2018 Rental Market Overview

  • Landlords are more likely to negotiate discounts in the winter due to lower demand.
  • The summer housing market generally has a wider selection, but prices tend to be higher.
  • It may not be worth the hassle (and cost) to prematurely end a lease to get on a winter renting cycle.

 

Spring and summer are typically a hot time in the housing market. But if you’re flexible and looking to rent, shifting your search to cooler months can help you score a deal.

A recent study from apartment listing site RentHop found that renters could potentially save hundreds of dollars a year by timing their apartment search. The data showed that the cheapest months to rent tended to be between December and March, whereas the most expensive fell between May and October.

RentHop looked at trends in 10 major cities across the U.S. The average prices of 1 and 2-bedroom apartments each month were compared to find seasonal cost differences.

The seasonal price differences for one-bedroom apartments ranged from 4 percent to 5.4 percent, and for two-bedroom apartments, from 2.3 percent to 5.8 percent. Potential savings varied widely by city, neighbourhood and apartment size.