Now is statistically the worst time of the year to rent an apartment, but prospective renters with flexibility can save some money if they can wait until November or December to initiate a lease. According to an analysis by Apartment List, the average savings on rents in the winter is 1.6%, or between $50 and $100 per month.
Shifts in rent costs follow predictable patterns shaped by location, weather, school calendars and job seasonality, said the analysis. Renters who move during slower months can unlock lower rents and better deals, while landlords can identify surges to help justify rent increases and boost occupancy.
Rents are cheapest at the end of the year as motivation to move wanes during the holidays and colder weather. As renters dive into a new year and start thinking about resolutions, the rental season begins to pick up in January. Rents steadily increase during the spring and typically peak in June and July as people take advantage of warmer weather and time their moves so they can be settled before school resumes.
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In the fall, rental housing demand begins to fall and property managers may be more willing to negotiate rents and concessions to keep vacancies low. Beyond rents, deals and availability may be more likely with moving companies since fewer people are moving around in the winter, said Apartment List.
The firm identified five U.S. cities where rent prices significantly drop in the winter and offer deals for those prioritizing their budget while apartment hunting. Oakland, California, topped the list with deals to be had in the winter months when summer crowds have dissipated. The median rent in Oakland is $2,005. Days are typically sunny and comfortable even in the cooler winter months, making it a pleasant time to explore the city’s outdoor attractions.
Long Beach, California, came in second on Apartment List’s ranking with median rent of $1,771. Landlords eager to fill vacant units after the market’s summer rush are more likely to offer competitive rent rates and negotiate with potential occupants, leading to significant savings. Long Beach's attractions and amenities become less crowded as well, allowing renters to enjoy popular beaches, museums, and cultural hubs.
In third place was Corpus Christi, Texas, where median rent runs $1,228. This coastal market attracts visitors year-round, but rent prices tend to fall in the winter months. The beaches, attractions and outdoor spaces in Corpus Christi have lighter foot traffic during the off-season.
Atlanta ranks fourth on the list with median rent of $1,528 and rental prices typically become flexible in the winter. The market offers a variety of options, from trendy lofts in Midtown to cozy bungalows in Decatur. A combination of affordability and a calmer, more laid-back environment makes Atlanta an attractive option for those considering a winter move.
Finally, St. Louis ranks fifth with median rent of $1,122. Winter in St. Louis brings a decrease in leasing activity, making sought-after areas like Central West End or Soulard more accessible.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
