They say in life, timing is everything. Believe it or not, that concept can be applied to the apartment seeking process. We asked our experts, is there really a “best” time to rent an apartment in Dallas? While there’s technically no magical formula, there are certain factors that can impact the overall outcome. If you’re interested in getting the best apartment for the best possible deal (which we’re sure you are), here are a few expert tips to keep in mind.
Nationally, the majority of apartment seekers list summer as their ideal time to pack up and move. For Dallas apartment seekers, however, spring is more favorable. This is important to know, because it means there is likely to be more competition during the months of March, April and May. Greater demand means fewer choices and lower chances of getting the best deal. Furthermore, moving costs also fluctuate accordingly. If you’ve got flexibility, choosing another, less popular season may net you better results.
According to a recent study by RentHop, the “slow season” for Dallas rental properties tends to be between November and February. That same survey revealed that rental rates during this slow season tend to dip anywhere from 2.6% to 3.2%. For a one-bedroom apartment averaging $1100 a month, signing a lease during the slower season could net a savings of $29 – $35 a month. That may not seem like much, but it adds up to an approximate annual savings of $350 – $420. That’s certainly nothing to sneeze at.
Best Time to Look
If you’re able to move when competition is lower, you’ll want to give yourself enough time to start looking for an apartment – ideally, we recommend a timeframe of 60-90 days. So, if you’re targeting a move-in date of February 1st, then you should begin your apartment search in November or December. By allowing yourself plenty of time to look for a new place, you’ll be in a better position to be able to negotiate the best rent rate and find deals on moving companies, if applicable. Leaving things until the last minute is never good for the budget.
Because it’s more challenging for landlords and property managers to find quality tenants during the slow season (even with the help of a Dallas apartment locator service), they’ll often extend incentives, like gift cards or a free month’s rent. This is often on top of the lower rent rate, so it provides a second opportunity to save. Keep in mind, though, that these incentives typically only apply to new renters, so don’t expect the same fanfare when you renew your lease a year or two from now.
Are you in the market for a new Dallas apartment? Now’s the time to get the ball rolling, if you haven’t already. Our expert apartment locators can match you with the perfect place and help you get the best deal for your dollar. And it won’t cost you a penny to work with us! Act fast – before peak season starts. Get in touch today!