The Carvajal Group Blog

Why the Holiday’s are a great time to rent

November 16th, 2010

The holidays are a generally a slow time for business with the obvious exception of retail.  From my experience in the corporate world, it seemed like business slowed to snail’s pace in between Thanksgiving and New Year’s.

In central Austin in particular the rental market is largely influenced by students.  The University of Texas brings over 50,000 students most of whom are renters to the central Austin area each year and for the most part, they are on an August to July schedule.  Additionally, families with children in school generally moving while their kids are in school even when they are moving within the same district. Combine that with the fact that very few people actually want to move during holidays due to travel, visiting family, or maybe just because it’s cold; and you have the seasonally the slowest time of year from a landlord’s perspective.

Savvy renters can take advantage of the winter doldrums.  From me personal experiences in helping people find rentals over the last 4 years.  I have seen the best deals in between Thanksgiving and New Years.  Sometimes a landlord may request for shorter or longer lease to them get their property back on the July to August schedule, but generally you will the property at lower rate than the identical property would lease for during summer months.

This is true not only for individually owned properties (houses, condos, duplexes, etc), but also for larger corporate apartment complexes.  The larger communities think Gables, Greystar, and Lincoln; for the most part have software that determines their rental rates.  If units have been sitting vacant for weeks or even months in some cases, they software tells them to drop the rents until the vacancies fill.  Apartment vacancy rates on the whole are on the decline (Austin Business Journal 8/26/10) which is a good sign for the overall health of the market, but not necessarily for renters.  However if you have some flexibility in location, lease term and move in date, you take advantage of the seasonal lull in the renting pool.

Tags: Austin Rental Property · Buying a home in Austin