Should You Rent Now or Wait Until the Fall?

Source: New York Times — 

In the past, the conventional wisdom for renters this time of year has been to sit tight for a few weeks. But this is not a normal market.

Q: Our 25-year-old daughter lives in a rental with roommates in the Fairmount section of Philadelphia. She has moved twice in the past three years, never using a real estate broker, and plans to move again by Nov. 1. Given the state of apartment rentals right now, when should she begin her search? Would you recommend using a broker this time?

A: In the past, the conventional wisdom for renters this time of year has been to sit tight until the fall, after the leasing frenzy of the summer. But that strategy has lost some of its appeal. Rents have soared nationwide because of a severe shortage of inventory and the vagaries of the pandemic, with prices still climbing in most markets, although at a slower pace than last year.