Cold temperatures and less than stellar weather make moving in the winter seem like a terrible idea. Despite that, there are actually some great reasons to consider a winter move in New York City. Here are a couple reasons why winter is one of the best times to move.
1. Less competition
Seasonality is a major factor in the real estate market, especially in New York. The summer season, which typically stretches from April to September, is the busiest time for rentals, as these months see the highest market demand. Recent graduates look to rent in May, young professionals with summer internships or new jobs sign leases in June and July, and college students return for school in August and September.
Due to the high demand in the peak season, apartment hunting in NYC tends to be very fast-paced. It’s not unheard of for a property to be off the market within a few hours of being listed. On the flip side, demand dramatically decreases in the winter, giving you the ability to have a more careful and deliberate search without the frenetic pace associated with the summer. Supply surges in the winter, giving you more available apartments to consider.
2. Lower rent prices
Is it cheaper to move in the winter? Generally speaking, yes. Apartments tend to stay on the market for longer, causing landlords and management companies to lower their prices in an attempt to attract renters. You may even see a number of move-in special apartments during the winter season.
In this past year, New York City dethroned San Francisco to become the most expensive city to rent in the nation. Taking a look at more affordable neighborhoods can help you make a better selection on a lower cost apartment. The most expensive neighborhoods to rent in New York City are currently Chelsea, Tribeca, and Bowery. Conversely, the most affordable neighborhoods are Inwood, Washington Heights, and East Harlem. By looking at apartments for rent in these areas you could save even more when the temperature drops.
The current rent price for a 1-bedroom apartment in New York City is $3,180 which is a 12% growth since April 2020. Taking advantage of seasonality specials can help you find apartments for rent in the lower $2,000 – $2,500 range.
3. Incentives
Going hand in hand with lowering rent prices, landlords and management companies often offer additional incentives to encourage renters to move in the winter. It’s common for owners to offer one to two months of free rent in return for signing a lease, waive or reduce application fees, offer a complimentary year of amenities, or hand out gift cards. There are no set rules when it comes to incentives, so it’s definitely worth keeping an eye out for then during your apartment search.
4. Lower broker fees
A broker’s fee is unique to the New York City rental market. It’s a fee, paid by either the landlord or renter, that goes directly to the real estate broker who was responsible for getting the property rented out. In most transactions, especially in the summer, it’s usually the renter who pays the broker’s fee.
In the winter, high vacancies across the city make landlords and management companies more willing to pay these fees to brokers directly, meaning less money coming out of your pocket when it comes time to sign the lease.
5. Power to negotiate
During the off-season, vacant apartments are a landlord or management company’s worst nightmare. Since they lose money every day the apartment remains unoccupied, property managers are willing to do almost anything to guarantee a tenancy, including negotiating the terms of your lease. As a renter, you have the upper hand in the winter and it’s definitely worth negotiating for lower rent, a later start date than advertised, or some kind of move-in incentive.
6. Scheduling
The struggle of scheduling your move will be nonexistent in the winter. You’ll be competing with fewer people when trying to hire a moving company or reserve an elevator at your new building. And, once you’re moved in, you can start making your home feel cozy in no time.
With so many benefits, it definitely makes sense to try moving in the winter. If you’re thinking of moving to New York for the first time, or you’re just moving to a different part of the city, check out our apartments for rent and get started on finding the best deal.
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