Rental Basics in New York>Question Details

Jen Mahajan, Renter in 10016

When is the best time to rent in NYC?

Asked by Jen Mahajan, 10016 Mon Sep 13, 2010

Help the community by answering this question:

Answers

6
BEST ANSWER
Seasonally - the winter! (November and December specifically!).

Soft Market - if you rented in a hot market it might be time to move and get that lower rent for a better apartment.

Stay where you are - if you don't need to move, don't. Renegotiate some nice rent with current landlord. Landlords like tenants that are quiet and pay their rent on time.

Rent vs Buy - many great calculators that can help answer this question - it is specific to New York City and the individual. (When you start to see rents rise in large volumes, it may be moving towards a good time to buy especially in an up and coming neighborhood).

Time line - if you are staying in the city for only a couple years or your future is up in the air, rent.
0 votes Thank Flag Link Mon Sep 13, 2010
Spring and Fall are the busiest times for rentals (May and August are especially busy as people want to move into apartments before the summer begins or school starts). If you're asking the best time to negotiate a great deal...December-February and June/July...fewer tenants are out looking and landlord's are usually more negotiable. If you're looking to rent a high-end condo in NYC, start looking at least six weeks before the date you need to move...many condo rental applications take 2-3 weeks for approval and these landlords generally re-list their properties 2 months before their current tenant vacates.

In general, rental rates are beginning to go up again in Manhattan as inventory dwindles. Many would-be buyers cannot obtain financing now with the tougher lending requirements so they are renting for the time-being.

Any other questions, let me know!

Glenn Minnick
Senior Vice President
Top 1% Producer Nationwide
Prudential Douglas Elliman Real Estate
http://www.elliman.com/gjm

P.S. Visit our advanced new real estate web site, Elliman.com. It features the most rental and sale listings in the NYC metro area.
0 votes Thank Flag Link Fri Sep 24, 2010
During the first two weeks of a month in order to move into an apartment the following month.
0 votes Thank Flag Link Fri Sep 17, 2010
It's always a good time to rent, whenever you need and are ready to rent based on your finances, wants, needs, lifestyle.
0 votes Thank Flag Link Mon Sep 13, 2010
We all know anytime we can find a place. He wants to know cheaper time to move in!
Flag Sun Sep 22, 2013
We all know anytime we can find a place. He wants to know cheaper time to move in!
Flag Sun Sep 22, 2013
lol answer
Flag Sun Sep 22, 2013
There is usually larger demand for smaller apartments i.e. studios and one bedrooms from May through the summer, however larger apartments remain steady through the year. This short term fluctuation doesnt really affect prices much so its not as if apartments are cheaper in May its ust a function of the normal turnover of college grads and new hires.
0 votes Thank Flag Link Mon Sep 13, 2010
Short answer: when you need an apartment! Long answer, the rental market in NYC tends to be cyclical with the peak season from the middle of May to late August. However, in a city with as low a vacancy rate as we have, rentals units tend to go fast when they are appropriately priced, regardless of the time of year. I'd be happy to help you if you need further assistance renting an apartment. Check out our website where you can search for listings, http://www.rubiconNYC.com.
Web Reference: http://www.rubiconNYC.com
0 votes Thank Flag Link Mon Sep 13, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer