July is one of the biggest months of the year for the NYC real estate market and our agents have certainly been keeping busy helping clients across the five boroughs. But does the busy season mean you’re more or less likely to get the apartments of your dreams? Is it better to wait until the fall and winter months for less competition? Long story short, the answer is more complicated than you think.
A new StreetEasy data analysis shows that competition for rentals peaks for the year in the second and third weeks of July for most neighborhoods in Manhattan & Brooklyn, which is when many renters prefer to move (and when landlords like to rent since it gives them the most bargaining power). That may seem like a scary thought if you’re moving right in the middle of the summer, but keep in mind that the rental inventory also spikes in July which offers much more variety in the apartments that are available during your search. The particular neighborhood that you’re most attracted to can also influence the level of competition you experience – for example, hotspots like Soho and Battery Park City are most popular now, but Gramercy Park and the Financial District actually experience their demand peaks in August.
You may have heard before that the savvy New Yorker moves during the fall or winter, and there’s a possibility that could very well be true. Landlords are far more likely to consider offers below the advertised rent during the off-season months, and you’ll often find additional concessions or deals depending on the building or neighborhood that you’re looking in too. But as you can probably guess, the inventory of the market isn’t as high as it is in the summer so you may be looking at less options as a tradeoff (plus you might get a little cold as you’re moving your furniture from place to place!).
So what your best bet in terms of timing? It really depends on what you’re looking for! If you want to see a ton of options before making a decision, summer is probably for you (as long as you make a decision quickly since the market moves fast!). But if you’re looking for a great deal instead, fall or winter is more suited for your search. Whichever way you choose, click here or call 646.681.5272 with your questions to speak with an agent from Platinum Properties. We’re standing by to help you through every step of the real estate process, whether that’s guiding your rental search, selling or buying a home, or anything in between.