Which is the worst month to rent? (Brooklyn)

august and September have the highest demand, all else equal. the winter months are the best from a renter's POV.

it may be a little backwards this year with more people leaving the city then moving in during the peak summer season.

"with more people leaving the city then moving in during the peak summer season."

how do you know that? any link or gut feeling?

No, I am bear-ish, but EVERY year, even in the deepest recessions, the most leases are signed in August and September.

admin speaking from what my place of work is doing this summer compared to last

thanks adams, may i ask in which sector do you work?

July.

That is, July being the worst for renters. Demand is high. Best is December.

As a renter I always hated April. As an owner I now LOVE April.

This is the month that I get my tax refund check.

NYmatt makes a good comment.

However, only stupid people know not to withold the right amount so as to never give the government an interst free loan AKA get a large tax refund. You should always owe a small amount and keep more money every paycheck for the 12 months prior...

Jason - so true - but you have to understand that Matt is using his tax overpayment as an enforced savings plan because he may not have the self discipline to save in any other way!

I've tried to point this out to NYCMatt before, that he should optimally be paying money on April 15th, but the point never stuck. Taxes are not NYCMatt's strong point: see http://streeteasy.com/nyc/talk/discussion/17413-nycmatt-help-i-am-confused. I believe it's a self-defense mechanism to not understand the true costs of ownership.

admin big law,

When i moved last June, the estimator told me that moving in February is at cost -- so a move that would cost 1500-2000 on July 1 would be like 500 on Feb 15th.

I'd call the flat priced moving companies and ask when the cheapest days to move are -- that would suggest when demand is at the lowest.

Depends on the market.
For renting in manahattan the last 15 years of which just about every year was robust and saw increasing rents, I timed my yearly rental leases to November as this was the worst time of the year and though I may have suffered a little with inventory choices, I got the least aggressive period for rentals and more leeway or negotiable rental prices.
Now that we are in a poor rental market, I think closer to spring might be more desirable as there is likely to be more competition for your John Hancock.

Disclosure
I recently renewed my lease for 6 months instead of a year to fall into the spring market.

"Jason - so true - but you have to understand that Matt is using his tax overpayment as an enforced savings plan because he may not have the self discipline to save in any other way!"

Whether I am using my refund as a "forced" savings account is not the issue.

The issue is that as an owner, regardless of the size of the refund/how much I'm having withheld, I'm PAYING about $12,000 LESS in taxes as an owner than I was as a renter.

Of course, paying $50,000 for the privilege of saving $12k in taxes makes no sense.

"hey, boss, I want to pay lower taxes... can you please lower my salary".

;-)

Actually, it's paying $24,000/year (mortgage and maintenance) versus $20,400/year (rent).

The $12,000 tax refund lowers my monthly housing costs to around $1,000/month.

Try doing THAT with a rental.

> Actually, it's paying $24,000/year (mortgage and maintenance) versus $20,400/year (rent).

And losing how much in principal during? And your down payment losing real value during?

(whoops, I guess you forgot about those)

> Try doing THAT with a rental.

Yes, you absolutely can't lose money as fast as you did with a rental.

"august and September have the highest demand, all else equal. the winter months are the best from a renter's POV."

Those months have highest demand, but also highest supply! remember, 99.9% of folks who rent those months also have their leases END in those months.

Its really a difference of more vs. less liquid market. Standard high-demand stuff might do better in the off-months because there is less to choose from by those who are looking, but you know it will be taken. Whereas less-standard stuff might have to wait longer for someone who wants that kind of apartment...

Its more about efficient market vs. no. You'll actually find more variation in pricing BOTH ways, up and down, depending on the specific apartment, in the off months.

No, its also movers are harder to get in the summer, brokers charge higher fees (or fees at all), inventory sits for less time, and you have newbies to NYC willing to bid crazy money (often at daddy's expense)...I am well aware of the supply demand factor. Its still easier, as ALL THE BROKERAGE RENTAL REPORTS ALWAYS SAY, to rent in the winter. This is one area where i agree with brokers.

NYCMatt, is your mortgage interest-only? What percent of your maintenance is deductible?