Image via Mogharebi Group.
Written by The Business Journal Staff
Renters looking for the best lease rates for Fresno apartments have but a small window in winter to avoid costly premiums later in the year, according to a new study.
Renthop.com found that while nationwide, the best rental rates could be had between December and May, Fresno broke the trend in recent years with December typically having the best deals and February having the
According to data gathered from 2011 to the beginning of 2019, December apartment hunters here saw a 1.63 percent discount from average rents in the area. But by February, those rates had risen 1.96 percent above the average.
The website used adjusted net-median rental rates to account for changing housing inventory, including one-bedroom and two-bedroom units.
The study noted that by and large, cities with higher costs of living experienced more dramatic swings between peak months and discounted ones. For example, Chicago, New York and San Francisco each had more than 4 percent differences between their highest and lowest months, while Los Angeles’ difference averaged 2.3 percent. Fresno’s was 3.6 percent.
Both New York and San Francisco had their cheapest renting months in December, while New York had its highest in July and San Francisco had its highest in June.
The rental listing website attributes these swings primarily to student housing and cold weather, explaining that apartment hunters tend to be less active in the cold winters, while students typically are settled in for the school year during that time.
Using this data, the website suggests renters who can get winter lease renewals should try for it. When they do, they should avoid “non-standard lease terms” that would push renewals to the middle of the year.