Winter Is the Best Time for Renting
Across the 10 largest metropolitan areas nationwide, apartments were on average 3.9 percent cheaper to rent in the winter compared with the summer months, when competition is higher, according to a new study from RentHop.
The study identified two main factors causing price dips in the winter months: weather and student populations. Cities that are colder in the winter saw bigger discounts for renters, suggesting that the temperature can be an obstacle, keeping people from looking for a new home or apartment. Realtor.com reports that "the influx of college students at the end of summer proved to have a bigger effect on pricing difference between then and winter in cities with more universities."
From peak to trough, one-bedroom apartments are between 2.4 percent and 5.4 percent cheaper in the winter, while two-bedroom units are between 2.3 percent and 5.8 percent more affordable. In dollar figures, that equates to between a $37 and $171 per month savings for one-bedroom rentals and between $36 and $191 for two-bedrooms ... The monthly cost to rent a one-bedroom in L.A. tanks by more than 2.5 percent in November on average, while rent for a two-bedroom is cheapest in December in Miami.