Renting or buying an apartment at any time of the year is nerve-racking. Searching for a decent deal in a decent neighborhood can be downright impossible. But did you know there are certain times of the year when you can actually score a good deal on an apartment? We’ve got your answers.
According to a recent study from the Elliman Report, the median Manhattan rent price is around $3,300, making it the second most expensive city to live in. For buyers, Zillow listed a median price of about $1.93 million for homes.
So when is the best time you should search for an apartment in New York City?
Well, it’s certainly not the summer.
The best times to rent or buy an apartment in NYC is between late November and early January.
According to the Margolis team, real estate activity tends to be lower during the holidays – with the cold weather not helping. Therefore, there are more opportunities to rent or buy.
“Landlords might offer one or two months of rent for free or just a lowered monthly rent to give prospective renters more of an incentive to sign their lease,” the Margolis team said.
In fact, there’s nearly a 4.5 percent price different between renting in July versus January. So for a $3,100 one-bedroom apartment, you could pay around $140 less if your lease started in January.
And although November was thought to be an off-peak month, rents stay relatively steady until the end of the month. March, on the other hand, was once considered a peak month but is now seen as an off-peak month.
Summer months are the worst time to rent thanks to the high number of students graduating and needing a place to stay. Big corporations are also taking in entry-level employees during the summer – some even offer to pay brokers fee.
But, don’t expect winter prices to be cheap by any means. Rent prices are still high and any apartment in NYC is going to be more than anywhere else – just because it’s New York City.
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