\u00a0<\/strong><\/p>\n We find that:<\/strong><\/p>\n <\/p>\n <\/p>\n <\/p>\n In general, rents tended to be lower during the winter. The \u201cbest\u201d months to rent are between December and March (during the winter). Conversely, the \u201cworst\u201d months are between May and October (during the summer). This relationship held for all cities that we looked at (and for both 1 and 2-bedroom apartment units), regardless of region. On average, we see around a 3.4% \u201cdiscount\u201d between cheaper months and peak months.\u00a0Methodology notes at the bottom.<\/p>\n Below, we show the best and worst months for each city (as well as the peak-to-trough discounts). Note that we used an approximate 2018 median pricing for 1 and 2-bedroom apartments (rounded to the nearest $100) to put the seasonality into dollar terms (not the current snapshot of rental prices).<\/p>\n <\/p>\n <\/p>\n <\/p>\n Overall, the peak-to-trough differences are between 2.0% to 4.7% for 1-bedroom apartments and 1.6% to 7.1% for 2-bedroom apartments across the top 10 cities. In addition, there doesn\u2019t seem to be much of a difference in seasonal variability between 1-bedrooms and 2-bedrooms (average seasonal variation of 2-bedrooms is only around 0.1% more than 1-bedrooms) across cities. We also notice that in most cities, December happens to be the cheapest month, while September tends to be the most expensive.<\/p>\n Even though 2-5% might seem small, the total annual savings can be significant. In New York for example, 1-bedroom units were roughly $139\/month cheaper (or $1,668 annually) in December versus July. \u00a02-bedroom apartments were $176\/month cheaper (or $2,112 annually).<\/p>\n Obviously, dollar savings will be smaller in cities where the cost of living is cheaper. The Texas cities, for example, are around 2x cheaper than New York or Boston (so the dollar savings are also much smaller). However, $600-$800 dollars in savings over a 12-month lease is nothing to scoff at. Given the opportunity, renters should opt to end their leases near the wintertime (or at least be wary of non-standard lease terms that might push them off a good cycle). They should also be wary of any discounts from \u201cmonths free\u201d type concessions which won\u2019t stick around for the next renewal. Note, though, that we\u2019re not considering the potentially lower selection during the winter months. Generally, higher turnover means more possible apartments (though they\u2019ll likely get swooped up faster!). Next, we look at a city by city basis.<\/p>\n <\/p>\n We first look at apartments in New York, arguably the largest and diverse rental market. Not only is New York filled with out-of-town enrolled university students, but it\u2019s also a major hub for new graduates. Every year, tens of thousands of new graduates flock to the city to start their new jobs. Being in the northeast, New York is also subject to high seasonal temperature variation (at least relative to the West or South).<\/p>\n Rental prices start to increase in early May and peak around June\/July\/August.\u00a0Rents start to taper again starting in October (before reaching a low in February). Interestingly, the lower-price periods and higher-price periods last for a while, and seasonal price flips happen rapidly (over a span of only 1-2 months).<\/p>\n <\/p>\n <\/p>\n In NYC, you\u2019re looking at roughly 4.7% and 4.7% peak-to-trough seasonal differences for 1 and 2-bedroom units, respectively. Assuming a 1-bedroom costs $2.8K, that equates to around $139 in savings monthly between peak months and low months. Assuming a 2-bedroom costs $3.6K, that equates to around $176 in savings monthly.<\/p>\n <\/p>\n Los Angeles, CA<\/em><\/strong><\/p>\n The Los Angeles seasonal chart is a bit messier than the New York one. In fact, while there appears to be price increases during the summer (between May and September) they are generally milder than the ones we saw above (for New York). The slower season, though, abruptly starts around November\/December.<\/p>\n <\/p>\n <\/p>\n In LA, you\u2019re looking at roughly 2.3% and 3.2% peak-to-trough seasonal differences for 1 and 2-bedroom units, respectively. Assuming a 1-bedroom costs $2.4K, that equates to around $58 in savings monthly between peak months and low months. Assuming a 2-bedroom costs $3K, that equates to around $98 in savings monthly.<\/p>\n <\/p>\n Chicago, IL<\/em><\/strong><\/p>\n Moving on to Chicago, we see that the seasonal rental pattern is smoother than that of New York (less abrupt seasonal changes). In addition, we see that 2-bedrooms appear to be more impacted by the seasonality effect than 1-bedroom apartments. Prices appear to peak around September\/October and trough around March and April (slightly shifted from LA and New York). The dreaded Chicago winter might impact this (since the cold weather might linger a bit longer).<\/p>\n <\/p>\n <\/p>\n In Chicago, you\u2019re looking at roughly 4.3% and 7.1% peak-to-trough seasonal differences for 1 and 2-bedroom units, respectively. Assuming a 1-bedroom costs $1.8K, that equates to around $80 in savings monthly between peak months and low months. Assuming a 2-bedroom costs $2.3K, that equates to around $176 in savings monthly.<\/p>\n <\/p>\n Dallas, TX and Houston, TX<\/em><\/strong><\/p>\n We\u2019ve lumped Dallas and Houston together because they\u2019re the only two top-10 metros that are in the same state (ranked 4th and 5th by population size!). For both Dallas and Houston, we see that the slow season tends to be between November and February. In Dallas, the peak season starts around March (lasting through August).\u00a0In Houston, the high season kicks off in May before peaking in August.<\/p>\n <\/p>\n <\/p>\n <\/p>\n In Dallas, you\u2019re looking at roughly 2.6% and 3.2% peak-to-trough seasonal differences for 1 and 2-bedroom units, respectively. Assuming a 1-bedroom costs $1.4K, that equates to around $38 in savings monthly between peak months and low months. Assuming a 2-bedroom costs $1.8K, that equates to around $60 in savings monthly.