The summer season is typically the peak time of the year for people to relocate. This moving phenomenon has been explained by a number of factors including longer daylight hours, better weather, arrival of needed tax refunds for rent deposits and down payments, and excess free time (especially for students who are preparing for the fall semester).
Conversely, the winter months typically see the lowest relocation activity. This is usually 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 apartment homes and residential property in general during the summer months and a decrease in demand for housing during the winter months. Elementary concepts of supply and demand tell us that the high demand for apartment homes, town houses, lofts, duplexes, garage apartments, and other residential structures will cause sharp increases in rent in the months leading up to the summer season.
So what does this rent phenomenon mean for apartment dwellers? Quite simply, the best time to rent an apartment is during the winter months when apartment 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 apartment home. The six-month lease would allow you to exit the high rent cycle of leasing apartments during the summer months and enter the winter low rent cycle.
The downside to the above analysis is that apartment rents are usually more expensive when signing a six-month lease; however, this cost would easily be justified by lower future apartment rents due to being in the low rent cycle.
The reality is that the majority of apartment dwellers cannot afford to pay higher apartment rents on shorter lease terms. This makes it all the more important to seek professional apartment locators to find the lower rents in the local marketplace.