When is the Best Time to Rent a NYC Apartment?
It depends. The best time to look for a NYC apartment really depends on whether you are looking to get the best price, or the best apartment. Generally speaking, here is how it works:
1. If You Want the Best Apartment…
Most renters tend to search for rental apartments between March and September. This is when people are starting jobs, when the weather is warmer, when people are starting school and internships, and when families want to be all set before their young kids go to school.
This is when most landlords try to bring their apartments on the market. For this reason, their tends to be a lot more choice and you would have a better chance of getting the best apartment. Therefore if you want more choice, the best time to look for you may be between March and September. However, please note that the rental price could be higher during these months, as much as 20% more in some cases.
NOTE: To search for NYC apartments, go to frele.com (free service). Or, click for more rental tips.
NOTE: To search for NYC apartments, go to frele.com (free service). Or, click for more rental tips.
2. If You Want The Best Deal…
On the other hand, the October to February time period is a much slower period of time. There are simply not as many renters pounding the pavement during this time.
Therefore, if you are looking for the best “deals” on rental apartments in NYC, then the best time to look would be between October and February. Landlords hate to have their apartments on the market during this time because they know that the foot traffic will be much less.
Because the traffic is less, apartments sit on the market longer, and prices reflect this. For this reason you can strike much better deals on your rental. In some cases you can rent apartments at prices 10-20% below what you would pay in the spring and summer months.
However, there is a downside. Your choice would be severely limited. Because landlords hate to have their apartment on the market during this time, over the years they have adjusted their leases to begin and end during the spring and summer seasons. For this reason, you simply won’t have as many apartments to choose from. So, the winter months may not be the best time to look for you if you want more variety in apartment choice.
Still, overall, savvy renters who have flexibility with a lease start date tend to try to look for an apartment between October and February. They realize this is the best time to look for a good price. There is a much better chance you will get a good deal.
And by the way, February tends to be the slowest month for landlords so if you asked me to pick one month for you as a renter, try for February.
But either way, our free website frēlē offers thousands of apartments for rent in New York City, no matter when your lease starts!
For more NYC rental tips, please go to frele.com/learn.
This article was written by:
Phil Horigan, NYC Real Estate Veteran
Founder, Frēlē, the free and honest NYC rental marketplace
Producer, Phil’s NYC Rental Tips [YouTube Channel]
Blogger: flowfreely.com
Instagram: @philiphorigan
Phil has been a licensed NYC real estate agent since 2004 working for some of the top real estate brokerage firms in the industry. He founded Leasebreak.com in 2013, and Frēlē in 2017. Frēlē and Leasebreak are free and transparent rental marketplaces to search for or post apartments for rent in NYC
Go to frele.com to search for NYC apartments (free service).