Renting an apartment may sound as easy as picking a place, filling out an application and moving in. But there’s more to consider for renters, especially when it comes down to money. In a recently released study from RentHop, statistics show that of the 10 largest metropolitan areas nationwide, apartment rates were 3.9% cheaper in the winter months compared with competitive parts of the year like summer and spring.
By The Numbers
The study dove into the details of rental rates depending on size as well. For one-bedroom apartments, renters can save anywhere between 2.4% and 5.4% and two-bedroom units are between 2.3% and 5.8% cheaper. This equates to anywhere between $37 and $171 per month savings and between $36 and $191, respectively.
Conversely, the worst time of year to look into renting a new unit is between May and October, the time of year when people tend to move on to new jobs or consider a new city.
What Makes it More Affordable in Winter?
There are two main factors behind the financial break during the winter months: weather and student populations. Cities that typically see colder weather than other parts of the country during the winter saw greater discounts. This suggests that the temperature can actually keep people from finding a new home.
For areas that have a high population of college students at the end of the summer proved to have a bigger effect on overall price difference between then and winter months. Essentially, if you’re looking for more affordable rent, look at college towns in snowy parts of the country.
Boston, for example, has the fourth-largest college student population in the nation. Schools like Harvard, MIT and Boston University are standout universities that contribute to the region’s fluctuating rental prices that spike between August and November, and take a bigger dip between December and March. Compare that to Los Angeles and Miami as both represent mild swings in apartment pricing at just 2.5% cheaper than during warmer months.
When looking for a new apartment, it’s best to consider your options when it comes to current leases. If you’re in the middle of a lease, it’s best not to break it for a new lease. Even though you will save more money during winter, that pales in comparison to breaking a lease agreement that can end up being very costly depending on your contract.
No matter the time of year, however, investing in renters insurance is always a necessary piece of protection needed for renters. This kind of personal insurance is specifically made to provide protection for renters against things like fire, theft and vandalism on apartment premises. Work with regional insurance providers, such as Indianapolis agents specializing in renters insurance, who can provide the right coverage package.
About Walker & Associates
If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.