Do you know the right time to be looking for a rental? For many that right time is largely dictated by life. Perhaps you have just accepted a job in a new city to commence in the next 4 weeks. Maybe you have to leave your current rental property within a set timeframe. For some, looking for homes to rent comes with some flexibility. Consider when you simply need to find a rental property with more space to move into with your partner, or maybe it is time to leave roommates behind. These situations allow you to plan your move a little more meticulously.
When you have the ability to plan your rental property hunt, these are just a few of the things to consider.
Consider the Season
Winter months tend to offer lower rental rates in many cities. This is in large fact due to poor weather and fewer renters looking. The benefit of considering seasonal rental property trends is that you can plan based on your city. Generally, as property managers we see sommer months being far busier. This is due to the warmer months being far easier to move in, and because rentals in Victoria are affected by the student population.
When you start to look for a new home to rent, consider what season you would prefer to move in or if you want to deal with the more competitive season.
Know Your Location & Its Trends
Part of understanding seasonal trends in your location is understanding the location. In a city like Victoria, the university and school semesters dictate a lot. We have a large inflow of students in the late summer months just before the school year. This creates a lot of demand and a lot of competition. On the other hand, in communities that are affected by a seasonal workforce, this may be the opposite. Skiing communities see a lot more competition and demand in winter months – which are generally thought of as lower-interest month that may offer rental savings and lower rates.
Understanding the way that the rental market works in your city can help you plan ahead for the right time to move.
Start Looking 1-2 Months in Advance
Once you understand trends and how seasons affect rental property available in your chosen location, start looking 1-2 months in advance. If you look too far in advance you may not find too much available. If you leave it too long and give yourself a few weeks, you may end up with no options.
Property managers generally have a better understanding of what could be available more than 2 months in advance. Property management companies also have their finger on the pulse of new construction that could be completed within your desired moving time frame.
If you’re planning a move in the coming months a property manager can help. Once you know your “must-have” items in a new rental property in Victoria, BC, get in touch with the team at Pemberton Holmes and we can help you plan ahead for your next move.