Written by Nick Simard on 12.01.16
The idea of moving in winter may not hold a lot of appeal. No one wants to slog through gray slush in below-freezing temperatures, which is common when hunting for apartments in NYC winters. The plus side of winter rentals is the opportunity to nab an apartment at a lower rate. You might find a lease in a building that rarely has an opening, or you could get a good deal for moving during the worst weather.
Fewer people move in the winter time. The weather keeps people indoors more often, and most people don’t want to deal with ice and snow while carting around heavy furniture. That means apartments vacant during the winter take longer to fill. Longer vacancy rates mean landlords will often negotiate on the cost to fill an empty apartment; after all, it is better for them to collect reduced rent for 12-months versus full rent for only six. Another factor is the school year. College students often move in summer to avoid conflicts with classes, and families often follow the same trend to move during school breaks. That leaves you with a lot less competition when you find the right unit.
You’ll find it’s true most people move during spring and summer, so you might not have as many options in the winter. Fewer people moving means fewer units on the market. You might need to start looking a little earlier to find the right unit if you need to move in winter, but remember, fewer options don’t equate to no options, particularly in a city like New York where many areas have a lot of real estate inventory. To get the best deal, look for apartments in areas where there is new construction that may increase local vacancy rates. A little neighborhood research with the right broker can give you a leg up on finding some great apartments on the market.
You might get the absolute best deal by renting in winter, but you can leverage a fall move almost as well. By knowing the seasonal rental trends, you can negotiate with a prospective landlord to get the rent down; moving in fall might let you avoid the worst of the weather and still take advantage of some of the winter rental downturn. Moving apartments in NYC winters may have challenges, but with the potential savings, it is often worth the winter adventure.
Topics: Renting NYC
