If your lease is up and you’re on the hunt for a new place, now is the time to start looking. Believe it or not, winter months not only offer the most rental options, rental rates are the lowest during the cold season. It might be inconvenient to move when it’s raining and snowing, but you can get the place you want at an affordable price. In this article, we’ll make a case for moving in winter. Most importantly, protect yourself and your new dwelling with a Glen Rock Renters Insurance policy.
Like any other business, rental properties are seasonal. When college kids start school and throughout the summer, the market hits its peak. On the contrary, winter months are traditionally slower times and leasing companies and landlords struggle to fill vacant properties. Rather than allow a space to sit empty and not earn any income, you can negotiate a better price.
The best months to find a deal are between October and February, when property management companies will often simply lower the rent or offer deals such as a month or two of free rent, especially if they have a large number of vacancies to fill. If you’re looking for a place with outdoor space, the savings can be even greater, as a terrace or backyard often carries a premium in the summer but is ignored in the winter, says The Motley Fool.
If you’re planning on staying in your current rental but your lease is about to expire, now is also a great time to renegotiate your terms. Remember that leasing properties are in a bind this time of year so you can use that information to your advantage to get a more competitive rate on your upcoming lease.
You can also save a few extra bucks if you start looking at new developments. Properties without an existing reputation will be eager to fill vacancies, so it’s wise to tour new complexes. Especially in neighborhoods where new developments are going up, there will be more competition, so take advantage!
Rents have boomed in the post-recession years following the housing bubble, but supply seems to have finally caught up with demand, as the apartment vacancy rate went up for the first time since 2009 in the third quarter of last year, ticking up to 4.2% from 4.1%.
Rent is likely the biggest expense you have, so why not take the time and shop for properties when the market works in your favor?
About David G. Sayles Insurance Services
At David G. Sayles Insurance Services, we strive to protect the investments of homeowners like you. Our comprehensive policies are customized for you to provide the exact coverage you need. For more information, contact us today at (800) 439-0292.