When Is the Best and Right Time to Rent an Apartment?

When you want to rent an apartment, you always think about the right or the best time. You always get confused about the right timings of renting out an apartment. When you choose the best and right time for renting an apartment, some of the common factors you should consider before taking a decision. The obvious thing is, if you want to rent an apartment you should have ample cash flow or savings. But, if you have low income, you can also rent an apartment by waiting for the time when the rents are low.

Some of the key points you should consider for the best time to rent an apartment.  

Rents are Higher in the Summer

Summer is the expensive season for renting an apartment. The one reason behind this is, it is one of the busiest rental moving period. Between the months of April to September. So, if you want to rent an apartment do not choose in this season. Most of the people move to rent apartments in summer. For instance, many high school graduates are leaving home in summer and seeking rental apartments near their universities and colleges. College graduates are looking for renting apartments close to where they will start their careers. Also, summer is a warm weather, it makes loading and unloading of furniture more convenient.

These weather changes during the summer season (April to September) result a higher turnover rate. Although, finding an apartment in summer is an easy task. Also, there is a wider option of apartments in summer to choose from. However, in summer season most people see and demand for renting the apartments, so rents are extremely high. This elevates the cost of rental fees, sometimes up to double. That fee might be negotiated during the off seasons like winter and fall

Best Season is Winter

If you want to rent an apartment, winter is the best season for you then. You will find the lowest rates of rents during winter and fall season. The best months are from October to March. Typically, the right time is after Christmas. At this time just, few renters are looking for rental apartments. If you really want to move, you will find the best rental bargains during winter. Although, moving activity is at low level suing winter and turnover typically means that it is difficult to find exactly the type of apartment you would like to have.

 Hunting the Apartment

First and important thing, you should know about the best and right season for you to rent an apartment. Once you know the season, you now have to find the right season for you, the next target for you is to find out the right apartment for you. If you have selected June as a target month to move, you should start hunting the new apartment for you by the end of the April. This will be the ideal month for you. If you could not start hunting by the end of the April, do not be late it too much, you should start hunting then by the start of the May. Always try to find as soon as you can. But if it is not possible for you then do it from the mid of the previous month.

After selecting the right month, you have to pay attention on the apartment. Do not rush for any apartment you find low in price or you met first. Right apartment, according to your need, demand and likeness are significant. Choosing the right apartment is also necessary. 

You can easily find an apartment in winter because many renter’s lease is going to expire in this season. Renters who are vacating the apartments have given the thirty days prior notice to vacate. This is the best time space for you to rent this house. However, the best and the right time is totally depending on the renter’s personal circumstances. 

Short Comparison between Single Family and Multifamily Investment

So you have decided to invest in real estate. It may turn out to be a great decision because real estate has the capability to provide greater ROI. Now, you may wonder what option to go for. You have the option to invest in multifamily or single-family homes. If you want to start with small investment and want to build cash flow in a gradual manner, you can go for single family investment. It is largely perceived as a safer option. On the other hand, you can go for the multifamily investment if you want to get lucrative return on investment. Nevertheless, the investment in multifamily real estate can be a bit challenging.

Here, you may think what path is the better one. It is worth explaining answers of a few questions in this regard.

Can I invest on my own or do I need partners?

This is the question that you may ask yourself while investing. If you are expecting the ROI to be lower, it would be a bad idea to involve other investors in the business. More specifically, you do not want to share your profit when you are planning to have income from a single family home because this mode of investment doesn’t provide bigger cash flow.

On the other hand, multifamily investment will require you to look for other investors because it would be a large investment to make. Moreover, you may not want to deal with the multifamily challenges on your own because there are plenty. Involving other parties in the business will help you share the burden. The lucrative return on investment can be divided, and you will be able to get a reasonable chunk from the profit.

Who is going to manage the property?

This one remains to be a complicated question to answer for many people. Typically, you will not want to go for the professional property management if you have invested in single family home. More specifically, hiring professional management for such properties is largely perceived as a bad idea if investor has free time to manage the property. However, you will have no option other than hiring professional management if you do not have free time to manage the property.

Managing a multifamily building is, however, a completely different animal. Whether or not you have free time, you are always going to require the services of professional property management team because there is a huge difference between managing one unit and managing 12 units.

Comfort level with the risk

This one is a tough question to ask but it is something worth asking yourself. You may want to go for the safer investment options but you have to keep it in mind that safety typically means reduced cash flow. On the other hand, if you are capable of managing the risk, you can earn something bigger. Now, you can fit this question in scenario of single family vs. multifamily investment.