When deciding on the best time to rent an apartment, you may have to decide
FOX Business “Big Money Show” hosts Jackie DeAngelis and Brian Brenberg discuss a new study that found Gen Z would rather pay high rent than put a down payment on a house.
When it comes to rentals, timing does play a role.
Monthly rent prices generally do not stay the same throughout the year. For the most part, they fluctuate, and even a small decrease in monthly rent could save you a lot of money over a 12-month lease.
If you’re on the search for a new apartment, here are key tips you should know about the best times to sign a lease.
The best time to rent an apartment depends on what your priorities are. If your top priority is to save money, winter is the way to go. (iStock)
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- When should I start looking for apartments?
- What months typically see lower rental prices?
- What time of year do successful rent negotiations happen most often?
1. When should I start looking for apartments?
If you are looking for a new apartment, preparing ahead of time could not only save you money but also make your search less stressful.
“Since most landlords require at least 60 days’ notice, if you decide not to renew your lease, it’s a good idea to plan for around 60 days to find your next apartment,” Jiayi Xu, economist at Realtor.com, told Fox News Digital in an email. “You can also extend this time frame to 90 days to give yourself a bit more flexibility and a larger cushion.”
Once you start searching for apartments, it can quickly get confusing, and you can begin mixing up places you’ve looked at in person and online. To keep yourself organized, create a spreadsheet where you keep track of important information about each place you’re interested in, such as rent price, amenities, extra fees, etc.
When you begin your apartment search, keeping track of all your findings on a spreadsheet can help you stay organized. (iStock)
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That way, you can easily compare and contrast all the apartments you come across.
2. What months typically see lower rental prices?
“Generally, rental prices are lower in the winter compared to the summer,” Xu said.
From a budget perspective, the winter is considered the best time to rent with the low prices often offered, but there are other factors to keep in mind, such as the number of units that will be available to you.
“Summer months typically bring a surge in available apartments while winter offers lower prices,” Xu said. “This means there’s a trade-off between finding a dream home with more options or securing a lower rent price. The summer months see more moves, resulting in higher turnover and more listings. However, with increased demand during this time, renters may face higher prices as demand drives costs up.”
Typically, winter months will have lower rent prices, though there may not be as many options available to you during that time. (iStock)
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