Renters Pay a Premium to Move in the Spring and Summer

Date : 06/18/2019 @ 8:00PM
Source : PR Newswire (US)
Stock : Zillow Grp., Inc. (Z)
Quote : 48.12  0.0 (0.00%) @ 8:19PM
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Renters Pay a Premium to Move in the Spring and Summer

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SAN FRANCISCO, June 18, 2019 /PRNewswire/ -- As the school year winds down, many renters prepare to find and move into a new home before the next school year begins. However, a new HotPads® analysis finds that renters can pay a premium for rental homes or apartments listed in late spring and early summer. In 37 of the 50 largest metro areas, the median asking rent reaches its highest point for the year in May, June or July.

Nationally, rentals listed on HotPads have the highest asking prices in May, with the second and third highest premiums in June and July, respectively. In May, the median asking rent for apartments listed on HotPads is 5.7 percent higher than it is on average, which equates to spending $88 more in rent every month. Nationally, the premium for renting in June is 4.1 percent, or $63 a month. In July, that premium is 2.4 percent, or $38 a month.

While most markets peak in the summer, the most expensive time to rent an apartment can vary by market, since local factors like housing supply can influence the amount of renter demand at any given time. In Providence, R.I., the median asking rent price peaks in March, when rentals are listed at a 2.2 percent premium. That equates to an additional $40 in rent each month.

The rental market in Columbus, Ohio doesn't peak until September, but renters in Columbus pay the highest seasonal premium. The median asking rent in Columbus is 7 percent higher in September, which translates to an extra $103 a month in rent. After Columbus, renters in Buffalo and Oklahoma City pay the next highest premiums.

The rental market has been picking up steam this year following stagnant prices in 2018. Move-in specials like rent discounts are also on the decline, so finding the best time to sign a new lease is one other way renters can scope out a deal when considering a move.

"Understanding the local market is paramount for those looking to save money on rent," said Joshua Clark, economist at HotPads. "Factors like job growth, school schedules and even the weather can influence the amount of demand in the rental market, which often drives rent prices up during high-demand summer months. While renters may not always have the luxury of choosing exactly when they want to move, it pays to keep an eye on lease lengths – those signing a lease longer than 12 months at the end of the summer might set themselves up for future discounts, but those who sign a long lease in Spring may end up paying more when it comes time to renew."

Renters hoping to time the market are most likely to find lower prices in the winter. Nationally, January is the least expensive time to rent a new house or apartment. Compared to other months, the asking rent for a typical home or apartment is $51 lower in January. December has the second highest rent discount for a typical apartment, followed by November.

HotPads is a Zillow® Group-owned apartment and home search platform for renters in urban areas across the United States. For more information on the U.S. rental market, visit HotPads.com.

Metropolitan Area

Median Asking Rent

Most Expensive Month to Rent

Rent Premium (%)

Rent Premium ($)

Least Expensive Month to
Rent

Rent Discount ($)

United States

$1,540

May

5.7%

$88

January

-$51

New York, NY

$2,390

May

4.7%

$112

January

-$112

Los Angeles-Long Beach-Anaheim, CA

$2,975

June

3.5%

$104

November

-$116

Chicago, IL

$1,795

May

2.9%

$52

December

-$86

Dallas-Fort Worth, TX

$1,690

June

5.6%

$95

February

-$68

Philadelphia, PA

$1,695

May

5.5%

$93

December

-$102

Houston, TX

$1,590

July

4.0%

$64

February

-$76

Washington, D.C.

$2,190

June

4.0%

$88

December

-$66

Miami-Fort Lauderdale, FL

$2,045

June

2.3%

$47

January

-$33

Atlanta, GA

$1,500

June

3.5%

$53

January

-$45

San Francisco, CA

$3,550

June

2.6%

$92

December

-$92

Detroit, MI

$1,315

August

5.6%

$74

December

-$85

Riverside, CA

$2,000

July

2.5%

$50

January

-$58

Phoenix, AZ

$1,535

May

3.2%

$49

November

-$57

Seattle, WA

$2,260

May

4.4%

$99

December

-$90

Minneapolis-St
Paul, MN

$1,710

June

2.7%

$46

January

-$67

San Diego, CA

$2,760

June

3.8%

$105

November

-$102

St. Louis, MO

$1,215

May

5.3%

$64

November

-$55

Tampa, FL

$1,505

July

3.0%

$45

January

-$36

Baltimore, MD

$1,755

August

3.9%

$68

December

-$53

Denver, CO

$2,135

July

3.3%

$70

January

-$96

Pittsburgh, PA

$1,120

April

5.3%

$59

October

-$52

Portland, OR

$1,960

July

5.1%

$100

January

-$102

Charlotte, NC

$1,410

May

4.1%

$58

December

-$58

Sacramento, CA

$2,020

June

3.8%

$77

January

-$73

San Antonio, TX

$1,400

June

4.9%

$69

January

-$53

Orlando, FL

$1,555

July

4.3%

$67

January

-$44

Cincinnati, OH

$1,265

August

4.8%

$61

February

-$70

Cleveland, OH

$1,220

August

3.9%

$48

January

-$51

Kansas City, MO

$1,265

May

4.1%

$52

December

-$47

Las Vegas, NV

$1,455

June

3.0%

$44

November

-$33

Columbus, OH

$1,465

September

7.0%

$103

February

-$70

Indianapolis, IN

$1,250

July

4.8%

$60

November

-$49

San Jose, CA

$3,745

August

4.8%

$180

February

-$169

Austin, TX

$1,770

June

3.7%

$65

January

-$51

Virginia Beach, VA

$1,495

June

4.8%

$72

November

-$63

Nashville, TN

$1,525

August

4.2%

$64

February

-$84

Providence, RI

$1,815

March

2.2%

$40

December

-$60

Milwaukee, WI

$1,390

July

3.6%

$50

January

-$70

Jacksonville, FL

$1,420

May

2.5%

$36

February

-$28

Memphis, TN

$1,060

June

4.6%

$49

December

-$31

Oklahoma City, OK

$1,130

June

5.7%

$64

January

-$52

Louisville-
Jefferson County,
KY

$1,145

April

4.1%

$47

January

-$45

Hartford, CT

$1,690

August

4.8%

$81

January

-$90

Richmond, VA

$1,475

June

4.2%

$62

December

-$72

New Orleans, LA

$1,455

April

4.0%

$58

September

-$55

Buffalo, NY

$1,290

July

6.1%

$79

October

-$63

Raleigh, NC

$1,490

June

5.5%

$82

November

-$75

Birmingham, AL

$1,060

July

5.2%

$55

December

-$34

Salt Lake City, UT

$1,635

August

4.0%

$65

November

-$77

HotPads
HotPads is an efficient rental search platform for urban areas across the United States, with features designed for competitive markets such as map-based search, real-time notifications and detailed information on landlords and property managers that help renters spend less time searching and more time feeling excited about their next home.

Launched in 2005, HotPads is based in San Francisco and is owned and operated by Zillow Group, Inc. (NASDAQ: Z and ZG).

HotPads is a registered trademark of Zillow, Inc.

Cision View original content:http://www.prnewswire.com/news-releases/renters-pay-a-premium-to-move-in-the-spring-and-summer-300870160.html

SOURCE HotPads

Copyright 2019 PR Newswire

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