Seasonality’s Impact on Rental Prices
Getting ready to lease that apartment? Well now is the perfect time to put it on the market. Although renters move year-round, the peak season of moving lies in August.
Apartment searches and moves follow a seasonal trend. Searches tick up from December to January, grow rapidly in July, and peak in the month of August. This is the most popular time of year to move for a few reasons. Fall is a common time to start new jobs, begin a new school year, and is simply an easier time to move. Renters want to avoid the cold or snowy, challenging months. With that being said now is the time to finish that fresh coat of paint, trim the grass, and get that property on the market.
As moves begin slowing down in the fall, rent prices tend to drop, as the demand lessens. For renters, moving in the “off-season” (December or January) they are more likely to expect deals. To get the most out of your property, try to get those rentals on the market before the beginning of the Fall.
**Disclosure: Blog post are the opinion of the author and represent no guarantees nor do they necessarily represent the opinion of TrueRent and/or its affiliates.