Summer apartment hunting: What to expect for renters

As the temperatures rise and the days grow longer, summer brings with it a flurry of activity in the rental market. Whether you're a seasoned renter or embarking on your first lease, understanding the nuances of summer renting can make all the difference. In this post, we'll dive into what renters can expect during the summer months, explore rental statistics across the United States, and introduce a smart and effective way to save money before a big move.

Summer rental trends across the U.S.

Summer marks the peak season for rentals in many parts of the United States. Families often seek new accommodations before the start of the school year, while college students look for housing close to their campuses. Additionally, the allure of warmer weather and longer days motivates individuals and families to relocate or explore new areas.

According to recent rental market data, cities like New York, Los Angeles, San Francisco, and Miami experience a surge in rental activity during the summer months. In these urban centers, competition for available units can be fierce, leading to higher rents and increased demand for desirable properties.

However, the summer rental landscape isn't solely characterized by heightened demand. Landlords and property managers may also offer incentives to attract tenants, such as security deposit alternatives or waived application fees. These promotions aim to entice prospective renters and fill vacancies quickly amid the seasonal rush.

Navigating summer rentals

• Start early: Begin your search for rental properties well in advance of your desired move-in date, as competition can be fierce during the summer months. Starting early gives you a better chance of finding suitable options and allows you to compare different properties and neighborhoods.

• Be flexible: Flexibility is key when searching for a rental property during the summer. Consider being open to alternative move-in dates or slightly adjusting your budget to accommodate fluctuations in rental prices. Being flexible can help you secure a desirable property amidst high demand.

• Research neighborhoods: Before committing to a rental property, thoroughly research the neighborhoods you're considering. Take into account factors such as proximity to amenities, public transportation options, safety, and the overall vibe of the area. Visiting neighborhoods in person and talking to locals can provide valuable insights.

• Understand lease terms: Carefully review the terms of the lease agreement before signing. Pay attention to clauses related to rent increases, maintenance responsibilities, and any special provisions for seasonal rentals. Understanding your rights and obligations as a tenant can help avoid misunderstandings later on.

• Budget wisely: Summer rentals often come with higher demand and potentially higher rental prices. Make sure to budget accordingly, considering not only the monthly rent but also additional expenses such as utilities, parking fees, and moving costs. Having a clear understanding of your budget limits will help you make informed decisions and avoid financial strain.

• Be prepared to act quickly: In a competitive rental market, desirable properties can get snatched up quickly. If you find a rental property that meets your criteria, be prepared to act fast. Have all necessary documentation ready, including proof of income, references, and a rental application, to streamline the leasing process.

Introducing Rhino: A smarter way to save 

One significant expense that renters often encounter when leasing a new property is the security deposit. Traditionally, this upfront payment can amount to a substantial sum, sometimes equal to one or even two months' rent. For many individuals and families, especially those on tight budgets, this financial burden can pose a significant hurdle to securing a rental property.

Fortunately, there's a smarter alternative to traditional security deposits: Rhino. Rhino is a modern solution that replaces the need for a cash security deposit by providing landlords with insurance coverage for damages and unpaid rent. With reduced upfront costs, renters can better manage their finances and allocate resources to other priorities, such as moving expenses or furnishing their new home. Make sure to ask the  property manager to see if Rhino is available in their apartment buildings. 

By understanding seasonal trends, being proactive in your search, and exploring innovative solutions like Rhino, you can streamline the rental process and find the perfect place to call home. Whether you're relocating to a new city, upgrading to a larger space, or simply seeking a change of scenery, approach summer rentals with confidence and the right tools at your disposal.

Haley Samuels

Haley is a Consumer Marketing Manager at Rhino.