<\/p>\n In Houston, you\u2019re looking at roughly 3.6% and 3.8% peak-to-trough seasonal differences for 1 and 2-bedroom units, respectively. Assuming a 1-bedroom costs $1.3K, that equates to around $49 in savings monthly between peak months and low months. Assuming a 2-bedroom costs $1.6K, that equates to around $63 in savings monthly.<\/p>\n <\/p>\n Washington, DC<\/em><\/strong><\/p>\n DC exhibits seasonality patterns like the other north-eastern cities. Specifically, we see that asking prices start to increase between April and May, peaking in June. The slower season starts right after September (with a low in November). For those currently looking for apartments, January and February are still in the cheaper period of the year.<\/p>\n <\/p>\n <\/p>\n In DC, you\u2019re looking at roughly 3.4% and 3.6% peak-to-trough seasonal differences for 1 and 2-bedroom units, respectively. Assuming a 1-bedroom costs $2.2K, that equates to around $76 in savings monthly between peak months and low months. Assuming a 2-bedroom costs $3.1K, that equates to around $114 in savings monthly.<\/p>\n \u00a0<\/em><\/strong><\/p>\n Philadelphia, PA<\/em><\/strong><\/p>\n The hot period for Philadelphia rentals seems to be a month shorter than some of the other cities we\u2019ve looked at. The peak season seems to pick up in March before peaking in May. The slower season seems to start in September\/October (though these two months might be considered neutral). The trough in rental prices starts between November and December.<\/p>\n <\/p>\n <\/p>\n In Philadelphia, you\u2019re looking at roughly 4.0% and 4.0% peak-to-trough seasonal differences for 1 and 2-bedroom units, respectively. Assuming a 1-bedroom costs $1.6K, that equates to around $67 in savings monthly between peak months and low months. Assuming a 2-bedroom costs $2.0K, that equates to around $83 in savings monthly.<\/p>\n <\/p>\n Miami, FL<\/em><\/strong><\/p>\n In general, the seasonal fluctuations in the Miami rental market appear to be less pronounced than that of the northern cities. Rents seem to peak in June (with a high season running between May and September). Around October through February, rents drop slightly.<\/p>\n <\/p>\n <\/p>\n In Miami, you\u2019re looking at roughly 2.2% and 1.8% peak-to-trough seasonal differences for 1 and 2-bedroom units, respectively. Assuming a 1-bedroom costs $2.0K, that equates to around $45 in savings monthly between peak months and low months. Assuming a 2-bedroom costs $2.6K, that equates to around $49 in savings monthly.<\/p>\n <\/p>\n Atlanta, GA<\/em><\/strong><\/p>\n Like Miami, Atlanta\u2019s seasonal rental variations are less pronounced than those of the north-eastern cities (at least for two-bedroom apartments). The high season for both 1 and 2-bedroom apartments ramps up in May before peaking in September. This high season doesn\u2019t end until November (with a short 4-month lower-rent period).<\/p>\n <\/p>\n <\/p>\n In Atlanta, you\u2019re looking at roughly 3.5% and 2.5% peak-to-trough seasonal differences for 1 and 2-bedroom units, respectively. Assuming a 1-bedroom costs $1.6K, that equates to around $58 in savings monthly between peak months and low months. Assuming a 2-bedroom costs $2.2K, that equates to around $56 in savings monthly.<\/p>\n <\/p>\n Boston, MA<\/em><\/strong><\/p>\n Finally, we look at Boston, MA (excluding Cambridge, MA). Rents in Boston start ramping around April. The slow season begins in December and ends around April.<\/p>\n <\/p>\n <\/p>\n In Boston, you\u2019re looking at roughly 2.0% and 1.6% peak-to-trough seasonal differences for 1 and 2-bedroom units, respectively. Assuming a 1-bedroom costs $2.3K, that equates to around $48 in savings monthly between peak months and low months. Assuming a 2-bedroom costs $2.8K, that equates to around $47 in savings monthly.<\/p>\n <\/p>\n <\/p>\n No seasonality study would be complete without exploring possible causes. We take a rough look at two possibilities: Weather and student populations. Note though, that there are likely stronger drivers of seasonal pricing than just these two.\u00a0For both these possibilities, we\u2019ll be using the average of the 1 and 2-bedroom peak-to-trough rental price changes (which we call the \u201cRent Variation\u201d). Doing so allows us to incorporate the two data points for each city.<\/p>\n First, are temperature variations keeping people away from looking for an apartment? Specifically, do peak-to-trough temperatures impact peak-to-trough rents? To answer this query, we looked at\u00a0average monthly temperatures<\/a>\u00a0for each of the major cities.<\/p>\n Some parts of the country (like Los Angeles and Miami) have very mild weather changes throughout the year, with average monthly temperatures ranging by only 12-16 degrees (F). Other parts, though have wild variations. Everyone has heard of the dreaded Chicago winter\u2026 and for good reason! Chicago\u2019s monthly temperatures vary by a whopping 55 degrees (F).<\/p>\n\n
\nWhat\u2019s the best time of year to rent?<\/strong><\/h4>\n
![\"1besttime\"](\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2018\/01\/1besttime.jpg\")
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<\/p>\nA City by City Look<\/strong><\/h4>\n
\nNew York, NY<\/em><\/strong><\/p>\n![\"3besttime\"](\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2018\/01\/3besttime.jpg\")
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<\/p>\nPossible Causes<\/strong><\/h4>\n
![\"13besttime\"](\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2018\/01\/13besttime.jpg\")
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<\/p>\n![\"nationalbesttime\"](\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2019\/03\/nationalbesttime-300x202.jpg\")
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