If you are thinking of moving to Philly, keep reading to learn about the best time to look for apartment rentals in the city.
The Spring and Summer months in Philadelphia are sunny and beautiful, making every space look that much brighter and better. In theory, touring apartments during these months seems ideal. Unfortunately, touring and renting during the warm and sunny months is not in your best interest. Renting trends and data suggest the chilly months to be the ideal time to rent in Philadelphia. According to a study done by Renthop, a housing data site, renting an apartment in the colder months could save you hundreds of dollars a year.
This study recorded the rent price of 1 bedroom and 2-bedroom apartments in Philly throughout different times of the year to determine the best time to rent. In general, rents tend to be lower in the winter months. More specifically, there is a peak season and a trough season, meaning the most and least expensive times to rent.
According to the study, Philly’s peak season begins in March and as the days go on the prices go up. When May hits, prices hit their peak price and remain about 4% higher than average until September or October. The slow season starts in December, which is the cheapest time to rent a 2-bedroom apartment. But if you are just looking for a 1-bedroom, then shooting for signing a February lease will be best.
According to 2019 data, renting a 1-bedroom apartment during the slow season could save you anywhere between $500 and $1,700 per year. The savings for renting a 2-bedroom apartment in the slower season could be anywhere from $600 to $2,100 per year.
Inventory of Philadelphia rentals is at its highest between May and September and so are the prices. To cut renting costs, begin your apartment search in the middle of the month before you want to begin your new lease. This way is ideal, as most leases end towards the end of the month or the very beginning of the month. Searching at this time is optimal because by this time in the month all move-out notices have been given to your management company.
Deciding when to look for apartments in Philly largely depends on your preferences, budget, and living situation. If options are what matters to you the most, then March through September is the best time for your search. If price is your primary concern, then contain your search from October through February.
Either way, getting to know the rental market in your area before an apartment search should be of top priority. Feel free to
contact our experienced team if you have any further questions regarding the best times to apartment search in Philadelphia.
