From paying a security deposit to shelling out for new furnishings, moving house as a renter can quickly become expensive – and that’s before you even consider the monthly rent payment itself.
If you’re in the process of planning a move and are able to be a little bit of flexible about when, there’s a nifty way that you could save yourself thousands of pounds: by planning your move to coincide with the cheapest month.
Although summer is by far the most popular season for those upping sticks, a new study has found that statistically, the best time to move house as a renter is actually October.
In fact, the average tenancy contract signed in August is significantly more expensive than those signed in October, with renters who choose the latter shaving an average of 10% off their annual rental bill.
Analysing the prices of over 900,000 tenancies signed for since 2020, lettings platform Goodlord found that the average rent for a property in England drops after a summertime peak.
As such, over the last four years, the average renter who moved in October saved £1,400 per year.
Savings were particularly high in 2023: last August, the average cost of a rental property rested at £1,347.37, but by October, this figure plummeted down to £1,189.97 (AKA, a 12% reduction, and a cost saving of £157.40 per month or a whopping £1,888.85 per year).
Comparatively, the price difference between contracts signed in August 2022 and October 2022 was -9.42%, while in 2021 it was -8.32% and in 2020, -9.98%.
So, what’s driving the sky-high summer rents? As per the research, it’s a number of reasons, but it’s largely down to the high demand for student lets ahead of the beginning of the university year, which for many is in September.
Then, there are the families with young children keen to move during the summer holidays to avoid disruption to their studies, as well as the rush of graduates starting new jobs come September.
‘Many tenants don’t have a choice about when they move; some will have tenancies that are coming to an end, others will need to confirm their tenancy before starting a new job or the beginning of a new school term,’ says Oli Sherlock, lettings market expert at Goodlord.
‘For these renters, competition for properties will be high and this will drive up prices. Negotiating longer leases or being more flexible around furnished vs. unfurnished properties, for example, might help you secure a better deal.
‘After September, we typically start to see prices drop, so tenants may find a more affordable deal. Saving over £1,000 a year is a huge amount for most tenants, so it’s worth tracking the market and being strategic with your tenancy timings.’
Holding off a little longer – if the option is there – could be a wise financial decision.
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