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Did you know apartment prices can fluctuate daily just like gas prices? You may be wondering how. The real estate market, especially in New York City, grows daily, and the concept of supply and demand also plays a factor in fluctuating apartment prices. An apartment you visited last weekend may have been affordable on the day you visited, but the rent could skyrocket by the following Monday.
Revenue management software, which is becoming more popular by the day, could be one of the primary causes for spontaneous price variations. Many landlords and real estate agencies use revenue management software to monitor market trends and demand and adjust the pricing accordingly.
Software can help them maximize their revenue because it factors in square footage, the number of bedrooms, market strength, the amount of interest rate, and overall occupancy when calculating ideal rent ranges.
Apartment prices tend to fluctuate depending on the time of year. Spring and summer are the busiest seasons for signing new leases. On the contrary, fall and winter are traditionally seasons when rental activities slow down due to the holidays and colder weather. If you want to save money, consider looking for an apartment during the fall or winter, specifically between December and March.
The economy might also influence pricing. You can expect to see higher rent prices in more attractive neighborhoods or cities.
The availability of apartments is another important factor that impacts apartment prices. If there’s a shortage of available apartment units in any given neighborhood, you can usually expect to see higher rent rates.
The apartment’s location is another significant reason why rent prices fluctuate. Properties located in more commercial or urban areas tend to cost more than those in rural areas.
If you want to strike the best deal on an apartment, conduct your search between 9:00 and 10:00 a.m. This is when property managers are most likely to update new listings.
Believe it or not, apartment prices vary depending on the day of the week. You are likely to get the best prices on Monday and Friday. Similarly, Tuesdays and Sundays tend to be days when apartments are more expensive.
The best time to rent a New York City apartment is during the off-peak time from November to March. February is the ideal month to rent in the city. Try to avoid peak season, which is from May to September.
In New York City, apartment leases typically expire at the end of the month, and tenants are required to give the landlord at least 30 days’ notice of their intent to leave. Start exploring new apartments around the end of the month to increase the likelihood that you’ll find a reasonably priced apartment.
New apartment leases tend to start on the first of the month, as it becomes easier for both the renter and the buyer to keep track of payments and utility bills. However, the lease may also start as soon as the previous renter leaves the apartment because landlords don’t want vacant units.
When you have a better understanding of when apartment prices fluctuate, you can strategize when to step up your apartment hunting efforts and increase the likelihood of finding a great apartment at an affordable price.