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This is the Best Time of Year to Rent an Apartment in NYC, Study Shows

Bianca Bahamondes Bianca Bahamondes

This is the Best Time of Year to Rent an Apartment in NYC, Study Shows
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).

best-time-to-rent-one-bedroom-apartment best-time-to-rent-two-bedroom-apartment

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).”

best-time-to-rent-new-york-ny

So if you can, start your search a.s.a.p.! 

Featured image source: Photo by Denys Nevozhai on Unsplash