Renters could save themselves hundreds of pounds by moving home during certain months of the year, data shared with This is Money reveals.
The autumn and winter months are generally the cheapest time to sign up to a new tenancy agreement, according to data crunched by analytics firm TwentyCi.
Specifically, in November, December, January and February prices tend to be lower meaning it could be possible to bag a bargain.
Meanwhile, rents reach their highest in August and September.
The analysis focused on rents in London, which accounts for roughly a third of the private rental sector in England.
Last year, the average new tenancy agreed in London in December last year was for £2,151 a month – hundreds of pounds cheaper than the average rent agreed in September.
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Those agreeing a new contract in September would pay £343 more, at £2,494 a month. The second most expensive month is August at £2,432.
There were big savings to be had for those who agreed new tenancy agreements in November and January as well.
The average rent agreed in November was £2,226 a month while the average rent agreed in January this year was £2,198.
In 2023, average rents peaked in August and September at £2,453 a month respectively before falling back through autumn and winter.
The average new rent agreed in December 2023 was £2,186 a month representing a £267 monthly saving compared to August and September.
TwentyCi also checked the rents agreed in each given month in another major city, Birmingham.
Here, rents averaged £1,107 a month in January 2024 before peaking in July at £1,148 a month. They then fell back, reaching a low of £1,103 a month in November.
What does this mean for renters?
The analysis suggests that rents are lower in the first four months of each year and start to rise, peaking in August or September before prices fall again in the final months.
In December 2024 for example, newly agreed rental prices were 8 per cent lower than the yearly average of that year while in September they were 5 per cent higher.
It means that savvy tenants who plan to move home this year may be wise to wait until closer to Christmas, when there is less competition and more room for negotiation.
That is, if they aren’t tied to the end of a contract at a specific time.
Marc von Grundherr, director of Benham and Reeves estate agents
Marc von Grundherr, director of Benham and Reeves estate agents, claims that renters who move during the busiest months can often find themselves offering 10 or 20 per cent above the ‘asking’ rent in order to compete with other potential tenants.
‘Tenants can often face a premium if they choose to make their move during a busy period, but this premium is often driven by the tenant, not the landlord,’ said von Grundherr.
‘The summer months are often by far the busiest as students look for accommodation ahead of the academic year, whilst many families will also move to get settled before school starts.
‘This rush can often run from late June right through until September and, as a result, we see an extremely high number of renters all fighting it out for a limited supply of stock of all property types.
‘As a result, it’s not unheard of for tenants to offer above and beyond the asking rent in order to secure a property, often without even viewing it, and this can be as much as 10 to 20 per cent more.
‘Or, they will pay as much as six to 12 months rent in advance.’
What if tenants can’t avoid peak times?
Many renters ultimately don’t have much choice in deciding when to move.
They might be tied into a contract until a specific date, have been asked to leave by their landlord, or they may be a student who lives with their parents in the holidays.
But those that can’t time the market can at least give themselves a chance of jumping to the front of the queue.
‘The best advice for those looking to move during peak times is to be extremely prepared with respect to the required time to view, the budget needed for a deposit and the paperwork required for a letting agent,’ adds von Grundherr.
‘You can also pre-register your interest with agents so that you are at least near the front of the queue when a suitable property hits the market.
‘Once you do find a property you like, be prepared to act very fast and seal the deal within the same hour of viewing.’
Von Grundherr has some advice for landlords as well, advising them to try and arrange tenancy agreements to end during the busiest months of the year.
He says: ‘For landlords, having a tenancy agreement end during a low demand period can result in a lengthier void period.
‘It’s well worth planning any tenancy agreement to run over these low-demand periods, even if this means an unusual tenancy length of 18 months for example.’
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