When is the Best Time to Sign a Lease for Your Boston Apartment?

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So, you’ve decided to rent a Boston apartment or are at least considering the idea. You may have heard that the best time of year to move to the city is in early September. Although it’s not ideal, it is the most common time to rent a Boston apartment. This is due to the fact that Bean Town is a college town. The vast majority of students start classes very close to September 1st. That means they need to be back on campus for 9/1 each year. That’s why most landlords and property managers have adopted the September 1st to September 1st lease agreement timeframe. There is simply too much gravitational momentum that pulls so many lease renewal dates to the widest possible audience.

There is also the issue of seasonality here and summer is short in New England. Most people try to max out vacationing opportunities so a September to August 31st lease cycle simply works for nearly everyone. Additionally, the end of the summer means extremely hot weather- certainly not ideal moving conditions. Nobody would choose to move all of their stuff when it’s nearly 100 degrees outside. Wouldn’t you rather spend one of the last weekends of the summer at the beach or in a pool?

Well now you are saying to yourself – it’s the fall and I am looking post 9/1. Where do I land in this Greater Boston apartment leasing process? We do have some good news to share with you. Renting during the “off- season” means less competition and better deals. You just have to formulate a plan for leasing that is different than peak season apartment renting. So, without further ado, when is the best time to sign a lease for your Boston apartment?

Things to Consider

Boston happens to have one of the most expensive residential rental markets in the entire country. In fact, we’ve been in the top three (3) priciest places to live for multiple years running. At any given time, more people are searching for a Boston apartment than units available for rent. The principles of supply and demand come into play here. The combination of high demand and low supply equals a lot of competition for each available apartment. This means that, for most of the year, property owners do not need to offer rental incentives to get their properties rented quickly. With the difficulties of zoning and a cumbersome permitting process – we don’t expect this to get better anytime soon either. It is what it is, the cost of labor and materials is sky high right now and also slowing down development – so you need to keep this in mind when you are apartment hunting.

Landlords in most parts of the country need to offer good deals on a year-round basis. If they don’t their units will simply remain empty. However, you’re moving to Boston. Things are done a bit differently here. The good news is that things tend to change a bit in the months following the September 1st rental market. So, what’s the best time to sign a lease for your Boston apartment? Perhaps you need to now think about how a landlord in Boston is going to approach the fall.

If your main priorities are a good deal in rent and lower upfront costs, then the answer is the late fall and winter months. Why is that? Things have calmed down quite a bit from the September 1st rental market. Most renters have already moved into their units. If you’re searching in the fall and winter months you’ll have significantly less competition. That also means the process won’t be as stressful, which is a good thing for any Boston apartment hunter. You will also be looking at less inventory and most likely the place is going to be vacant. It is far easier to get a better feel for an apartment when it is vacant because you can see the empty apartment – and you won’t have people staring at you hoping you leave quickly.

Searching in the Fall and Winter Months

When searching for your Boston apartment in the late fall and winter months there are a few things to keep in mind. First and foremost, there is far less inventory during this time of year but you will be looking at price reduced apartments. You are going to be facing far less competition. Bostonpads often records web traffic dropping by 80 percent during certain weeks post 9/1 until 1/1. You may be thinking that this is a bad thing. Once again, we’re talking about supply and demand. You might actually find a much better apartment at the same price point you would have shopped at in June or July. Therefore the lower demand tips the scales in your favor.

Landlords may very well be offering much better deals during the late fall and winter months. No property owner wants their unit to remain vacant, so they may also be more amenable to offers for sooner move ins. They need to be much more flexible in order to attract potential tenants. This is where you can truly benefit. For example, many landlords will reduce the monthly rent. Sometimes the price reductions are significant such as a few hundred dollars per month.

Other landlords will lower the initial move in costs such as the deposit amounts. That can also save you hundred of dollars if not more. Many landlords are lowering both the monthly rent and deposit amounts. You might also be able to get a landlord in Boston to throw in a free parking spot or reduce the price. Some landlords will throw in a free mounted TV on the wall for you. Don’t be afraid to ask for a few things – it never hurts to ask. You can save a tremendous amount of money overall when you rent your Boston apartment during this time of year. However, you do need to be aware of an important factor. Less inventory also means there are not as many units to choose from.

A Few More Things to Consider

If you’re renting your Boston apartment in the late fall or winter there are other things to consider as well. First and foremost, you may need to sign a shorter lease. Here’s why. Your unit may have originally been available for a September 1st move in. That means it has been sitting empty ever since. That is the reason why you may be getting such a good deal on it. However, the landlord may very well want to get back on track for the following September 1st rental cycle. For example, your lease may run from December 1st to September 1st. You might want to be prepared for a landlord to raise the rent the following year – but it never hurts to ask for a longer lease beyond one year to the following September 1st – and if you pull that off you might save a lot of money!

A shorter lease cycle might also be the perfect situation for someone who is looking for a shorter-term rental. You just need to be aware that it could put you into the next September 1st Boston apartment rent cycle. There are next to zero landlords that are going to give you a October to October or November to November lease – that’s not going to happen. It should be noted that you will probably be able to extend your lease. Do not be surprised if a landlord has a clause in the addendum that says you will have to let them know if you are considering renewing in fairly shorter order. It might seem as if you just moved in and they are already asking you if you want to stay for the following year. This is just the way Boston works because property prices are so high and landlords can’t afford vacancies. Remember, the monthly rent will most likely increase, especially if your lease extension starts on September 1st. It’s always a good idea to ask the landlord ahead of time what you can expect for a rent increase the following year. If it is out of your range – at least you have plenty of time to go find a roommate or other housing accommodations that give you better budget options.

That way you’ll know exactly what to expect moving forward and how much you will most likely have to adjust your budget. It should also be noted that some landlords prefer to be on a June 1st Boston apartment leasing cycle. Check to see how much the rent will increase if you extend the lease beyond 6/1 for another year.

Prioritizing is key

If you’re renting a vacant apartment after September 1st, chances are high your Boston apartment has been vacant for a bit. That’s a good thing because it gives the landlord an opportunity to clean and update it properly. That doesn’t always happen when you move during the September 1st rush. Additionally, you may be able to have necessary repairs done before you move- in instead of during your first few weeks. Landlords and property managers in Boston are often relieved to have a vacancy on a tired apartment because it has been sorely missing upgrades or deferred maintenance. Kitchens and bathrooms nearly always have to be remodeled after 20 years and you would be surprised how quickly apartment rentals can get damaged far before that point. So you maybe able to score an upgraded apartment that you didn’t think was possible as the fall heads towards winter.

When you move in the late fall or winter months, it’s also a lot easier to find a professional mover. They’re not as busy in the off-season, and prices are often lower as well. Many people choose to take on the task of moving themselves. In that case, it’s also easier to find available moving trucks or vans to rent during the late fall and winter months.

In conclusion, the best time to sign a lease for your Boston apartment depends on what your priorities dictate. If you are starting school or a new job in early September, it may not make sense to wait. However, if you have the flexibility of choice, odds are you can get a lower price for a great apartment if you sign in the later Fall or Winter months. You can use the Boston Pads real estate portal to help you plan your move now or in the future. Right now we are seeing a ton of great deals and lower prices – so now is a great time to apartment hunt. We can help you find a place you love, guaranteed.