renting an apartment in Minneapolis

Winter vs. Summer Renting in Minneapolis

August 9, 2019 by Paul Begich

When is the best time to rent an apartment in Minneapolis? The summer or the winter? This is a question my clients often ask. What time of the year has the best deals? The highest inventory? The lowest inventory? The coolest properties? There’s a lot of different factors that go into this and the real answer is…it depends.

My aim for this article is to break down, at a very high level, some of the general differences between electing to rent a Minneapolis apartment during the summer months (May – October) versus the winter months (November – April).

Renting in Minneapolis in the Winter vs. the Summer

Inventory

Again, speaking generally, inventory will go down during the months of November through April here in Minnesota. And for the sake of this article, we’ll consider these months as “winter months.” People just don’t like to move in the winter! Who can blame them? If you’re renting during the winter, expect the inventory from both Minneapolis apartments and condos to be slightly less than the summer counterpart. That being said, my December 2018 numbers were larger than ALL of my summer months! So, people are definitely still looking! Don’t let this “lack” of inventory deter you from renting during these months because as long as you’re working with a professional (cough, cough), you’ll be able to find what you’re looking for.

Plus, winter renting has some benefits.

Specials

During the winter months, most apartment complexes will offer specials (also commonly referred to as concessions) to help fill their units sitting vacant. If you’re the kind of person who’s constantly looking for a steal of a deal, renting from November through April could be the best time for you! Be warned though, if you renew your lease the following year, your rent will more than likely go up from the market value of the apartment and not the effective rent rate with the special offered during the previous winter.

The last big difference could also have a significant impact on when you decide to rent.

Speed

During the summer, things go quick! Like CRAZY quick. I’ve been on tours with clients where when we started the tour, the unit was available and by the time we finished and got back to the office to apply, the unit had already been rented out. That’s just nuts! Oftentimes, during the summer, if you walk a unit one time and you love it, you’ll need to apply ASAP. On the flipside, during the winter months, you’ll generally have more time to make your decision. If you’re the kind of person who needs time to decide, weigh your options, and check out a handful of places then renting in the winter might be your jam.

Get in Touch

I hope this blog helped shed some light on the differences between summer and winter apartment renting. As always, I’m here to be of service and act as a resource for all your Minneapolis real estate inquires. You can find my contact information on the DRG website. Or, follow me on Instagram (@paulbegich) to keep up to date with my business.

It’s a great day to be great!

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