Some industries and businesses are seasonal–there are times when prices are very high, as well as times when they drop significantly. The same is true for the housing market–it might not seem seasonal, but trends suggest otherwise. There are certain months when renting a home is cheaper than others.
If you’re looking for property rentals in Melbourne, you might be wondering when the best time to move to a new house is–let’s look at what the data suggests.
When Do You Have the Most Options?
Do you know the Australian rental market sees its busiest time at the start of every year? January is the busiest rental market month for most cities, and it sees a 10% to 20% increase in listings than the average month. On the other hand, December is the quietest month, with a significant drop in new rental listings.
Melbourne, specifically, sees a 16.8% increase in listings in January. In December, there is an almost similar downtrend, when the number of rental listings drops by 16.4%.
Why Is January Busy?
For starters, many leases end in December, which is why you’ll see many people moving out and looking for new places to live in January. Secondly, January sees a lot of new hiring, which leads to an influx of people looking for new places to stay.
But is January the best month to find a new home? The answer is: No. While you may have the most options in January, there is an equivalent number of people to match the demand. This means it will be harder to strike a good deal, and you may end up paying more than necessary.
When Is the Cheapest Time of the Year to Rent?
Statistics show that during the first three months of the year, rents are particularly expensive country-wide. January, February, and March see a 0.7%, 1.4%, and 1% rise in rent as compared to the average month. On the other hand, April, May, and June follow a downtrend and see a 0.3%, 1.9%, and 0.5% decrease in rents from the average monthly rent, respectively. This means May could be the cheapest month to rent a home in Melbourne.
However, you’ll likely see fewer listings in May than at the start of the year. This means finding a good deal that suits your needs could be more challenging around this time.
With that said, let’s look at some factors you need to consider–other than pricing–before choosing a rental home.
Things to Consider When Renting a Home in Melbourne
1. Location
Location is one of the most important factors, especially if you’re moving to Melbourne for work. You want a place close to your office with all the necessary conveniences nearby. Superstores, schools, and public transport are all things you need to consider when looking for a place to rent–check out our tips to rent a house in Melbourne to be sure you find yourself the best deal.
If you’re looking for 1 bedroom apartments for rent in Melbourne for cheap, you can consider areas like Kensington and Footscray.
2. Size
The size of the house or apartment you’re looking for will play a big role in regards to the rent; a one-bedroom apartment will, of course, cost you less than a three-bedroom house. Still, you shouldn’t compromise on size to save a few bucks–you need to be comfortable in the house you’re living in, and that’s only possible if it has enough space.
3. Furnishings
The level of furnishings you need will also affect the rent, as a fully-furnished house will cost more than an unfurnished one. This is where you can save some money by furnishing the house yourself and choosing the style of furniture you prefer.
4. House Condition
The condition of the house is another important factor–you wouldn’t want to live in a place that needs repairs. Be sure to get the house inspected by a professional before you sign the lease.
By keeping these aspects in mind, you’re sure to find the best possible rental home in Melbourne. As for the best price, April, May, and June are most likely to be the cheaper months for renting; however, if you’re looking for more options overall, January will be a better bet. Of course, Soho’s got you covered with the best possible Melbourne rental home listings, year-round–no matter your budget.
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