When to Win That Budget SoHo Rental? Our Renter Demand Index Will Show You

Like everything else in New York City, hunting for an apartment is competitive. A new analysis of StreetEasy data shows exactly when renters will face the most competition for that dream apartment in Manhattan or Brooklyn: the second and third weeks of July.

Longtime denizens will know that the New York rental market is highly seasonal. Many renters prefer to move during the summer months, and landlords like to rent their apartments when competition is highest, since it gives them the most bargaining power. This is why both apartment inventory and renter demand peak over the summer.

But just as renters prefer some NYC neighborhoods over others, not all areas see the most demand at the same time.

Hot Summer, Hot Rental Market

The StreetEasy Renter Demand Index is a new statistical model that combines three years of data on our users’ behavior with market data from the same period. It allows us to pinpoint the specific week in an average year that a neighborhood will see the most demand from renters.

The index reveals that renter demand — and thus competition for the best apartments — is highest during the second and third weeks of July for most neighborhoods in Manhattan and Brooklyn.^[1] In fact, 80% of the neighborhoods we looked at experience peak demand from renters sometime in July.

If that sounds like a huge rush for homes, remember that rental inventory also spikes in July, with roughly 11% more rentals available than during any other month. Compared to December, for example, when inventory levels are 12% below average, renters have roughly 6,000 more apartments to choose from. So even though competition among renters may be at its fiercest, there are also more homes available.

Skip the Holiday, Snag a Dream Rental

Demand varies considerably within the month, too. Even two weeks before the mid-July rush, competition for apartments is noticeably weaker, as many New Yorkers leave town to celebrate the Fourth of July. Those who stay in town for a holiday weekend home search may get a jump on the market.

And not every neighborhood sees the most demand in July. Competition for apartments in SoHo, one of the city’s most popular rental neighborhoods, actually peaks in May. Financial District apartments draw the most eyeballs in the fourth week of August, just before Labor Day, while the second week of September is the most popular time to hunt for rentals in Sunset Park, Brooklyn.

In fact, 20% of neighborhoods in Manhattan and Brooklyn see renter demand spike sometime outside of July. If you’re wondering when to beat the renter rush, mouse over your desired neighborhood and compare it to others with our interactive renter demand tool, below.

(Data visualization by Paul Buffa)

How We Did It

The StreetEasy Renter Demand Index compares apartments that have been rented on StreetEasy more than once, looking at how prices have changed over time and how quickly units were taken off the market after being listed. Using StreetEasy data from 2016 through 2018 and a machine-learning model, the index predicts how quickly an apartment will be rented based on how users are interacting with the listing on StreetEasy, as well as broader data on the overall NYC rental market. We then compare that to what actually happened. If, for example, an apartment fetched a higher rent than it did the previous year, and sat on the market for fewer days than expected, we can reasonably infer that demand increased for that particular apartment. Since apartment rental trends also vary throughout the year, and even within a given month, we adjusted the StreetEasy Renter Demand Index for seasonality and to show the week-to-week fluctuations over an average year.

^[1] The StreetEasy Renter Demand Index currently tracks demand for neighborhoods in Manhattan and Brooklyn. Over time, we plan to add data for other boroughs.
—
Inspired to find your next place in New York? Whether you’re looking to rent or to buy, search NYC apartments on StreetEasy.