Best Time To Rent An Apartment

Knowing the best time to rent an apartment can save prospective renters on overall costs. Since the real estate market is cyclical and seasonal, let’s take a look at some of the best times to begin your search for a new apartment.

Renting In The Summer

Typically, the months of May through September are the busiest times to move. During these months, many students are graduating and looking elsewhere for housing or jobs. Most college graduates tend to look for real estate located close to their work. Families, meanwhile, may take the time to move now that the school year is over.

Of course, it’s also much easier to drive and move items when the weather is nicer. These life transitions and improved weather lead to a much higher turnover rate in real estate.

This means more housing options will be available for renters. However, this often results in higher rental rates. During the summer, you will face more competition for your future rental, as well as higher costs.

Renting In The Winter

As the temperatures drop in the winter, so do rental costs. Usually, the lowest rates occur between the months of October and April. Prices start to drop following the December holiday season.

At this time of the year, fewer people are likely to move. This is due to less-than-ideal weather, schools in session, etc. This is typically when renters will find the best deals on apartments. The only downside is less people moving will mean less apartments are available for your search.

When To Look For Apartments

When you have a target moving month, it’s best to begin searching at least one month in advance. While this could seem last minute, it’s actually optimal because most renters have apartment leases that expire at the end of the month or first few days of the month.

Renters will give 30 to 60-day notices, freeing up some available spaces in the coming months. Waiting until the second week of the move-in month can be quite risky, but landlords will be extremely motivated to find and secure new renters, at this time.

Renting Apartment FAQ’s

The best time to rent apartments ultimately depends on your specific circumstances. If having the most amount of options is your top priority, target a move between May and September. If cost is your biggest concern, try to move between October and April.

Below is a list of the most commonly asked questions about renting apartments.

What Is The Average Rent Cost?

Across the U.S., the average monthly rent for a two-bedroom apartment is $1,850.

How Many People Rent In The U.S.?

Today, more than 44 million people rent housing.

When Renting An Apartment What Do You Pay Upfront?

Typically, you will be responsible for application fees, security deposit, first month’s rent, last month’s rent, pet rent, and moving costs, if applicable.

How Much Is An Application Fee?

The average application fees will cost between $30-$75 per person.

How Long Do Apartment Application Fees Take?

The approval of an application for an apartment typically takes between 1-3 business days.