When is the best time of year to rent an apartment?
A tough question, no? Well, there are plenty of factors to be taken into consideration, yet there are some general rules that help you determine what “best” is in your case.
Flexibility – this is the first thing to determine, how flexible are you to pick a time of the year to move? If time is not on your side, you should be asking yourself another question.
Assuming you have time to do things at your own pace, the next thing you should be asking yourself is what is your secondary goal: saving as much money as possible, o having as many options as possible to choose from.
The highest turnover in rental units manifests during the months of May through September, inclusively. This occurs due to the fact that this is the time when young people start or graduate college, younger children are on summer break, thus enabling parents to move more freely, and the weather is much more accommodating to moving an entire household from one place to another.
Deal or no deal
The best deal for rental apartments are offered starting October through April. If you are looking for a deal on your future home, winter is generally the best period of the year to find a new place to live. Apartment turnover rates are much lower this time of the year; even though there are fewer options to choose from, the property managers are more inclined to cut you a deal to fill their vacancies.
Furthermore, to get a better deal on an apartment, besides searching during the off-season, you can look in the markets that have greater supply than demand, and in those neighborhoods with new apartment construction.