thinking of moving into a new apartment, so you need to consider them first.
When are apartments cheapest to rent?
Statistics show that rental rates are lowest in the winter, especially right after the holiday season.
There is a good reason for that – demand drives the prices (the higher the demand for apartments, the higher the rental rates) and it is much lower in the winter since fewer people are moving during that time of the year (the weather is bad, the school year is underway, etc.).
Property owners and apartment managers don’t want any of their rental units to stay empty for months, so the lower demand in the winter makes them more willing to negotiate in order to fill their vacancies. Landlords are afraid of losing months’ worth of rent money, so they list their remaining units for cheaper, make discounts, or offer special deals in order to attract more renters during the slow period (October to April). This means that the best rental bargains are found in the winter.
Which month is the cheapest to rent an apartment?
The longer an apartment lingers on the market, the more likely the landlord is to reduce the rates – therefore, rental prices reach their lowest point between December and March (after a couple of months into the slow season).
Studies have found that February is actually the cheapest month to rent an apartment – rental rates in the last winter month are about 5% lower than in peak season.
So, if you want to get the best possible deal on your new apartment, plan your move for the chilliest months of the year when everyone else is huddled in the warmth of their homes.
Keep in mind though that there will be fewer rental units available during the winter and you may not be able to find an apartment that meets everything on your wish-list – you may need to settle for a more inconvenient location or to sacrifice a particular amenity.
Good to know:
1) You will have fewer apartments to choose from during the slow season (late fall to early spring), but there will be fewer people looking for rentals as well. This means two things:
- You won’t be pressed to sign a lease as soon as you see a place – you will be able to take your time and carefully consider the pros and cons of the apartment before making your final decision;
- Landlords will be more willing to negotiate as they know that they may not be able to find another eligible tenant anytime soon – so, you’ve got a good chance to wangle not only a lower rate, but some extra bonuses as well (new appliances, additional parking spots, etc.)
2) During the slow period, landlords are very likely to try to get you to sign a longer or shorter lease (not a yearly lease), as it’s in their best interest to get the apartment back on the market in the summer.
3) If you’re planning to hire movers, winter is the best time of the year to move into a new apartment – the demand for moving services is lower during the cold season (as very few people relocate during that time), so moving rates are cheaper and movers are more readily available and more flexible in their schedules. This means that when moving in the winter, you’ll be able to easily secure top quality moving services at affordable moving costs and for a convenient moving date and time. (See also: Why should you move during the off-peak season?)
When is the best time to rent an apartment in order to get the perfect new home for you?
If your primary goal when moving into a new apartment is to save money, winter is definitely the best time to look for rentals. If you want to find the perfect new home for you, though, the slow season is not a good time to rent.
In order to find an apartment that perfectly suits your needs and preferences (in terms of location, size, layout, available amenities, etc.), you need to have a great variety of rentals to choose from – and you’re going to have the most choice in the summer (between May and September) when apartment turnover is at its highest.
Summer is the peak rental season as both the demand for rentals and the availability of apartments is highest during that time of the year:
1. Many people move during the summer and need a new place to live, so demand for rentals is very high:
- Home movers usually prefer to relocate during the warm months, when the weather is nice, the risk of rain is smaller, and the road conditions are safer;
- Most families choose to move during the summer break when children are out of school;
- Many high school graduates are moving out of their parents’ homes – either for college or for jobs;
- College students are moving back to campus;
- Recent college graduates are moving to new cities to start their careers.
2. A lot of people rent in the summer and most leases are for 12 months. This means that most leases also end in the summer, so that’s when the biggest number of apartments come on the market.
These factors result in a high apartment turnover rate in the summer, making it easier to find a home that meets all your criteria as there is a wider selection of apartments to choose from during this period. The high demand, however, drives the rental prices up, so you’ll have to dig deeper into your pocket if you choose to move in the summer. Besides, moving rates also tend to be higher in the months from September to May (it’s peak moving season) and it’s more difficult to find reputable movers available for your preferred moving date during this busy period. (Related: Tips for moving in peak season)
Good to remember: You’ll have plenty of options in the summer, but you’ll have a lot of competition too – there will be a lot of other renters looking for the perfect apartment at the same time as you, so you’ll have to act fast when you find a place that you like. You need to have determined your budget and set your priorities (must-haves, should-haves, possible compromises, etc.) in advance, so you can make a quick decision – and it’s a good idea to bring all required documents to showings, so you can sign the lease immediately if you find the perfect home for you.
When is the best time of the year to rent an apartment?
So, in view of the above, the best time of year to rent an apartment depends on your primary focus – affordability or desirability.
1) If you want to save as much money as possible, renting in the winter is your best bet, as demand is lower and so are rates.
2) If you’re not on a tight budget and have specific criteria in mind, the summer is the best time to rent an apartment, as you’re going to have the most choice and it will be easier to find the perfect match.
Now that you can determine the best time to get an apartment depending on your objectives, you need to figure out when to start looking for your new home.
When to start looking for apartments?
It goes without saying that you need to start looking for an apartment the month before the target move month. Yet, the exact time of the month you start looking can have quite an impact on the ease (and even the success) of your search and the price you’ll pay for your rental.
So, when is the best time to look for rentals? Once again, it depends on whether you want to have the most options or to snag the best deal.
Most leases expire at the end of the month and require a 30-day notice to vacate. This means that tenants need to move out of their rentals by the last day of a month and to notify their landlords of their moves by the end of the previous month. And since it’s in the landlord’s interest to minimize the time before a current tenant’s move-out date and a new tenant’s move-in date, they’re likely to list a property as soon as they get a notice to vacate.
Therefore, there will be a lot of new listings at the beginning of a month and a great choice of available rentals. So, if you start looking around that time, you’ll have a good chance of finding the perfect place for you.
If you’re interested in saving money, however, you may want to begin your rental hunt during the last couple of weeks of a month – with the month coming to a close, landlords get more eager to fill any remaining vacancies and become more willing to negotiate the prices. This puts you in a great position to haggle the rent down and work out a great deal.
So, in term of prices, the best time of month to rent an apartment is the second half of a month as it can help you save some money on rental costs. If you want to have more options, though, the best time to look for apartments is within the first weeks of a month when there are a lot of fresh listings.
To sum it all up: When is the best time to move into an apartment? While the winter is the cheapest time to rent a place and the widest choice of rentals is available in the summer, the right time to move into an apartment will be determined by your own needs and wishes. Happy moving and happy new life in your new apartment!
