The real estate market is known to be both cyclical and seasonal. With that, the best thing to do is to pay close attention to these changes to get the best deals when thinking of renting a new place, especially during the summer. There are several known factors that can affect the property inventory in the rental market. Job opportunities, school schedules, as well as the weather can be a big influence on the changes in the real estate market. Studying these and taking them into consideration before leasing a new place can provide potential renters the best chances of landing their dream property. Here are some tips for summer renting.
5 Things You Should Know About Summer Renting
The months of May until September are considered the busiest period. There is an increase in rental inventory and rental-moving activities during these months. Before finally deciding to get a new place, here are important factors to understand about summer renting and how it will impact your move.
Best Time For Apartment / Home Hunting
Determining the target moving date is crucial for this part. Once there is a moving date in mind, for example, the month of August, the best time to start looking for a new place is the last few weeks of the previous month. In this case, that would have to be the last two or three weeks of July. This may seem last minute but it does make a lot of sense seeing that most renters have leases expiring during the month-end or the first few days of the following month.
Save in Advance
Since summer will be the target season to move, and this would also mean rental prices will increase during that period, the best thing to do during the spring is to save up.
Getting A Better Understanding Of The Neighborhood
Summer does not only affect the demand in terms of rentals but it also reveals how the neighborhood behaves. It is during this period that people usually show an increase in their social activities. This will give you a better feel of what the neighborhood is like and if it would suit your preferences.
Off-Season vs Peak Season
Once you come up with the decision to rent a new place, determining whether doing it on an off-peak or peak season also needs significant consideration. For individuals who are facing budget constraints, winter may be the best time to secure a new rental. It is during this season that property owners offer lower prices and are more willing to negotiate. However, bear in mind that it may come with some disadvantages. It is during these months that there are lower vacancies and lesser selection of properties. Additionally, it is also difficult to move furniture and other bulky items during the cold winter months. On the other hand, the warmer months offer a greater turnout of available properties that potential renters can choose from. It also offers a lot of conveniences with regard to moving in household appliances.
Book Service Providers In Advance
Once it has been decided to push through with leasing a new home and all the necessary paperwork is done, booking service providers for the actual move is the next logical thing to do. Since summer is a very busy season for moving, storage units and moving trucks are also in high demand. Book well in advance, if possible, to get a good head start. However, if the moving day falls on a weekend, it is best to book service providers two months in advance. This will give you peace of mind and make the move hassle-free.
It is true that renters move all-year-round. However, it has a significant increase during the summer for several reasons. Major life changes such as starting or shifting to a new career, family growth, and the weather itself have made summer a popular time for moving into a new place. Nevertheless, as a part of the preparation, knowing what to focus on, such as the perfect time for apartment hunting, when to start saving up, or if renting during the peak season is the right decision can be a big help. Depending on a person’s circumstances, these vital points need to be carefully looked into before making the final call.
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