When you’re apartment hunting, you want to find a place that’s not only perfect for your lifestyle, but perfect for your budget. Your dream apartment should cater to a variety of different factors including preferred size, location, and of course, amount of rent. But, what you may not be aware of, is that there is an opportune time throughout the year to search for an apartment and get the best deal possible. If you end up looking at the wrong time, you might find yourself paying more money than you should. If you have the schedule flexibility to move whenever you’d like, then there’s going to be some monetary benefits for you if you move during the right time.
Some experts say the renting market fluctuates between 2% to 5% throughout the year. The specific percentage depends on multiple factors, which include the size of the apartment. If you are looking for a one bedroom apartment, then your savings are going to be anywhere from $37 per month to $171 per month. If you’re trying to find a two bedroom apartment, then you’re savings will be anywhere from $36 per month to $191 per month. It isn’t necessarily a drastic change, but it’ll definitely be enough to pay a bill or even help you hire movers. These savings are also going to be lower if you’re planning to move to a high traffic area like New York, NY or Dallas, TX. In these cities, the market doesn’t have as many low periods as it does in areas with fewer people. In turn, you’re not going to save as much money as you would moving into another less populated area.
But, despite what specific amount you’re saving, everyone could use a couple of extra dollars in their wallet. Read on to find out the best and worst times to look for an apartment throughout the year.
Best Time to Make an Apartment Move: Winter
Choosing to look for an apartment during the chilliest months of the year goes against the grain in a variety of different ways. This gives you a better chance at finding an apartment with a lower rent than usual. Since the public school system throughout the nation ends in the spring and summer, most families choose to move in those seasons to not interfere with their child’s school schedule. The winter also has a variety of holidays (Halloween, Christmas, New Years, etc.) that leave most people incredibly busy with obligations to their friends and family. This makes something as life-altering as moving out of the question.
Since moving is an outdoor activity, most people choose to move in the spring or the summer because the nice weather caters to outdoor activities. But the truth is that life events including job loss, eviction, and family emergencies happen all year round. You never know when you’re going to have to relocate. There are certainly apartments available during the winter, even though it’s often a lower number than it is in the summertime. Since there aren’t as many people looking for an apartment in the wintertime, it tends to drive prices down. Also, there are fewer units available and these units are harder to turn over. That leads to realtors and companies, in general, becoming desperate, and driving those prices down so they can rent to as many people as possible. Moving companies might also be in the need for more business during the colder months, resulting in cheaper prices.
But, the flip side of it is that you have a smaller pool of apartments to choose from. If you’re trying to have the most choices possible as a renter, then you might not want to look for an apartment in the wintertime. Also, when it comes to moving in the winter months, the amount that you save may have a lot to do with the college student population. When there is a high concentration of students, like in a college town, you may be saving a bit less than usual by choosing to look for an apartment in the winter. There’s often eager renters all year in college towns, especially with the new semester starting in the winter. Also, if you’re moving to a highly populated area like Manhattan, NY then you’ll probably be saving less than you would be moving to a different less-populated area across the United States. Often, since these areas are so popular, people are moving to the area year round. This keeps the market robust no matter what the weather is outside. Generally, if you’re looking to save money on your next space, then you’d benefit from looking for an apartment in the wintertime.
Worst Time to Make an Apartment Move: Summer
Due to many different factors such as school schedules and the overall weather condition, most people move out in the summertime. This does mean that as a renter you’re going to have a lot to choose from. But, since there’s so much competition, you’re definitely not going to run into any specials or cheaper rent. Also, you’re probably going to have a short period of time to make a decision on an apartment. If you’re taking too much time to sign on the dotted line, the realtor will easily find someone to fill your spot. It’s just that simple.
If you’re looking to save money, then you’re better off looking for an apartment during the wintertime. If you’re trying to have the largest pool possible of apartments, then the summertime may be the right choice for you.
When planning your apartment search, understanding how the market fluctuates throughout the year will help you find the best apartment for your money. Moving in the winter instead of the summer will often lead to lower rent because there are fewer people looking for an apartment during that time. But, this fact can be lowered due to factors like the number of college students or if it’s a popular highly-populated area. But, in the winter, you may not have as much of a choice of the apartments around you than you would have in the summertime. You have to weigh the pros and cons in order to find the perfect apartment for you, but it’s definitely not impossible to do so. Stick to your gut and you’re bound to find an apartment that you love that fits within your budget.