Now that Memorial Day is behind us, many are thinking about their plans for the summer. While you may be vacationing, brunching, and taking in the warm weather, the odds are good that you may be thinking about finding a new place to call home.
The majority of renters move in NYC between the months of June and September. There are several reasons for this trend. One reason is because summer moves are more desirable, another is because many people who come to the city after graduating move in the summer, hence their leases are on this cycle. In fact, many landlords will offer incentives to get winter renters onto a summer cycle to maximize their rents. They know they will get better prices in the summer simply because there are more people looking during that time. It is simple supply and demand.
If you feel a bit overwhelmed by the prospect of being one of several renters pounding the pavement, you are not alone. Here are a few tips to make yourself more competitive as you embark on the rental search.
- Make sure to have all your paperwork together: Letter of Employment, Tax Returns, Pay Stubs, Bank Statements, ID, and a landlord reference letter (when required) are all things to have ready to go BEFORE starting the search. Apartments can go within hours of hitting the market. Don’t miss out because you didn’t have your letter of employment ready to go.
- Understand the prices: Don’t lose valuable time by trying to find something that doesn’t exist. Deals are out there, however, you need to know the median prices for the size of apartment and desired neighborhood so you know what to expect.
- Narrow in on your desired area: If you are clear about the neighborhood you want to live in, it will make it a lot easier to focus the search and not miss out on something great because you were looking at too many different neighborhoods.
- Hire an experienced agent: If you have an GOOD agent along side of you, it will make your search easier and more pleasant. Those who know the market, inventory and landlords will help you avoid some pitfalls the unrepresented renter may experience.
It is a fast-paced market in the summer, so the more legwork you do on the front end, the more likely that you will nab that perfect place to call home! As always, any questions, reach out to me at lauracook@kw.com.
