So, you're moving to New York. Congratulations! OR you're already living here and need a new spot. How to figure out the best time for renting in New York can be tricky but if you have the luxury of being able to time it just right, this could be a blessing in disguise.
OK, so now you're thinking to yourself, ok whats this chick saying, why does it matter if it's snowing or sunny, what do the seasons have to do with it? Well, as it turns out, a lot.
Before getting into this guide, ask yourself this question first. What's more important to you when renting in New York? Amount of inventory to choose from or flexibility in the price?
Best Time For Inventory For Renting In New York:
Its no secret that summer is when the market is most hot (*pun intended*). This is mostly attributed to the changing nature of peoples lives during these months. Undergrads move to NYC to start jobs after college: students love to come for internships; and parents are looking for an easier move while their kids are at camp. Because of this, landlords have adapted their strategies accordingly to cater to the increase in demand. This is why if you rent in the winter you will often find longer term leases so that your lease will end during the summer months. For these reasons, inventory is much higher in the summer. One note to keep in mind, is that when demand is high, so is price. For this reason, you may pay a premium in your rent during this time of year, and prices can be between 3%-7% higher. This may not seem like a lot but if you take the average rent of $3,000, this can increase to about $210, which is $2,520 more annually than if you had rented in the winter. Prices start to increase in May; peak during June, July and August and start to slow down with the market in September.
Best Time For Price For Renting In New York:
On the contrary, if you're a deal hunter, you'll have a better time finding one in the winter months. October-March is when you'll see units linger on the market for longer, so consequently
landlords are more willing to decrease their pricing in order to fill their vacancies more quickly. Additionally, concessions tend to be higher in the winter months. So not only are renters benefiting from lower rents, landlords are more likely to offer free months of rent and/or cover your broker fee
. If you have some flexibility and are looking for the absolute best month, February tends to be the slowest for landlords, so if you can, aim to begin your lease then.
Best Time Based On Bedroom Count For Renting In New York:
One last note, is that even though overall inventory is largest in the summer, if you are seeking a 1 or 2 bedroom, beginning your search in the winter months might still be the best play. Pricing is lower and there are always availability for this market.
On the other hand, if you are looking for a 3+ bedroom, sticking to the summer months for the best and most available inventory is probably your best bet.
The main takeaway here is that if variety is what you're seeking, then summer is your best bet. If pricing power is more your thing, stick to winter.
Have any other tips for the best time for renting in New York? Drop us a line at firstname.lastname@example.org!