What is the best time of year to rent an apartment? Typically, apartment hunting during the winter is more common than hunting during the summer. Past research shows that fewer people opt to search during the colder, holiday months. Need to know when to step up your A-game when finding potential residents? Read our blog to discover how to fill your properties during the fall and colder months!
How Does Seasonality Affect Renting
Even though recent studies demonstrate that specific life changes and weather conditions mean a much higher turnover rate in real estate during the summer, this is also the downfall of leasing during this season.
Finding a potential resident is more manageable, and there is a broader selection of people apartment hunting to choose from during the summer. However, precisely because the summer season sees the highest levels of rental activity, the demand for rental space is also extremely high. This makes competition extremely difficult, sometimes unbearable.
It can also be a more stressful time to hunt: ensuring the renter’s peace of mind during their apartment search is pivotal. Potential renters are often ready to act fast when they find a space they like.
As the temperature drops, so do prices. The lowest rental rates are usually found between October and April, particularly right after the new year, and it may seem as though fewer people are interested in moving. However, because many communities are trying to stay as occupied as possible, most are not considering advertising their property as much as they can so that when a lease is up by November, they find themselves struggling to fill that vacancy. Preparing for leases to end is just being one step ahead of the game.
When Do Renters Begin Their Apartment Hunt
Once the moving season begins, so do your advertising tactics. If you are aiming towards a younger demographic, Google ads, Instagram posts, and ads will be your best bet. If renters start hunting to move by November, usually, their search will begin by the last two weeks of October. While this tactic may seem last minute, it’s really optimal for you as the renter if you have last-minute movers or leases about to expire at the end of the month.
You know how stressful your potential residents can become when they are seeking a new home. Ensuring your community is their number one option is pivotal. Need assistance during these months to ensure you are getting your property marketed correctly? Contact ApartmentSEO® today!