The Best and Worst Time of Year To Look For an Apartment To Save Money
There are many factors that go into finding the perfect apartment — the biggest one being the price. Now more than ever, it’s beneficial to get the best apartment for your needs while ensuring you save as much money as possible.
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With average national rent prices having increased since last year, aspiring renters may benefit from knowing when the best time is the look for an apartment if they want to remain budget-conscious.
The Best Time of Year To Look For an Apartment
If cheaper rent prices are your main concern, then the best time of year to apartment hunt is during the least popular moving time or off-peak seasons — the late fall and winter months. According to Apartment List, the demand for housing is at its lowest during December and January.
“The lower demand means landlords and leasing companies may need to be more competitive with their rates to avoid being stuck with empty units,” said Todd Stearn, founder of The Money Manual.
During the winter and fall, there are fewer people looking to move and, therefore, less competition with other renters, meaning some landlords may be willing to negotiate on rent.
Furthermore, the best time to start searching for an apartment is when you don’t urgently need one.
“Many times, renters will overlook or make light of things that they are not willing to make accommodations for when the impending move-out date from their current home is looming,” said Stacy Brown, senior director of technical training at Real Property Management. “When one feels the pressure of a 30- or 60-day notice, the little things that would normally catch attention get overlooked and the result is an unhappy contractual obligation.”
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The Worst Time of Year To Look For an Apartment
With the winter time being the best time to search for apartments, this means the worst time of year is during the summer. Compared with the peak summer season, the national median rent falls by nearly 1.7% during December and January. Summer is when most people tend to move, and the beginning of the school year and many college students looking for future housing play a big part in this.
“According to Hire a Helper’s moving statistics, 40% of all moves occurred during the summer in 2022,” Stearn said. “This is probably pretty accurate most years, as many families prefer to move when kids are between school years if they’ll be moving far enough for them to change schools. Those in Northern climates prefer moving during the warmer months, too.”
While searching for an apartment during the summer may give you a wider variety of options to choose from, an increased number of potential tenants means rent prices will also be higher.
Additional Tips on How Renters Can Save Money
For first-time renters who want to keep track of their money, educating yourself on the lease terms, landlord and tenant laws, habitability laws, and any neighborhood or homeowners association rules is very important.
“Knowing their rights and obligations will ensure the residency is smooth and happy,” Brown said. “After that, a renter needs to know the consequences of not following the rules.”
Additionally, first-time renters should check all appliances, doors and windows to make sure they are functioning properly.
“Do not be afraid to open and close things or turn things on in a home,” Brown said. “Remember, you may be signing a year or more contract to stay and pay for this place. Make sure it is functional and will be a home for that time.”
Since many leases are a year long, it’s important to be certain that you can picture yourself staying in that apartment for a year or longer — especially when application fees tend to add up. Furthermore, looking into the reliability of the management may help renters save money.
“Call or message the [owner]or the property management company,” Brown said. “If they answer the call or message, this is a great earmark of a responsive organization that values customer service and sees you as a client — not just someone who pays rent. If you are important as a potential renter, you should be important to the company each day.”
Lastly, for renters looking to keep their finances safe, it’s financially beneficial to understand that a lease for an apartment is a binding contract. If you don’t understand any aspects of the contract, asking questions for further clarification can help you avoid making any potential errors as a tenant.
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This article originally appeared on GOBankingRates.com: The Best and Worst Time of Year To Look For an Apartment To Save Money
