Like many Americans, you may be planning to move in 2025. According to the HireAHelper Moving Migration Report, 25.6 million people moved in 2023 alone.
Anyone looking for a new apartment home has unique needs and priorities. Considerations include type of housing, price, and moving flexibility. Timing is often dictated by circumstances, like when you transfer to a new job or enroll a child in school. If you are currently renting, your lease-end date will be a key factor.
Seasonality
Let’s unlock the secrets of seasonal trends in renting apartments. Apartment List graphed the seasonal nature of searches for apartments and moving companies.
It found that apartment searches peak in June, and searches for movers peak one month later. By November, such searches declined by as much as a third. The HireAHelper Report also highlights the seasonality of moving. While 41% of survey participants moved during the summer, only 6% moved in November or December.
In general, you’ll find greater selection during the prime moving months and better prices during the off-season. Inventory is typically higher from May to September, although there is often more competition for available units. Demand is usually softer from November to March, most notably in January. Think of April and October as transition months when seasonal considerations are more of a wash.
Vacancy rates drive decisions to increase or decrease rents. Soft demand may yield lower rents in the winter. A survey of 10 metro areas revealed that one-bedroom rents were 2.0 to 4.7% cheaper during the off-season, while two-bedroom apartments were priced 1.6 to 7.1% lower.
Be aware that rents may hold steady in low-vacancy, high-demand markets. Rent specials, or a lack thereof, may indicate whether a given market is relatively hotter or cooler. All of this occurs against a backdrop of generally higher demand for housing.
Multifamily Housing: Inventory and Costs
In Q3 2024, the national rental vacancy rate was 6.9%, up 4.5% from Q3 2023. Vacancy rates now exceed pre-pandemic levels in most major markets. A notable exception is Chicago, where vacancies remain lower than during the half-decade ending in 2019.
In general, price increases have slowed. In a Harvard report titled, “America’s Rental Housing 2024,” the pandemic-influenced, highly charged rental market of 2021-22 has cooled. In Q3 2023, rent growth in professionally managed apartments was 0.4%, down from 15.3% in early 2022.
There are now more than 45 million renter households nationwide. The supply of multifamily housing is insufficient to meet demand in some areas. The National Association of Realtors suggests that the effects of pent-up demand will not ease until the end of the decade.
There are exceptions, however. According to real estate firm CBRE, 17 of 69 tracked markets will see multifamily inventories increase by 7% or more in 2024-25.
How Urgent is Your Move?
Are you more of a “high urgency” or “low urgency” renter? In the summer, relatively more renters are in high urgency, while low urgency renters hold an edge in the winter.
High-urgency renters include those who must align the timing of a move with the start date of a new job. Families with school-age children will often want to move during the summer months. Students entering the workforce need housing following graduation in May or June.
Low-urgency renters enjoy more flexibility. They may simply be looking for a housing upgrade in an area they are already happy with. Perhaps their lease ends in the off-season, or they are in a month-to-month lease that simply requires a 60 or 90-day notice to vacate.
Advantages of Off-Season Moves
Booking a mover or renting a moving van is often much easier and more affordable in the off-season. Keep in mind that there may be competition for end-of-month rentals at any time of the year though. Renting in the fall offers potential benefits. For example, a property manager may offer incentives or special promotions on their rentals to reduce vacancies before winter arrives. There are usually more of these available during slower rental months.
When it comes to moving, most renters gravitate to the months when the weather is most amenable. The weather is less of a consideration in warm-weather markets like Phoenix. You might want to align your move with holidays you have off, or when it is easier to use your paid time off.
When You’re Ready to Apply
It is often ideal to ramp up your apartment search 6-8 weeks before your desired move-in date. Allow more time in areas with high demand, or if you’re looking for a place that addresses particular needs. Perhaps you have a pet or pets, for example. Fortunately, landlords increasingly accommodate pets as demand increases. One survey estimates that 41% of renters now live with at least one pet.
In hot markets, be ready to act the moment a new listing appears. In every instance, take a systematic, step-by-step approach to the rental application process. Take advantage of virtual tours as you zero in on your favorite properties. Have your essential documents ready to go. Be proactive by adding a cover letter to your application.
Consider these additional tips to help you to further streamline the process.
About Draper and Kramer
During your search for that ideal living space, also consider new communities that are opening soon. For example, Tempo Nine Mile in Aurora, CO, is a new development now leasing. Tempo Nine Mile offers spacious pet-friendly floor plans at a walkable, amenity-rich location.
In Centennial, CO, The Wright offers upscale amenities, and it is within walking distance of Centennial Center Park. Residents enjoy a resort-style pool, grilling stations, a fire pit lounge, and a basketball court. DK Riata is another newer development. The Austin, TX community is within walking distance of Apple’s corporate campus in the Tech District. Residents enjoy nine-foot ceilings, island kitchens with granite countertops, and in-unit washer/dryers.
Draper and Kramer is a full-service real estate firm founded in 1893. D&K offers a wide selection of distinctive luxury apartments in Illinois, Texas, Missouri, Arizona, and Colorado.
