We get this question at openigloo all the time. Everyone wants to strategize their NYC apartment hunt the best they can. But what is the real answer? Especially since it feels like rents in New York NEVER go down. The reality is that the best time to rent an apartment depends on your priorities. Do you want the best deal or have the most options? Here’s a breakdown based on different times of the year:
Late Fall and Winter (End of November to February)
Advantages:
The winter months are generally considered the best time to rent if you’re looking for lower prices and better deals. During this time, landlords are more likely to drop prices and offer concessions due to lower demand. You can find significant concessions like a free month’s rent. Additionally, some landlords may cover broker fees during this period. During periods of lower demand, you have more time to make a decision! Be sure to research your building and landlord on openigloo before signing – you don’t want to be mesmerized by lower prices.
Considerations:
While you might save money, the number of available apartments is typically lower compared to other seasons.
Spring to Early Summer (March to June)
Advantages:
This period offers the widest selection of available apartments, as more units hit the market than at any other time of the year. If you’re interested in having numerous options to choose from, late spring and early summer are ideal times for apartment hunting in NYC.
Considerations:
With more options comes more competition. Apartments tend to spend fewer days on the market during this time, so you’ll need to act quickly when you find a place you like. Bidding wars are not uncommon during this period, especially in popular Manhattan neighborhoods (i.e. West Village, Soho, Chelsea etc.)
Summer and Early Fall (July to Early November)
Balanced Approach:
These months can be seen as a middle ground to rent an apartment in NYC. Late spring and early summer are great for those who want a wide range of options yet the prices are expected to be higher, while fall (October and November) can offer better prices and less competition compared to the peak summer months.
In summary, if your main goal is to save money and possibly get better deals, winter is the optimal time to rent in NYC. However, if you’re looking for the most options and are prepared to act quickly in a competitive market, late spring to early summer would be the best time. Are you apartment hunting? Be sure to browse affordable or rent-stabilized listings on openigloo.