Why Feb 2020 is the Best Time to Rent An Apartment in NYC

By: Jennifer Villalba

Are you looking to rent an apartment in NYC?

Here’s a golden rule—start your rental apartment search in February.

February is the cheapest month to rent an apartment in NYC.

The rental rates are likely to decrease this month and that is why people consider winters as the best time to move in NYC. Rental prices are likely to increase in early May and reach their peak in the summer months. The rates go down again in October, hitting their low in February. Like most US cities, rents are lowest between December and March and peak between April and October.

Why Search Rental Apartment In February?

Rent increases in the early summer as thousands of recent college graduates rushing to the city for new jobs. Besides, there are a large number of students who move to the city for school each year. This is the time when the weather is warmer and families want to be all set before their children go to school. Most landlords bring their rental properties on the market. For this reason, you would have a better chance of getting the best apartment at great prices in NYC.

In winters, renters seem to get into hibernation mode, leading to the sluggish rental market in NYC. They have signed one-or two-year leases that are likely to be renewed again until the warmer months. That’s why landlords try their best to attract tenants with lower rates.

The average rent in February for a one-bedroom apartment is $3,000 that is $171 cheaper than in June when rents are on the peak. This 5.4 percent difference saves more than $2,000 annually. Likewise, you save nearly $2,300 on a two-bedroom apartment if rented in February than June.

Average NYC Apartment Rent in February from 2011 to 2019

Renting at the right time can save you more money in NYC than anywhere else. The difference between the lowest and the highest median rents in any given year is huge here in terms of price and percentage of the monthly rent. The most expensive New York areas to rent apartments in are Garment District, Tribeca, and Soho. The affordable neighborhoods in NYC to rent apartments in are High Bridge, East Brooklyn, and South Bronx.

According to some latest reports, rents are on the rise all over in Brooklyn, Manhattan, and Queens. The rent index in Manhattan was reported to be an all-time high of $3,318 last time. There was also a sharp rise in rents in Brooklyn, with the index going up to $2,712. Coming to Queens, the rent index rose to 3.3% to $2,200.

We hope that it wouldn’t disturb the favorable price bracket in Feb for the renters. However, price shouldn’t be the only thing to look for in your potential apartment. Make sure it goes well with your lifestyle and work. Otherwise, there is no point to settle with a cheaper apartment that may cause inconvenience in the long run.