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.
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SOURCE HotPads