Understanding the Real Estate Market in Lowell, MA for Renters
Most potential buyers and sellers know when to sell and shop around, or they have an agent to help them. However, those interested in rental real estate Lowell MA do not have as many resources to help them know when the ideal time is to go rental shopping.
Unfortunately, finding the right time of year to find a new rental is not as easily determined as it is for purchasing and selling the property. That is because numerous factors play into the ideal renting season.
If a tenant has the flexibility to pick and choose when they can shop for a new place, then looking for these factors may ensure they get the best rental rates and have plenty of places to choose from.
When Shopping for Rentals from May to September
Just like home buying and selling, most people move between May and September. This fluctuation is because most people are graduating college, finishing the school year, and want warmer temperatures for their relocation.
Rental unit turnovers peak from May to September as well, which means a prospective tenant hunting for rental real estate in Lowell, MA will have a vast inventory to choose from. Those that are picky or residents looking for specific features and amenities will want to look when inventory is at its fullest.
However, for that huge inventory, there is a trade: higher rental rates. Due to the heightened demand, tenants will notice that landlords raise rental rates. Also, the competition for a unit with other tenants is high, so a resident that finds the perfect unit needs to act quickly – or another tenant may take the property before they can move on it.
Those Looking to Save on Rent Shop October to April
Winter is the best time to find a deal on a new rental, especially in Massachusetts. There is less turnover at this time of year compared to summer, and there is less demand. So, property owners lower their rates for the season to attract those random tenants to their property. Some property managers may offer specials, such as a cheaper deposit or free first month’s rent to encourage transfers during the winter.
Neighborhoods with new construction and higher vacancy rates will also have better deals and more affordable rental rates than established areas with a limited vacancy.
Location is Critical Too
The location will also dictate availability and savings. Highly desired areas, such as prime downtown rentals, are less likely to offer deals or have vacancies, regardless of the time of year. These units often do not need to lower rent to attract tenants, because they will already have a wait list for prospective tenants wanting to get in.
If a tenant wants to save on rent and avoid the heavy competition, searching out of the downtown area is best. While they may add a few minutes to their commute, they could add a few dollars (or a few hundred) to their bank account by doing so.