When Do Apartment Rents Typically Go Down?

Apartment rental prices frequently change based on various influences. Understanding these fluctuations helps renters make informed choices about when to search for a new home. The timing of a rental search impacts available options and potential costs, shaped by predictable patterns and market forces.

Seasonal Rent Patterns

Apartment rental prices follow distinct seasonal patterns. Rents are higher during warmer months, from May through September. This increase is driven by heightened demand as many prefer to move when weather is favorable, schools are out, or job transfers occur. Approximately 41% of all moves occur during the summer months.

Conversely, rental prices decrease during colder periods, from October through April. Demand for rental units lessens in November and December, as fewer people move during the holiday season or in inclement weather. This reduction in demand prompts landlords to lower prices or offer incentives to fill vacancies. Prices are often cheapest in November and December before gradually rising again in January.

Economic and Market Shifts

Broader economic conditions and local market dynamics also influence rental price changes. A growing economy and strong employment rates increase housing demand, leading to higher rental prices. Conversely, economic downturns or weaker employment reduce demand, leading to lower rents. These factors indicate longer-term shifts rather than short-term fluctuations.

The supply of available housing units affects rental costs. In areas with limited housing supply and high demand, rental prices increase. When there is a surplus of available rental properties, landlords lower rents to attract tenants. A 10% increase in a market’s housing supply has been correlated with rents growing 5% less over several years. New housing construction can slow overall rent growth, especially in areas with many new apartments.

Lease Cycle and Negotiation Opportunities

Individual lease cycles and landlord circumstances create opportunities for rent reductions. Landlords are more willing to negotiate rent when a property has been vacant, as an empty unit represents a loss of income. The cost of tenant turnover, which can range from $1,000 to $5,000, also provides landlords an incentive to retain good tenants.

Timing a rental search during the off-peak season provides more negotiation leverage. During these months, fewer renters are looking, making landlords more receptive to offers to avoid prolonged vacancies. For current tenants, initiating a conversation about rent negotiation two to three months before a lease expires provides time for discussion and allows the landlord to consider options before finding a new tenant.