Moving to New York City During the “Best” Time of the Year
New York City apartments charge steep rents, especially during the busy rental season. Most renters look for apartments during the summer months, with the busiest time of the year ranging from May through the end of September. Additionally, many landlords specifically write their leases to ensure they expire during the busy season. Is the busy season the best time to rent? That depends on who you ask. Furthermore, moving to New York City during the “best” time of the year could actually mean moving during the slower season.
Best Time of Year to Rent for a Budget
We’ve previously reported on rental fluctuations depending on the time of year. As expected, rents are highest during the busy summer, when landlords capitalize on high demand. When the season slows down, rents decrease as well. On average, a renter can expect to save $1,500 a year by renting in the slower months compared to the summer.
Breaking down the math further, RentHop finds that December through March offers the lowest rents. Some renters may find this the best time to move if they’re on a budget.
Lower Inventory in the Winter
Lower rents also mean lower inventory, which impacts a renter’s ability to find a great apartment. While there are still thousands of listings to choose from, fewer landlords and property owners experience vacancies during the colder months. Therefore, renters may need to lower their expectations and settle on a unit with fewer amenities in a less-than-perfect location.
Perhaps more annoying than lower inventory is the fact that moving in the winter proves physically challenging. Of course, it’s possible to hire movers during this time. January and February can have brutal weather with sub-freezing temperatures that leave plenty of icy patches on the sidewalks. Even the most careful renters can risk slipping on their new brownstone’s steps while carrying heavy boxes.
Renting in the Spring
Spring can be more appealing than winter, as there is more inventory and warmer weather. Prices will start to climb, and renters may find a bit of competition for an apartment. While they likely will not have to engage in a bidding war, they could pay more than they would have during a January move. Additionally, inventory slowly builds during this time of year, providing more options than in the winter.
March and April are particularly popular for subletters and short-term renters. Those looking to rent a summer sublet will have the best luck searching for a unit in these months. There are more rental listings specifically looking for short-term renters, and subletters may have the wiggle room to negotiate a lower rent. >
Fall is the Best Time for Savvy Renters
Those looking to score a great deal on an apartment should consider moving in the fall months before the holiday season. In October and November, renters will observe a slowing market with decreasing inventory and prices. The temperatures drop, meaning you will not be profusely sweating (as much) carrying a couch to your fifth-floor walk-up compared to July. Additionally, it is still light enough outside for several weeks to unpack in the daylight.
If you’re looking to rent a one-bedroom or two-bedroom apartment, November is the first month of the slower season where rental prices become noticeably lower than the summer.
Tips for Prospective Fall Renters
Many of our tips for renting in the fall are similar to renting during other times of the year. It’s always important to know the type of apartment you’re looking for and have a clear idea of a budget, location, and size. However, remember you may need to compromise on a few of your must-haves in order to secure a lease.
Additionally, renters should always prepare their paperwork before seeing an apartment. While this time of year is less competitive than the spring and summer, if you truly find a gem in the rough, you may still compete with other renters. Landlords must review their applications in order of when they’re received, so it’s still imperative to apply as soon as possible.
There are still some more specific tips to help renters during the fall rental market:
Negotiate a Longer Lease
Most landlords know that fall is not the best time for them to sign a lease because they want to make as much money as possible. Therefore, even if you sign a lease in November, that lease may have an expiration date in July or August. Before you sign, read through the lease and try to negotiate with the landlord. They may not be willing to extend to November of one year, but they might accept a two-year lease. This way, they will not have to rent the apartment for at least two years, saving them money.
Schedule Your Move for the Morning
If you can schedule a move in the morning or afternoon, take the morning option. Moving takes a while, especially if you go to a new borough. Since daylight savings kicks in during the first month of November, there will be fewer hours of sunlight in the afternoon. You’ll appreciate those first few hours in your apartment more if you have natural light to help you work your way around and start unpacking. Furthermore, the temperatures could get cooler in the darker hours, making things more uncomfortable as you go in and out of the apartment.
Leave Buffer Days Around Holidays
Sometimes, you’ll need immediate assistance moving into your new apartment. You may discover that several outlets are off or that the shower is scalding hot after a couple of minutes. There are items you may miss during your apartment tour, and you’ll need the help of your landlord, super, porter, or other handy person. Despite fewer apartment move-ins during this time of year, these workers may not be as quick to respond as they would be during the busy move-in period. Additionally, they may take time off around the holidays.
Even if you plan to stay in your unit for popular holidays, some workers may not be around. Try to move into your apartment several days before or after a major holiday to ensure you can receive proper assistance if needed.
Conclusion
Many New York City renters remain trapped in the cyclical summer move period. If you’re lucky enough to have the option to choose when to move, try moving apartments during the fall season. You’ll find lower rents, less competition, and typically temperate weather, making the process less stressful.