If you’ve done your fair share of apartment hunting then you know that the prices of apartment rentals are never set in stone. Many factors can attribute to price fluctuation over time and between identical apartments. Let’s check out some of the main reasons pricing increases and decreases so you have a better chance of finding what you’re looking for!
- Seasonality – Generally there are times of the year which drives prices up. Spring and summer are the busiest seasons and then things slow down in fall and winter, during the holidays and colder weather. You may not always have control over when you have to look for an apartment, but if you’re looking to save then you’ll want to do your apartment hunting during the colder seasons.
- Availability – Lack of available units can also drive prices up. If you’re looking at more desirable communities that often don’t have vacancy, you can usually expect higher prices.
- Square Footage – Your rental price will directly be affected by the size of your apartment as well. That’s why at many communities that offer a variety of floor plans, you’ll also find a variety of pricing.
- Unit Amenities – Just like square footage, unit amenities are not always the same in every unit. Depending on the amenities that your apartment comes with, this can cause an increase or decrease in pricing.
- Location in Community – Where your apartment is located within the community can affect pricing as well. Usually upstairs apartments are more expensive than downstairs apartments. Also, if your apartment comes with views or close proximity to certain amenities this can also cause fluctuation between similar units.
- Economy – The economy in the area of the apartment community can also increase or decrease pricing. Expect higher prices with more desirable neighborhoods or cities.
As you can see there is no one factor that can attribute to price fluctuation. But if you do your homework, chances are you’ll find the apartment you’re looking for when you need it!