The Mailbox: Best Time to Lease?
4 03 2010
It is time once again to take a look into the DCMetrocentric mailbag. This time we have a question from Erin who is looking to get a good deal on an apartment lease:
“I hear that rents during the summer months are pretty outrageous in DC. But come September, can you get a good deal on an apartment? Or, perhaps a better way to phrase the question is: Are there any times of the year when apartment rents in DC are cheaper than others? My boyfriend and I are aiming to move in together in September, but want to put it off if we’ll get a better deal later in the year. Thanks! Erin“
Well for the most part if you are signing a year long lease we wouldn’t worry about timing, most of the larger apartment management companies set their prices once a year and that is it. In those cases it would actually be better to sign a lease sooner to lock in a monthly rate before they rise. However you are right that during the summer time, things get crazy with all the interns in town looking for housing. Short term summer leases can end up being almost double a typical comparable rate. Anyone else out there want to chime in?
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I have found that lease rates only go up, so the sooner you can sign a lease the better to get those rates locked down
“…most of the larger apartment management companies set their prices once a year and that is it.”
That’s a bit of a misdirection. Although it’s true that the yearly prices are set, as a building’s occupancy goes down, sign-on bonuses go up. If a building has X% vacant units, expect to get a free months rent or some other form of large bonus that you’d not find during “peak” months that will significantly change your overall yearly rental costs.