IS RENTING IN NYC DURING THE SUMMER WORTH THE EXPENSE?
Summer may seem like the the perfect time to start renting in the concrete jungle. With an endless option of rooftop pools, countless happy hours with friends, and great restaurants around every corner, NYC has everything to offer (and more!). What future renters may be naive to though, is that "a new StreetEasy data analysis shows that competition for rentals peaks in the second and third weeks of July for most neighborhoods in Manhattan and Brooklyn." According to Curbed NY, over a 80% of those areas experience a higher renters’ demand during July over a three-year span.
Now with the facts laid out, read on to see what these NYC-based rental agents have to say from their own experiences with finding rentals for their clients.
The College Wave
Michael Bello of REAL New York suggests steering clear of renting from May through July. “Lots of folks are graduating and moving to the city for new jobs, and students are also moving to the city to begin college, so competition is fierce,” he says.
The Landlords Rules
Luke Joyce of REAL New York shed light on the lack of incentive on rentals created by landlords makes for a pricey couple months within the summer. Bello reiterated, “Landlords know how hot the market is during these months and adjust their pricing and incentives accordingly, meaning that they’ll raise rents and reduce incentives, knowing the market will bear it, in order to lock in higher rent.”
Prime Time for the Picky Renter
“If apartment specifics are more important to you than sticking to a strict budget, then summer can be a great time to look for an apartment,” Joyce spills over the endless choices created from the supply being so high. For when competition is at your heels, Bello advises Generally speaking, start your search two months ahead of time. By June 1st, for example, the best July 1st inventory is usually already rented. Do not wait until the last minute.”
For the Budget-Conscious Renter
“If you are looking for a deal and snag a good price on a 12-month lease, chances are you will find that deal in the winter months from November through March,” specifies Joyce. In winter months, landlords start to become a little more generous pricing their vacant lots as there is less of a demand on rental properties.