This Is the Best Time of Year to Sign a Lease, According to Study
If you’re planning to move to a big city, one of the major questions you’re likely to ask is: When is the best time to sign a lease? Well, put on your warmest coat because the most affordable time to rent an apartment is the winter, according to a study conducted by RentHop.
The study examined the top 10 largest cities based on population in the U.S. to analyze seasonal rent trends across the country. It found that the best (read: most affordable) months to rent are between December and March, while the worst months are between May and October. On average, it’s 3.4 percent cheaper to rent in the winter than in the summer.
Why is it cheaper to rent in the winter? One cause could be the weather. Analyzing monthly temperatures of each of the major cities, there was a moderate correlation between temperature variations and rent variations. Basically, cold weather, especially in places with high weather variations like Chicago, is likely preventing people from going out and searching for new apartments. Another reason could be that people may either move to cities after graduating from school or before starting a new school year, both time frames that would typically fall between May and August.
So based on its results, the study recommends that renters should try and get a “winter” lease renewal schedule, and they should be wary of non-standard lease terms that could push them from a winter schedule into a summer and early spring one. But renters should also keep in mind that while it may be cheaper to sign a lease in the winter, there might be a trade-off between cheaper rents and a larger selection of apartments.
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