Is there a best time to rent in NYC?

Feb

pepino, you question seemed to have all the answers.

Real estate is a very seasonable business.

Winter is cheapest, prices head up in May, sometimes sharply. Traditionally by Halloween the rental market is "dead," relatively speaking of course.

Also landlord concessions, such as owner pays brokers fee (OP in the trade), peak Jan-Mar.

There's more churn in the summer so if selection is more important than price, summer is better.

Renting for some 15 years in manhattan, my rental cycle started in April/May. This starting point did offer more "choices" of place but much much less negotiability in rent. I one year took an 18 month lease to get me to November.
There would be less inventory but it was always much more negotiable and an even keel of a market period, regardless of what type of economic year it was.

when it's cold out of course

The best time to rent in New York City is, January and Febuary.

Why does the rental market vary so sharply based on the seasons? I don't understand -- my need to move has nothing to do with the weather outside.

The best time to rent is when YOU GET PRICED OUT FOR NOT BUYING....

loveson
about 21 hours ago
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Member since: Jan 2012
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The best time to rent in New York City is, January and Febuary.

This may be the best time to get a "deal" or a lower rent, but inventory levels are also low. So this is only correct if price is your prime motivation. It often isn't.

The prices are lowest and you feel least rushed and can most easily get movers Jan-March. But the selection is the widest July-Sept.

Its never perfect.

Looking at the low end, to me it seems like you get more fixer uppers in the winter. In the spring/summer/early fall you tend to get the better apartments with the new kitchens, baths etc that the landlords fixed during the slow winter months thats why the deals in the winter. In NYC you never really get a deal because saving $100 on rent and not living in the place you want a little sooner is generally not worth it since in real terms its such a small percentage of the actual price of the monthly bill. $100 in rent is only 5% for a $2000 rent which in Manhattan is getting harder to find even with walkup studios! Amazing!

aalsberg I moved into a completely brand new building built in 2009 that did not open until Jan 2009. I moved in Feb. So its not true that you can NEVER get brand new. My deal was fantastic because they needed to fill the entire building in winter.

I did not say you never get brand new, I said "you never really get a deal" this is because the whole island is overpriced due to the fact that you have so many renters and so few apartments. (basis economics supply versus demand)

can someone explain WHY the rental market more expensive/more inventory in the summer months? what does the weather have to do with anything?

>what does the weather have to do with anything?

It's an ideal formula: PV=nRT. T = temperature (measured on the Kelvin scale), P = price, V = volume (aka size) of the apartment, R = rain (or any type of precipitation), and n is just the factor based on the specific city, or area within the city (n for Manhattan is higher than n for Queens or Chicago).

People move to NYC after college in July /August. This is how the cycle starts and never finishes. Add school year to that, which pushes the cycle a little earlier.

1965.

pepino, did you rent?

Why are you asking? Do you think Pepino will reply? Why are you raising this old thread?

Typically the rental market is slower in the winter months and starts to pick up early spring. If you are looking for a flexible move date, lower rent prices for a bigger space, then look in the winter months. However, because most college students sign new leases in the summertime, their leases are finished in the summer and you have many more options to choose from. So, you have to decide what your deal breakers are--MORE apartment choices, or less expensive rents.

It is important to be prepared and familiarize oneself with the rental process. New York City has a vast variety of buildings and neighborhoods. It is important to get an idea of what area may work best for you in terms of transportation, apartment types, size and price.

Every situation is unique for each individual. If you are looking for an apartment to rent, buy or sell, please feel free to contact me at the number below.

Direct: 212.434.5206

NEW YORK—Manhattan rents have dropped for the third consecutive month, but Brooklyn’s rents continue to rise, according to a November Douglas Elliman report released on Dec. 11.

Manhattan’s median rental price dropped 3 percent to $3,100 while Brooklyn median rental prices rose 3.8 percent to $2,800 per month.

http://www.theepochtimes.com/n3/394888-renters-moving-out-of-manhattan-vacancies-highest-in-7-years/