11:10:06 | 2012-06-29
(New York, NY) — When looking for an apartment in New York City, the two most important factors are timing and location. When it comes to location, that is your preference; however, timing is a completely different ballgame.
There are two thought processes when it comes to finding an apartment. Between the months of May and September, the housing market finds itself the busiest, leading to a greater inventory, but also more competition.
One reason why moving in the summer is preferable to any other time of year is the school schedules. One reason is that recent college graduates are finding places to live. Another reason is that families typically do not want to have their children change schools during the middle of the school year, and would prefer to wait until the summer to make the transition for their children easier.
While the summer may provide more inventory, it also features more people looking for apartments. Because of increased competition, pricing for rentals can increase accordingly to reflect the increased demand. With increased prices in the summer, one may think that the best time to look is anytime but the summer. This reasoning that fewer people competing for the available units, makes finding an apartment and actually being able to close on it a far more realistic probability as opposed to the cat and mouse game you may play during the summer.
In terms of pricing, the summer is going to feature the highest prices due to the increased competition with the spring also featuring high prices. This makes September and October the optimal time to look for an apartment as landlords who were unable to use up their inventory during the summer will be anxious to move any available units.
Another good time of year to move is in late December or early January. One can take advantage of any sales or promotions that are holiday themed by moving companies or furniture suppliers, can work to your advantage. Another reason is that graduate school semesters typically end in this period, leading to a potential exodus from an area. The last reason one should move right at the start of the New Year is the financial advantage moving at that time can afford. One can pay for all their moving expenses with a tax refund check they received.
To conclude, each time of year has both its advantages and disadvantages to finding an apartment at that time. If selection is what you are looking for, then summer is your time to look; however, if you are content with fewer choices, but less competition, then early fall or the start of the New Year is your time to search.