Choosing the best apartment is complicated. If you have the luxury of choosing which time of year to begin your apartment lease, there’s even more than usual you need to consider. When are Texas rental rates the lowest? When do other renters want to buy most? And when will the most options be available?
The most significant differences are apparent when we compare summer to winter.
Let’s begin with what the renting climate is like during the summer season.
The Case for Renting During Summer in Texas
To answer one of our questions right off the bat: most Texans move during the summer. This is largely due to the fact that college students aplenty are moving into new apartments before summer ends. On top of that, the weather is generally better and more predictable during the summer. Even in Texas, where summer temperatures can be less than ideal, there tends to be less wet weather. This makes loading and unloading your possessions easier and safer.
Texas are apt to search for apartments during summer.
All of this amounts to more turnover from roughly the beginning of May to the end of September. More turnover means more rental options for you to choose from.
However, with more apartments available comes more demand for those vacant spots. People who move out of apartments are most likely to move into another one in the same city. With this in mind, you may need to act quickly to ensure your favorite picks aren’t filled by another tenant.
Another consequence of increased demand is that landlords can afford to raise their prices. It’s basic economics that those aforementioned college students are about to learn in Econ 101: When demand increases, prices and quantity tend to increase too.
The Case for Renting During Winter in Texas
You can probably guess where this is going. What was true is in the summer is false during winter and vice versa. The winter season, especially between the start of the new year and mid-March, yields the lowest rates. In fact, renters with leases ending this time of year save about $30 per month on their next apartment.
Winter = lower prices.
Demand for apartments is typically at its lowest throughout winter. If we go back to our Intro Economics class, when demand decreases, prices and quantity do as well. Keep in mind that low quantity here means that there are low levels of moving activity. Prices will be lower, but your favorite properties will be less likely to have an opening for the type of apartment you want most.
The best time to rent in Texas depends on what you value most. If you aren’t so picky about exactly where you live and what the apartment itself is like, you should buy during winter. You’ll get the most for your money then. If you’re more concerned about having the best amenities possible, buy during summer. That’s when the most options will be available. If you still can’t decide or want assistance in finding your new home, contact Pauly Presley Realty today.