Everyone knows that finding an apartment during the summer is the worst. Why? Because you and thousands of other people who just graduated or are moving to commute to work choose to move during the summer. That’s just how it’s always been. Summer is just peak renting season. Is now a good time to rent?
So what about fall? Is it better to rent then? Technically, the last nine days of September count as fall, as the first day of fall is September 22nd. So is now a good time to rent? Or should you wait nine days for better deals?
Best Time of the Year to Rent
Back in January this year we did a data study on when is the best time of year to rent, specifically which month. We then found that the “best” or cheapest months to rent tend to be between December and March (early winter to early spring). We also found that the “worst” or most expensive months are in May through October (early summer to early fall).
Furthermore, we did find that September was the worst month to rent a 1-bedroom apartment in the cities of Atlanta and Boston. We also found that September was a bad month to rent a 2-bedroom apartment for four cities, those cities being Los Angeles, Chicago, Atlanta, and Boston. So, does that mean you shouldn’t be looking for an apartment right now? Not necessarily.
Technically, September is almost over, and we’re getting into the fall season. Also, our study shows that October was less expensive than September for most cities selected for the study. So yes, you could wait until October comes around for cheaper rent prices, or you could bite the bullet and find an apartment right now.
Are Rents Always Higher in September?
No, not necessarily. That depends on where you’re looking, what kind of amenities you are looking for, your budget, how many you are sharing an apartment with, and so on. There are so many factors that weigh in other than just how many people are looking to rent at that particular time (which allows owners and landlords to drive the prices up). But it is important to note that the month of September, technically, is in the rental peak season for most cities.
What to Consider Right Now
If you’re planning to rent an apartment right now, there are some important things to consider:
You’re Not the Only Renter
Demand is still high, meaning you might have a hard time standing out as the best applicant to secure an apartment and while there’s still a big rental inventory, there’s still many looking at the exact apartment you are.
Rents are High
Don’t expect to see cheap apartments for rent just because it’s not the months of June and July anymore. September is still considered one of the more expensive months to rent in most cities. New York City renters can also look at the average rents over time to see the natural market dips.
Get Ready to Sign for 12 Months
A 12-month lease is pretty standard. But, that also means when the lease is up next year, you’ll still find yourself looking forfh2 a new apartment in the peak rental season again. Or you’ll have to negotiate the monthly rent when there’s a high demand for your apartment. This means you’ll be in the same boat next year, or you’ll have less negotiating power with a landlord/owner because the demand for the apartment is high, meaning they could increase the rent if they wanted to because the chance of vacancy is low.
Are Rental Concessions Available?
Yes, you could technically get rental deals and discounts in the form of one month free, for example. However, it is more common to find rental concessions when the rental market is down or to get a rental concession with longer leases. Why? Because it’s about timing. This means that a landlord could offer a free month of rent with a lease of 14 months to ensure that the lease is up for renewal during the pricy months again. So consider that as well.
What Happens if You Wait for a “Good Time to Rent”?
If you’re looking to find an apartment in the off-peak season, yes there will be fewer apartments up for rent. But, there will always be apartments up for grab and you’re more likely to get them for less money as fewer people are willing to move closer to the winter months due to the conditions when moving.
Conclusion
So what should you do? Should you spend more money now and get a place or should you wait until the rent prices drop? Ultimately, that’s up to you. If your lease is up now, or you just have to move in general, there are still good deals out there, so don’t fret. If you don’t have to move right now, but can wait a month or two, do it. The monthly rent is more likely to drop, but be aware that the rental inventory could be smaller. But, whatever you chose, you will find an apartment.
Editor’s Note: We updated this article to enhance readability.
