Finding the Perfect Apartment: Timing, Tips, and Negotiation Strategies
Are you on the hunt for a new apartment? Timing your search can make a significant difference in the rental price and availability of units. At O1ne Mortgage, we understand the intricacies of the rental market and are here to guide you through the process. For any mortgage service needs, feel free to call us at 213-732-3074. Let’s dive into the best and worst times to rent an apartment, and how you can negotiate to get the best deal.
When Is the Best Time to Rent an Apartment?
The winter months, from November through March, are generally the best time to rent an apartment if you’re looking to save money. According to the 2023 HireAHelper Migration Report, only 6% of moves occur during November and December. This low demand means landlords are more likely to lower rents to fill vacancies. You might find rental prices about 5% lower during these months compared to peak seasons. Additionally, landlords may offer other concessions, such as waiving the security deposit or including utilities in the rent.
Another advantage of moving in the winter is the ease of booking movers. With fewer people moving, you can schedule movers to fit your timetable, and they are less likely to be rushed, reducing the risk of damage to your belongings.
When Is the Worst Time to Rent an Apartment?
The summer months—June, July, and August—are typically the worst time to rent an apartment. Demand is at its highest during these months, as the weather is good and school is out. With more competition among renters, landlords are more likely to increase rent, and there’s less room to negotiate for a lower rent or other concessions. Highly desirable units, such as those with good locations and exceptional amenities, get snapped up quickly, so you must be ready to act fast.
When Are the Most Apartments Available to Rent?
You’ll find the most apartment inventory during the summer, especially from May to September. More people move during these months, leading to higher turnover and more available listings. Many renters sign 12-month leases in the summer, continuing the cycle of new units hitting the market during this season. However, this also means more competition among renters, higher prices, and the need to make quick decisions.
When to Start Looking for an Apartment
It’s a good idea to start your search one to two months before you plan to move or when your current lease is set to end. This timeline should give you enough time for a smooth move into a new rental and avoid a scenario where you’re left without a place to live. Check your lease agreement to confirm the amount of advance notice you must give your landlord before vacating your rental.
If you’re in a competitive market or if unique factors affect your local rental market, you may want to begin your search early. For example, if you live in a university town, you may want to get approved for an apartment a month or so before students are expected to return for school. Similarly, if you’re planning a move to a larger city or highly desirable neighborhood, start apartment hunting early to navigate the greater competition for apartments.
Can You Negotiate Rent?
Yes, it’s possible to negotiate your rent, particularly in the winter months when landlords have fewer applicants to choose from. A successful negotiation often depends on compromise. Ideally, you’ll find a solution that meets your needs while also helping the landlord meet theirs. Here are some tips to help you negotiate a better deal and save on rent:
Research Available Apartment Listings
Before you sign a lease agreement, take time to research your local rental market. Compare prices for similar apartments in the same neighborhoods with the same amenities like parking, utilities, and fitness centers. Also, pay attention to how fast similar apartments are being rented. You’re more likely to snag a lower price or another concession if it’s likely to sit vacant for a period.
Make a Case for Yourself
In a competitive rental marketplace, you’ll want to separate yourself from other potential tenants vying for the same apartment. Demonstrate your qualifications to the landlord, such as a strong employment record, good credit, and renters insurance if you have it. Submit reference letters from previous landlords or neighbors to bolster your application.
Aim for a Win-Win Situation
Consider what concessions you can provide that would benefit the landlord. For example, you could offer to sign a longer lease or pay several months’ rent in advance, if possible, in exchange for a lower rent. You could also offer to take care of yard maintenance, minor repairs, or updates.
Strengthen Your Credit Before Applying for an Apartment
Not all landlords run credit checks on potential tenants, but many do. It’s wise to shore up your credit before apartment hunting since your credit gives landlords a snapshot of how well you manage your finances and pay your bills. While there’s no industry standard or minimum credit score required, most landlords will want to see that your credit falls in the “good” credit score range (670 to 739) or higher. Consider checking your credit report and credit score for free with Experian to see where your credit stands. If necessary, take steps to improve your credit quickly before applying for an apartment lease or other forms of credit.
At O1ne Mortgage, we are committed to helping you find the perfect apartment at the best price. For any mortgage service needs, call us at 213-732-3074. Our team of experts is here to assist you every step of the way.
