Ready to move to a new apartment? Turns out there’s a right and wrong time to find a place to live. If you pick the wrong time (the busier time), you may struggle to find cheap moving rates. Or, you might find that the competition for finding new homes is intense.
So, when is the best time of the year to rent an apartment?
Don’t stress out. We’ll discuss how to find your perfect home no matter what time of the year it is and what you can do if you’re forced to switch houses during the busy season.
Is There a Best Time to Move?
The seasons change, and so does the housing market. While there are always amazing apartments available, there’s definitely certain times in the year when you can get a better deal or find a better selection of apartments to choose from.
This is particularly true for Chicago, where seasonal rental patterns definitely influence the price of properties.
The Best Time to Rent an Apartment (For More Options): Summer
The best time to rent in Chicago if you want the widest selection of available apartments is at the end of summer.
Student’s leases expire, and new students move to the city to attend the famous universities in Chicago. Others aim to move house before the cold winter months. This raises the demand for apartments to rent in Chicago, and the turnover of tenants is also higher.
If you truly want to find the most ideal property, this is the best time to rent an apartment. However, this is definitely not the best time if you’re looking for the best deal while apartment hunting.
The Best Time to Rent (For the Best Price): March
Supply and demand shape the prices on the rental market. When a lot of people are looking for apartments, landlords have the freedom to raise prices.
That’s why the best time to rent an apartment cheaper is after the student rush. November and December may be cold in Chicago. However, the prices of properties are also much more ideal than in the summer.
If you can brave moving in the snow, the price of your apartment can make up for the inconvenience.
Generally, this trend in lower rent prices continues until early spring. According to RentHop, the best time to sign a lease on a Chicago apartment is March.
If you want to negotiate your rent, winter is also the best time of the year. You’ll have more leverage as landlords are eager to keep their properties occupied. And with fewer people shopping around for apartments, they’ll be more likely to discuss rental rates.
How Has Covid-19 Impacted Renting
A lot of tenants in Chicago renewed leases during the pandemic in 2020. Others had to move due to lost jobs. And many moved out of the city to take advantage of more spacious properties in the suburbs. This put a pause on the housing market.
It was a good time to rent luxury accommodations at lower prices. Due to lower demand, better properties closer to the city center became available at more affordable rates.
However, now the housing market trend is (slowly) turning back to its pre-pandemic state. It may be easier to find a property at an ideal price because the need to fill apartments is higher than ever. Still, landlords are also more cautious, and they’re more critical in their apartment background checks.
What’s the Price Difference Between Renting an Apartment in the High Season vs. the Low Season?
In Chicago, renting in the summer could mean a 2% higher rent per year. Meanwhile, renting in March could also save you 2% overall.
While a 4% difference doesn’t seem like much, it can quickly add up.
For example, if you rent an apartment for $1,800/month, you could save $80 every month just by renting during the ideal months. That’s almost a thousand dollars of savings every year!
It’s Always a Great Time to Rent an Apartment in Chicago With Brixbid
When the best time is for you to move to a different apartment depends on your circumstances. Often, you have no choice but to move. But, if you can wait, you can find better rental deals during the winter.
With that said, there’s no reason you can’t find your dream home now at a reasonable price. You just have to know where to look.
Brixbid’s apartment listing platform features incredible properties. Best of all, with our platform, you can negotiate your rent easily. So, you can find a great deal on a rental property, even in the summer season.
Find your dream Chicago home on Brixbid!