When’s the best time to sign a lease? Now.
Real estate experts tell us why you should be warming up to the idea of a winter rental.
The idea of finding a “deal” on rent in the Boston area is seemingly far-fetched. More renter households here are cost-burdened now than at any point in the past 17 years, according to the Boston Foundation’s 2023 Greater Boston Housing Report Card, with 51 percent of households dedicating more than a third of their income toward rent.
Apartment hunters are typically at the mercy of the market, with no choice but to pay the going rate. Though that’s long been the case, price tags on apartments these days come with an added sting. The average rent price on a two-bedroom apartment in Boston has increased 9.58 percent since last year, from an average of $2,838 in December 2022 to $3,110 in December 2023, according to data from rental site BostonPads.
Still, if there was ever an advantageous time to sign a lease in this highpriced market, it’d be right now. Forget Allston Christmas — try moving in the days after regular Christmas. To find a vague approximation of a deal, experts agree that wintertime, specifically January and February, is when you may be able to do it. The reason why? Winter poses inconveniences for both landlords and renters.
“Landlords don’t want to have to pay for heat,” said Adam Taffel, CFO and director of operations at Centre Realty Group. To prevent pipes from freezing, he said, landlords begrudgingly have to shell out money for utilities in their vacant units.
“It’s an opportunity for mice to pile up in there unabated,” said Demetrios Salpoglou, CEO of BostonPads. Thus, it works in a landlord’s best interest to rent the apartment out as soon as possible, rather than worry about what costly problems could occur in an empty unit during below-freezing temperatures.
“Faced with that reality, most landlords, when they see a lot of really cold weather coming, will drop the price to make sure that it gets rented,” Salpo
glou said.
A slightly lower monthly payment can be enough incentive for renters to sign on the dotted line. After all, 70 percent of leases turn over on Sept. 1 thanks to Boston’s massive student population, according to the city of Boston. That means far fewer renters are searching for apartments in the new year, and landlords know it.
Rent prices across Boston dip 0.63 percent to 0.45 percent in January and February, respectively, according to data collected by the listings website RentHop. That amounts to a discount of less than $50 per month — not quite earth-shattering savings. A listing price, however, is not as firm in the wintertime as it is in September.
“A renter has the advantage in very cold weather,” Salpoglou said. “They just do.”
Renters brave enough to park a U-Haul in the snow and lug heavy boxes up icy steps not only face less competition in the market, but have the upper hand when it comes to negotiation.
“Now is the perfect moment to seek lower rents and negotiate a better deal,” said Emily McDonald, a rental trends expert at Zillow. “This is the time when landlords are more open to discussion, so do your best to maximize your rental’s potential.”
Depending on the state of a particular unit and how long it’s been on the market, renters have a few options for negotiating. Asking for a discount on the monthly price may come to mind first, but Taffel said to discuss your strategy with your leasing agent, if you’re working with one. Next, look to see whether the apartment’s price has already been lowered in its pricing history. If it has, he said, you may have a better chance of receiving a different kind of concession.
“It’s not just about price — think beyond that,” McDonald said. “Negotiate for perks like free parking or upgraded appliances, which can add significant value to your rental experience.”
In a pinch, landlords may be willing to grant discounted or free parking. And if any part of the unit could use some TLC, it’s worth bringing up.
“If you go in and the carpeting has kind of had it, you can ask, ‘Would you mind replacing the carpet?’” Taffel said.
Similarly, if you think the place is fantastic but it could use a new paint job, don’t be afraid to ask for that before you move in, Salpoglou said.
You have options if you’re looking in a newer building, too. “Maybe you have a landlord in the winter months who might be willing to split the [broker’s] fee partially,” Taffel said. You probably have a better chance of nabbing a concession if you’re working with, say, a mom-andpop landlord in a two-family home over a property management company, he added, but if what you’re asking for is reasonable, it often can’t hurt to inquire.
“Landlords tend to be malleable when they know a renter has a good rental history,” Salpoglou said. Bring references, make a solid first impression, and you may find a version of a deal after all.