Best season to buy for a buy and hold rental property?

[Nicole Cotrino]

Hello, 

I am a new investor looking to invest in a buy and hold rental property in Central NJ. I have been looking since this summer and keeping track of rental prices via a spreadsheet. I think I have noticed a dip in rental prices in recent months, and online research indicates that rental pricing may really drop during the winter.

However, I found a few homes that look like they could give me good CoCROI for this area. I want to go forward and make some offers, but now I am wondering whether I should wait until we are closer to the season when rent prices increase again. 

On one hand, it would be best to rent it out when rental prices are high. On the other hand, maybe I am only seeing the low list prices I am seeing now because it is a slow season for selling - and I wouldn't get as good of a deal if I wait.

Ideally, maybe I should wait until the end of the slow selling season, so that by the time we close two months later we will be entering the fast buying season. But, is it worth waiting when I found some homes that could be good deals now?

Has anybody made decisions about when to buy based on season?

Thanks,

Nicole