Do you want to move to New York City, but wondering when the best time to take the leap is? There is actually data that proves that the time of year significantly affects NYC rental prices. RentHop’s analysis found that the best time to get a place is February, the cheapest month to rent in New York.
Rental prices start to increase in early May and reach a peak in July. They begin to decrease again in October, reaching their low in February. You’ll also need to consider the weather, availability, and some other important factors. This guide will help you plan out the best time to move to NYC!
Moving During Off-Season
The peak moving season in NYC is between Memorial Day and Labor Day when the weather is the friendliest and most predictable. Since many people choose to move around this time, it’s also the most expensive time to hire NYC moving companies. Deciding to move around the end of the year (December through January) is not ideal since the streets of New York City are crowded with tourists during the holiday season. A moving truck amidst this is a little more complicated.
If you choose to move during the off-season months, February through April or September through November, you’ll have more options with your moving dates and save hundreds of dollars.
College Enrollment
As most college semesters start mid-August and mid-January, many students are moving to NYC during those months. They are on the lookout for inexpensive apartments or roommates to share a place. If you’re looking for a roommate to help in drastically reducing your expenditure on rent, you have a better chance if you move during this time.
Availability, Cost and Neighborhood
When moving to New York City, you’ll want to make sure that there’s a good range of available apartments in the area that you want to move to. You might be able to strike a deal due to the high availability of rentals in the wake of the pandemic. Landlords are more willing to negotiate if the unit has been on the market for an extended period.
If you choose to move to New York City in the summer, you will be faced with higher rent prices. During the winter months (October through February), the cost of rent is considerably lower. Cost and expenses are important factors to consider, especially if you are living on a strict budget.
Apartments generally stay on the market longer during these months, so you can try and negotiate the price or ask for concessions. The issue with moving during winter is availability. In general, apartments tend to open up the most in July. But if you do your research, you could end up having a good range of available apartments in your desired area. In the long run, it’s worth the day of apartment hunting with frozen fingertips!
School Enrollment and Job Opportunities
If you have school-aged children, it might make the most sense to move in June or July, even though it is a little pricey. Moving a few months before the first day of school will give them time to adjust to a new home. The location is also important to factor in as it can’t be too far from your workplace or school.
Broker’s Fees
New Yorkers still pay high broker’s fees for most rentals as of January 2021. This fee is usually 10-15% of a year’s rent, meaning a pricier apartment in the trendy neighborhood of Dumbo, Brooklyn, for example, could end up costing thousands of dollars upfront in broker fees. And unlike a security deposit, you don’t get that money back. Moving during the winter, off-season, or while COVID-19 deals are still around, means you might be able to negotiate that fee down.
Depending on your needs, schedule, and budget, these factors can help you determine the best time to move to NYC without spending a fortune.
Do you want to move to New York City, but wondering when is the best time to take the leap? There is actually data that proves that the time of year significantly affects NYC rental prices. RentHop’s analysis found that renters are advised to sign a lease in February, the cheapest month to rent in New York.
Rental prices start to increase in early May and reach a peak in July. They begin to decrease again in October, reaching their low in February. You’ll also need to consider the weather, availability, and some other important factors. This guide will help you plan out the best time to move to NYC!