Apartment hunting? If you’re like most people, you probably think spring and summer is the best time to rent an apartment. However, if you’re looking for the best value for your buck and the choicest apartments without a fight, November is the ideal month to aim for according to Apartment Guide research.
According to research from Apartment Guide, demand for apartments hits its lowest levels in November, whereas apartments are most in demand during the summertime. For example, in 2015, national demand for apartments peaked in July. Additionally, Apartment Guide saw a reduction of approximately 26% in people searching for apartments during the month of November. If you’re looking for the best time to rent an apartment without bidding wars or crowds, the fall wins hands down. No need to compete with the influx of college students, graduates, and everyone else moving in the middle of summer.
It’s not just the demand that makes November the best time to lease an apartment either. If you’re concerned about your wallet, autumn gives you the most bang for your buck. In 2015, someone who signed a 12-month lease in July will have spent $108 more on rent when their lease is up rather than someone who signed a 12-month lease in November, on average. When there's less demand in November, landlords are a lot more likely to cut you a deal than in the summer, when everyone's trying to move at once.
Thinking about renewing your lease or even making a move to a new apartment? Waiting until November might be your best bet. Who wants to move in during the heat of summer anyway?
Have you found renting during the later months of the year cheaper and easier? Let us know below!