The rental market has peak seasons just as many other things do. However, the best time of the year to rent an apartment is dependent on more than the changes in weather. Inventory of available apartments may increase at certain times of the year, but competition will increase at those times as well. In other seasons, inventory may be scarce, but you might find a better price.
Whether you are finally moving out into your place or trying to find a conducive space to call home, a common question that most people ask themselves is; when is a good time to rent? The reality is that this question is more complex than you think.
Many factors need to be considered before you are ready to move, from terms of the rental agreement to onboarding property managers for professional help. There's no shame in admitting you can't do it yourself, especially if your time commitments are getting in the way.
The best time to rent an apartment is influenced by several factors like regional trends, availability, and cash flow, which can impact your ability to acquire the desired rental space.
While deciding when you are ready to move is profoundly personal, several vital factors can guide your timeline. Understanding the general trends in rental rates and availability and analyzing the rental market and your own life can help you determine the best time of the year to rent.
All these can be overwhelming for someone with a strict schedule, and that's why we recommend seeking professional help from property managers to ensure you find the ideal space.
If the lease on your current space ends, you have the freedom to move on, move up, and score another apartment. However, it is not as simple as going out and renting since there's a sweet spot to identify the best time to rent an apartment to ensure a smooth transition.
The last thing you want is to get ready to move, only to find the circumstances less than ideal. A property manager can help you take advantage of move-in specials by adjusting your move-in dates to a more suitable time of year.
We have compiled several tips and strategies to make the most of your apartment hunting experience. The next time you are wondering when apartments usually come available, we’ve got you covered.
This is considered more as a rule of thumb, where renters are required to start searching for an apartment two months before moving out. If you look for an apartment too early before the actual date you plan on vacating; you risk losing the space to another renter with more urgency.
Looking for an apartment a month or two before the move-out date prevents you from doing unnecessary leg work, giving you more time to get your affairs in order.
Another common mistake people make is waiting too long to start looking for an apartment, limiting their options. This puts you at the risk of settling for an apartment that doesn't meet your specifications or standards.
Although situations force us to look for an apartment at the last minute, you'll save yourself a lot of trouble if you can search in advance.
In a typical year, across the United States, rent usually increases during summer and declines in the winter. This means that rates are expected to go up from July through September and are at the lowest from December through February.
In general, the spring and summer seasons are when the majority of listings are put on the market. Just as renters prefer to move during warmer months, homeowners prefer to begin new leases when the weather is favorable.
During these months, you should expect a fair amount of competition, which can affect the possibility of your application being accepted.
During competitive rental market seasons, landlords and apartment managers may be less inclined to receive applications from less qualified applicants.
That’s because during this time they have greater possibilities for a more favorable tenant. During these months, renters should also be sure to act quickly as apartments are often leased quickly.
Compared to other times, the spring rental market is typically filled with inventory, but competition and cost may also rise.
The spring and summer months provide the most attractive time of the year for renting homes. With green grass and blooming flowers, potential tenants can get a clearer picture of what the landscape on the property and surrounding areas look like.
Properties are less appealing during the dreary winter months when trees are bare and plants have not bloomed.
In general, the spring and summer seasons are when the majority of listings are put on the market. Just as renters prefer to move during warmer months, homeowners prefer to begin new leases when the weather is favorable.
The spring and summer months provide the most attractive time of the year for renting homes. With green grass and blooming flowers, potential tenants can get a clearer picture of what the landscape on the property and surrounding areas look like.
Properties are less appealing during the dreary winter months when trees are bare and plants have not bloomed.
During these months, you should expect a fair amount of competition, which can affect the possibility of your application being accepted. During competitive rental market seasons, landlords and apartment managers may be less inclined to receive applications from less qualified applicants.
That’s because during this time they have greater possibilities for a more favorable tenant. During these months, renters should also be sure to act quickly as apartments are often leased quickly.
Compared to other times, the spring rental market is typically filled with inventory, but competition and cost may also rise.
In the summer, the high rental rates are usually driven by college students who have graduated and renters with children waiting to move when the school isn’t in session.
Summer is also ideal since the weather is less likely to get in the way, making it perfect to set a move in date.
On the other hand, moving out during winter is often discouraged because of the subsequent discretionary spending associated with the holidays. The weather is also not ideal, making the process even more complex and expensive.
While most people may not agree that there’s no perfect time to move, it is imperative to consider seasonal trends in your planning to avoid unnecessary inconveniences and costs.
If you want to be fully prepared, here are some things you need to know before you start looking for an apartment.
One needs to make a few logistical considerations before moving, and failure to consider these factors can deter your efforts or make a move rigorous and expensive. It is similar to a deadline on an urgent project, where everything needs to be done by a specific date.
“Everything” basically refers to updating your insurance policies, changing your address, consulting with movers, and an endless list of vital moving tasks.
