Whether renting for the first time or simply moving on to pastures new, searching for a new rental can be a stressful time. Beyond deciding on the ideal location and finding a property that ticks all the right boxes, there’s also the balancing act of timing things just right to contend with.
Renters new and old can struggle to figure out when is the best time to search for a rental. Getting it wrong can lead to being left with few options to choose from or paying over the odds. However, tenants who manage to get the timing right can enjoy a stress-free transition.
With that in mind, let’s take a look at everything renters need to know about when to search for a new place to call home.
Choice vs. Price
Real estate trends are fairly cyclical in nature, meaning that there are relatively predictable ups and downturns in the market. In the vast majority of locations, real estate listings vary by season, with winter months generally offering fewer choices but typically better prices. Meanwhile, summer months tend to boast a wider array of options, but usually at a higher price point.
Understanding the cyclical nature of real estate market trends is important when it comes to deciding when to start seeking out new digs. Next, it boils down to what is the most important aspect for the renter; variety or affordability?
Choose Winter Months for Affordability
In most locations, as the winter months take hold, rental prices tend to drop. Rental rates are typically at their lowest between October and April, with the biggest bargains to be found after the holiday season and at the start of the new year.
The main reason for this is there’s generally a lack of demand, and so many landlords prefer to wait until later in the year to list when the weather—and the market—heats up again. The lack of demand is fairly easy to explain; bad weather isn’t as conducive to moving home as warmer days are, plus schools have started again, and for many, the holiday season takes up time and money.
As such, the properties that are listed tend to offer lower prices to entice renters. The flip side of this is that there are generally fewer listings.
Choose Summer Months for Variety
The market tends to heat up again from May through September. During this time, there’s usually a sharp increase in people moving. Again, the reasons for this are fairly clear-cut.
Schools finish for summer, giving families much more time, high school graduates begin to move out of the family home, and college graduates start moving out of student accommodation to homes that are more suitable as they enter the workforce.
This huge upturn in renters looking for a place to live results in an influx of listings, essentially giving renters more choice. However, high demand goes hand-in-hand with higher prices, meaning rental prices will also tend to be higher. Beyond paying more, it can also be a more stressful experience, with fierce competition in some markets.
Exceptions to the Rules
Of course, there are exceptions to the rules and a lot depends on the nature of the local market. For example, university towns that cater mostly to student accommodation may slow right down in early summer as demand for student digs plummets.
Meanwhile, the most popular locations may not experience a low season at all. Rentals in these hot markets seem to always be in demand, so timing a move based on season may not be effective.
What Is the Ideal Rental Search Timeline?
With an idea of which season to search for a rental, renters next need to think about when to begin their search. Again, this will differ by location, but as a general rule of thumb, it’s good to allow at least 30-45 days to search for a new place to live. The best advice is to narrow the move-in date to a specific month.
For example, renters planning to move in at the beginning of September would be wise to start searching at the beginning of August or the end of July. In hotter markets, the time frame will probably be shorter, since stock moves so fast and most landlords won’t want their property to be vacant for extended periods.
Starting the search too soon, say 90 days, will be fairly fruitless in most cases. Any listings found will usually require tenants to move in sooner, although there may be exceptions.
Tips and Considerations When Searching for a Rental
When considering when is the best time to search for a rental, there are several tips renters can use to ensure they’re getting the best deals.
- Public holidays can have an impact on the number of people searching for a rental in the weeks before, so agents tend to hold off listing properties until after major holidays.
- More options means more competition, so renters are advised to move quickly when they find a rental that they like.
- Plan ahead, budget accurately and make sure that any other costs can be comfortably accommodated.
1. Take Public Holidays Into Account
Most listing agents are aware that public holidays can have an impact on the number of people searching for a rental in the weeks before. As such, they tend to hold off listing properties until after major holidays, such as Christmas and the 4th of July, to avoid the listing being largely ignored. Renters who wait until after these holidays to search will generally find a wider range of listings.
2. Move Fast in a Hot Market
Stock moves quickly in a hot market, especially during the high season. While there will usually be more options, there’s also a lot more competition. As such, renters are advised to move quickly when they find a rental that ticks the right boxes.
3. Tenant Occupied Units Can Be Tricky
As mentioned previously, seeking out a rental too soon isn’t always ideal. However, renters will sometimes find listings that are available in 60 days, normally in slower markets. These are more likely to be occupied, so viewing them can be more difficult to arrange.
4. Plan Ahead
While actually searching for a rental can often be completed quickly, it’s essential to spend longer planning and ensuring the funds are available. Be sure to budget accurately, ensuring that the deposit, first month’s rent, and any other costs can be comfortably accommodated.
Use a Rental Search Checklist
Following on from the last point, planning ahead can help renters bag their ideal rental. The following checklist starts the process of searching for a new rental at 90 days, though this can be streamlined depending on the market.
90-60 Days Before Moving
Around three months before the planned move, carry out the following tasks:
- Research and decide on an area/neighborhood to move to,
- Notify the current landlord of the intent to end the lease,
- Set a move-in date,
- Draw up a rental needs and wants list,
- Create a moving budget,
- Gather paperwork required for moving, i.e. payslips, proof of income, etc.
60-30 Days Before Moving
With two months to go before the planned move-in date, here’s what needs to be done:
- Start searching for rentals and begin applications,
- Start packing the non-essentials and decluttering,
- Contact service providers and advise of change of address.
30 Days Before Moving
The last month before moving doesn’t have to be stressful, just follow these steps:
- Sign lease agreement for a new rental,
- Organize moving day,
- Finish packing,
- Deep clean current rental,
- Check inventory and complete the final walkthrough.
Finally, all that’s left to do is move into the new rental and begin a new chapter.
Image credit: Gorodenkoff / shutterstock.com
