According to Rent.com, most Americans move between May and September. This is not surprising when you think about the fact that young people start or graduate from college during this time, younger kids are out of school on summer break, and the weather is generally more accommodating.
Compared to the rest of the year, there is more turnover in rental units during this time, which means you may have a wider selection of units to choose from.
The flip side is that there may also be greater demand from renters vying for those rental units during the summer than at other times of the year. This may mean that you have to act more quickly in making a decision about a rental so as not to lose it to another interested renter.
Can You Save Money On An Apartment?
If you're looking for a deal on an apartment, winter is generally the best time to look. Apartment turnover is much slower during the winter months, so while you may have fewer units to choose from, property managers may be more likely to cut you a deal to fill their vacancies.
In addition to doing your apartment search during the off-season, you'll generally get a better deal on an apartment in markets that have more supply than demand. Try to get a feel for the vacancy rates in the area and look for neighborhoods with new apartment construction. Neighborhoods with higher vacancy rates and a supply of new apartments are a good place to start looking.
Even though you could potentially save money on your rent, there are a couple of things you should consider before getting bundled up for your wintry move.
Are You Breaking A Lease To Move?
Despite the savings you may get when you move into your new place, breaking a lease can wind up costing you more in the end. Because of this, it's a good idea to do some simple math before diving into a new lease.
The potential expenses of breaking a lease can include unexpected move-out and repair costs and court fees, so make sure the savings outweigh your expenses. Leases ending in the winter may only save renters a handful of cash every month, so be sure that it's worth it.
Can You Go Month To Month?
If the terms of your new lease aren't flexible, you might find yourself stuck in a bad rental cycle for the long run. Remember, the rental market doesn't have as many housing options during the cooler months, so when it's time to move again, your options could be seriously limited. Before you sign anything, make sure your lease terms are flexible so you have options.