Winter, Spring, Summer or Fall….which season is the best to rent for all?
Good question. As you know, rental rates fluctuate with seasons and consequently supply and demand. It makes sense that the highest demand for rentals is at the end of the school year when rentals open up as people move on to the next step in their lives. They will move on to another rental somewhere and a new lease is signed for the home that they have vacated. It is a very busy time and you can almost count on the cyclical turn of events every year. On the opposite side of the spectrum the winter months typically see the lowest relocation activity. Renters typically don’t have to relocate mid year. Also, it can also be explained by a shortage of time and money due to the busy holiday seasons.
The result of these cyclical moving cycles is increased demand for rentals in general during the summer months and a decrease in demand for housing during the winter months. It then goes without saying that high demand for rentals will cause sharp increases in rent in the months leading up to the summer season.
So what does this rent phenomenon mean for renters? Quite simply, the best time to rent is during the winter months when landlords and rental communities are offering the most competitive specials and lowest rents. This is an easy rule to follow if one is at liberty to move in the winter, but what about those of us who are in leases that do not expire until the summer months?
If you know that you will be renting for the next couple of years it may be financially sound to execute a six-month lease on your next rental home. The six-month lease would allow you to exit the high rent cycle of leasing during the summer months and enter the winter low rent cycle. The downside to the this is that rents are usually more expensive when signing a six-month lease. It pays to do your homework and seek the services of a property management company or a real estate professional who specializes in rentals.