When to Look for Apartments
If you have the luxury of choosing when to relocate or move to New York City, consider yourself lucky. As a general rule, most renters choose to move in the summer or fall, which makes for an extremely volatile market. The competition for an apartment in the fall can be overwhelming – apartments stay on the market sometimes only for a few hours. On the positive side, there are many, many more listings. Some benefits of relocating during the spring/summer/fall therefore include:
- Better moving weather (watch out for summer however, it can get hot!)
- More choices on apartments to rent from (note, this doesn’t necessarily mean the supply of rental apartments are better than those in winter)
For those who plan to relocate during the winter, don’t worry, there are lots of benefits as well:
- You may be able to save on the broker fee: landlords/management companies that are looking to rent during the winter may be willing to pay the broker fee for the renter just to get their apartment off the market. Same with brokers/agents, some may be willing to lower their broker fee in order to get more business.
- Slower-paced market: You may have a better chance of snatching a great apartment during winter compared to summer. Landlords are more desperate to rent out their apartments and may therefore lower their expectations for renter qualifications among other things.
- Less competitors: You’ll be competing against fewer renters for the same apartment.
- Prices tend to be in a flat line state, rather than increasing as they often do in the busier seasons.