Ahoy Hoppers! Earlier this week we did a post on the “Best Time of the Month to Look for Apartments in New York,” and you asked “But what’s the best month to look?” We’ve heard your request, and dug back into the statistics to find the best month to look for apartments in New York City. The results may surprise you.
Rental Trends
Source: RentHop. De-trended seasonal mean rental prices based on one-bedroom units in New York between $1,000 and $8,000 dollars.
Let’s dive into our data!
The chart above shows the relative difference in average rent prices per month. Just a quick look shows you that rates clearly increase from July through September. We’re looking at a 3% increase from yearly average rents, or roughly $90-100 extra a month for a $3,000 unit! September is the worst time to look for an apartment if you’re trying to save money.
The Results
Verdict: It looks like April and November are the best months to look for apartments. Now what will you do with your extra $1200 a year!?
Remember that if you’re currently on a lease that does not end in April or November, you may end up paying more to move. However, if you want to take a gamble at the end of your lease, you could sublet for a couple of months until these hot times for renting. Make sure to calculate the cost of moving twice compared to the savings of moving in April or November, as costs could outweigh savings.
Happy Hopping!
Editor’s Note: We updated this article to enhance readability.
