The summer season is typically the peak time of the year for people to relocate. Several factors contribute to this phenomenon. Longer daylight hours, excess free time, better weather, and the receipt of tax refunds (for deposits and application fees) all contribute to the spike in summer rentals.
Alternately, the winter months see the lowest number of relocations, usually explained by a shortage of time and the holiday season. During the holidays, people spend more disposable income leaving little left over to apply towards extra moving expenses.
Due to this cyclical moving cycle, there is an increased demand for apartments during the summer months and a decreased demand in the winter months. As demand plummets, apartment communities offer their best specials and lowest rent rates in order to fill vacant units. If possible, renters should try to capitalize on these savings by beginning a lease when rates are at their lowest.
Depending on when a person’s lease ends, entering the rent cycle during the down cycle may not be possible. It may be beneficial to consider signing a 6 month lease to force a lease end date that falls when rent prices are lowest. Keep in mind, however, that rent prices are usually higher on shorter term leases. Consider if a higher rental rate in the short term is worth the long term savings gained by readjusting your lease end date to begin when rates are at their lowest.
Regardless of the path one decides to take, the use of a professional apartment locator is the best way to secure the lowest rental rates and score special concessions communities are offering. Apartment locators have access to undisclosed specials and are most familiar with amenities, policies and the nuances of different communities. Take advantage of their expertise to secure not only the best rental rate, but also to rent at a property that is best suited to your lifestyle.