If your looking for a new apartment, now’s the time to search! According to a recent study by Renthop, February is the cheapest month to rent in NYC.
Renthop took a look at the rental trends of 10 cities across the country, and New York City had the highest peak-to-trough difference of all cities when it came to 1-bedroom apartment rentals, and second highest for 2-bedroom apartment rentals (as shown below).
By renting a 1-bedroom apartment in February you can save up to $171 per month in comparison to renting the same place in July (the worst month for renting in NYC). The study digs deeper with a city by city breakdown. For New York it reads:
“Rental prices start to increase in early May and peak around June/July/August. Rents start to taper again starting in October (before reaching a low in February). Interestingly, the lower-price periods and higher-price periods actually last for a while, and seasonal price flips happen fairly rapidly (over a span of only 1-2 months).”
So if you can, start your search a.s.a.p.!