The Best Time to Buy a New Apartment in Ten Major US Cities
In general, autumn is the best time to look for a new apartment . However, this depends on the city. RentHop took a close look at the data for ten different metro areas to find out what prices look like throughout the year.
RentHop uses publicly available data to determine historical rental prices for different cities. (They also clog the neighboring apartments ). In this study, they examined the difference in average monthly prices for one-bedroom apartment rentals to determine the best time to close a deal in ten major metro areas.
As you can see in the image above, NYC’s lowest rents are around December and January, and it’s no surprise that prices peak in the summer. Here are nine other areas on their list, along with the cheapest months to rent.
- Los Angeles: December
- Chicago: April
- Miami: January
- Atlanta: March
- Charlotte: November
- Houston: January
- Philadelphia: December
- Phoenix: April
- San Diego: February
Keep in mind that these are generalizations based on median data for one bedroom apartments, so your mileage may vary. However, trends are still fun to watch, and you can see how prices fluctuate in each city by following the link below.
Seasonality of rent 2016 | RentHop