So you want to rent a home or villa in Los Angeles, but you’re not sure when to move. If you can time your move correctly, it could mean thousands of dollars in savings.
The best time to rent in Los Angeles isn’t as straightforward as one might imagine. There are many factors that go into the renting process. Luckily, we’ve got a few tips for you to maximize your savings…
The Best Time To Rent In LA
Let’s start by talking about how expensive it is to rent in Los Angeles. In fact, LA is the most expensive city for renters in the country (Zumper, 2016). Average monthly rents already range from $1220 for a one-bedroom to $1910 for a two-bedroom and are projected to increase by 3.2 percent over the next year (Apartment List, 2017). But have you ever wondered what the best time of year to rent might be?
According to a study, Los Angeles was found to have the most affordable rental prices in November. A one-bedroom apartment will cost renters around $85 less than it would during June—the peak month for rent prices. In other words, if rent prices are a major concern for you, November may be the best time to move.
If you’re looking to rent a two-bedroom apartment, your best bet is to sign on the dotted line during December—when prices are 4 percent lower than in September (the month when they usually peak). In 2017, renters who waited three months before signing their lease saved themselves about $103 per month.
Researchers find that prices tend to be at their highest points in May through October and at their lowest in November through March. So, if you can wait until November or December to move in, you could save yourself some serious cash.
The best strategy for saving money on rent is to know what you’re looking for before you start searching. You should also be flexible about where you want to live—and willing to negotiate with your landlord. Once you find a place that feels like home, it’ll be worth every penny.
You can then go ahead or sign on the dotted line so that you don’t miss out on an amazing opportunity.
Naturally, in the end, the absolute best time to rent depends on your individual needs. The overarching takeaway is simply that there is a noticeable seasonal trend – prices drop in November and January, and they rise sharply between March and June. If you are interested in securing a new place or if you’re thinking of moving, this trend might be worth keeping in mind as you schedule visits or submit apartment applications.
If you’re a renter in Los Angeles and are looking to save money on your rent, be sure to check out our apartment listings. We have hundreds of apartments across the city available for rent now!