Many things are impacted by your move-in date, from employment, current lease agreement, and rental industry activity.
You must carefully consider these factors to ensure a smooth transition and alleviate any hindrances to your plan, like lawsuits.
The last thing you want is to leave your employer understaffed or have difficulty scheduling cleaners and movers during the summer months.
This goes without saying but planning your budget before you commence your search for an apartment is vital to avoid spending more than you intend to.
It's recommended to follow the 50/30/20 rule when you begin planning, which states that you should pay no more than 50% of your after-tax income on necessities. These include rent, utilities, food, car payments, cell phone, and cable bills.
The other 30% is discretionary for things like entertainment and travel, and 20% is what you put away for a rainy day.
The 50/30/20 rule requires meticulous planning only to spend what you intend without going beyond the budget. This also helps you determine the price range of apartments you are looking for in your desired location.
The minimum required credit score to rent an apartment anywhere in the United States is 650, which you can quickly check for free on the Annual Credit Report website and many other financial services.
Property managers and landlords are usually looking for prospective tenants with a higher credit score, putting you ahead of any competitors eyeing the space. However, a lower score can compromise your landing your desired rental length.
The good news is that it is not always black and white, and that’s why property managers perform credit checks for a more comprehensive assessment of your financial situation.
A lower credit score doesn’t necessarily mean you are doomed since there are ways to improve your credit rating. You can do several things to raise a low credit score, like leasing with a cosigner, becoming authorized to use another person’s credit line, paying off as much debt as possible, and getting a roommate.
Raising your credit score can take some time, but it puts you in a better place to rent the ideal apartment.
The right amenities in an apartment can either make or break your experience, and that’s why it is advisable to create a list of priorities.
If you don’t know where to start, some things to help you get started include a walk-in closet, carpet or hardwood floors, the main bathroom, updated appliances, outdoor space, and a pool, among many more.
Prioritize your list according to “must-haves” and “nice-to-have” to ease the process. Nobody wants to rent an apartment that lacks some basic amenities, and creating a list of what you want can narrow down the available apartments.
Now that you have figured out how far in advance to look for an apartment and how much is required, the next step is preparing to apply for your desired space.
When applying for an apartment, you must ensure a filled-out application form, identification like state ID or driver's license, previous rental information and address, employment information, and proof of income.
You can find out more about the requirements by consulting a property manager to ensure the application process is completed successfully.
If you ask yourself, “when is a good time to rent?” It is vital to remember that the availability and pricing of apartments fluctuate. Prospective tenants with children or college students can research the average rental prices of a particular area to help them navigate the school years without spending more during the summer months.
Winter is the season that typically yields low rental prices in most parts of the country, giving you time to prepare for the expected spike in spring and summer. Property managers come in handy during your hunt for an apartment since they conduct in-depth research to determine the average rental prices in a particular location.
With the proliferation of Internet technology, landlords can list their properties at any time of the year and renters can be alerted of good offers based on their interests. Regardless of the season, the best time of the year to rent an apartment is when you need to move and can afford to do so.
In general, the spring and summer seasons are when the majority of listings are put on the market. Just as renters prefer to move during warmer months, homeowners prefer to begin new leases when the weather is favorable.
During these months, you should expect a fair amount of competition, which can affect the possibility of your application being accepted. During competitive rental market seasons, landlords and apartment managers may be less inclined to receive applications from less qualified applicants. That’s because during this time they have greater possibilities for a more favorable tenant. During these months, renters should also be sure to act quickly as apartments are often leased quickly. Compared to other times, the spring rental market is typically filled with inventory, but competition and cost may also rise.
The spring and summer months provide the most attractive time of the year for renting homes. With green grass and blooming flowers, potential tenants can get a clearer picture of what the landscape on the property and surrounding areas look like. Properties are less appealing during the dreary winter months when trees are bare and plants have not bloomed.
Winter is often a slower season for many activities, bringing with it a decreased availability of available apartment. However, apartment complexes will continue to produce new listings to meet the continuous demand. During off-peak seasons, you are more likely to find an apartment at a great deal. With less competition, management is typically more motivated to lease quickly.
With many people preoccupied with holiday events, obligations and spending, the winter months typically have fewer people looking to move. This often results in landlords who are easier to work with. The holidays can, however, create an extra level of stress for renters. Renting an apartment requires a good amount of time and effort that can be hard to schedule in around holiday commitments.
Cold weather and snowy conditions also provide less favorable times for a move. Loading and unloading a moving truck in low temperatures can be difficult, especially if you rent an upper story apartment.
Before your lease ends, you need to line up an appointment to tour apartments at least two months before your current lease. Whether on an annual or month-to-month lease, check the terms to confirm how much notice you need to issue the property management company or landlord. Take the day off if possible to squeeze in as many apartment tours as possible so that you can get them done within a short time.
Our team is here to help you find your next home. Feel free to call and schedule a showing or start your search right here.
