One of the industry best kept secrets for rentals is that Winter is the slowest time of the year for landlords! Most tenants are usually seeking to move in their new unit by Spring or Summer, when they ultimately find themselves competing against many out-of-state new comers, back to school students, and anyone looking to relocate and start a new job. Landlords and management companies offer generous concessions usually in the form of 1- or 2-month free rent and a portion or the full Broker's commission to get tenants to move in at this time of the year.
Photos courtesy of VIA WEST 57
What it means, is that Winter becomes the best time to move in a new unit, especially between Thanksgiving and New Year. We are seeing some of the best deals boosted by black Friday, Cyber Monday and pre-holiday shopping. Usually, the landlord wants you to sign an 18-month lease so it your rental agreement ends in the Summer and they can have the highest rental visibility when you are moving out. Thus, locking a 24-month or longer term lease is advised. Not only making sure your monthly rental rate is secured for 2 years but also ensuring that no increase will occur as market demand fluctuates. No one wants to move from a place they have spent time and care making into their comfortable home after just one year!
Photos courtesy of Pinterest
Another advantage is that many landlords may consider giving you a start date on the 15th of December or January as opposed to the 1st as their demand may be lower which enables you to shop comfortably for the right unit and have the flexibility you will never get from May to September during the high season. Think of it as shopping for bathing suite in December and for Winter coats in the summer. It is real smart planning.
Lastly, it is important that your licensed real estate salesperson discusses with you the pros and cons of FEE Listings vs NO FEE Listings. Often, NO FEE listings mean that the Broker is paid partially or entirely by the landlord who will recoup that expenses the second year by increasing your rent to the market rate. So if your plan is to live in a unit for 2 years or more it may makes sense to look at FEE Listings where the Broker will generally charge you 15% of the yearly income which you will then split over 24 months or longer. FEE listings tend to be much cheaper over a long period of time and do not put you at the mercy of rent increase upon the second year anniversary of your lease.
For all your rental needs make sure to check our specials here as well as our open house pages. This is truly a Christmas/Hanukkah miracle - concessions and NO FEE listings are the best way to end the year!
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