We all know that rental prices in New York City are some of the highest in the world. You don’t get a lot of space with your apartment, with the trade-off being that you have an opportunity to live in a city with countless possibilities.
The peak season for renters is typically from May to September. That means you’ll see higher costs in almost every category, from the amount you’ll pay to how much a professional moving company charges.
If you move from October to April, then these transitional months can often provide a seasonal discount for your living situation.
When Are the Best Months to Move in NYC?
When cost is your primary consideration for finding a new place in New York City, the best time to move is between November and March. December and January often provide the best opportunities.
Although the low season is technically from October to April, business is picking up during the first and last month during that time. It’s often a little cheaper to move, but you won’t see the savings like you would in December or January.
It isn’t ideal moving weather during those winter months. That’s also why it tends to be a bit cheaper. Landlords and property managers aren’t filling as many new vacancies, and moving companies have more openings on their schedules to accommodate your transition.
With less competition and more options, a winter move can reduce your costs significantly. That doesn’t mean you can’t find a great deal when you have summer moving responsibilities to plan, but it is more challenging to find them.
Tips for Finding the Best Apartment in NYC
When you start looking for a new place to live in NYC in the summer, you’ll find more choices, greater competition, and higher prices. Although the inventory is much lower in December or January, you also have more room to negotiate a favorable outcome.
Most landlords or property managers are more willing to negotiate if a specific unit has been on the market longer than expected. You’ll need your deposit and rental money, income documentation, and other requirements to be along for the ride to ensure that you beat out the other applicants.
Here are some additional tips that can help you find an affordable place to live in NYC.
1. Your credit score matters more than you think it does.
Most landlords in New York City want to see a minimum credit score of 650. If you can be above 680, you’ll have the most flexibility for finding and getting into an apartment you love.
When your credit score registers in the “fair” category, you can typically get approved. Everyone has a specific number they like to see. If yours is under 650, it’s probably better to get a guarantor for your application.
2. Think about the income requirements.
If you are applying for an NYC apartment by yourself, the average income standard is to make 40 times the monthly rent as an annual income. That means you’ll need to make about $120,000 per year for a place that costs $3,000 per month. Recent changes to the security deposit law make it so that you only need to bring your deposit and the first month’s rent to secure your application.
If you don’t make that much money, you can have a guarantor serve in that role. When someone you know signs on your behalf, they might need to make 80 times the monthly rent.
3. Get your documents together.
Most landlords ask for bank statements, payroll documents, pay stubs, or tax returns to verify that you are earning an income. Some property managers might request 2-3 years of records to prove your income is consistent if you’re self-employed.
If you just started a job in NYC, some landlords might ask for a letter of employment. You also need photo identification in most circumstances.
4. An out-of-state guarantor is a possibility.
Although foreign guarantors are not usually accepted when finding a place to live in NYC, most landlords will take one that lives in a different state. The only requirement is that they need to submit the requested documentation. If you’re coming to NYC from outside the country, you’ll want to use a third-party guarantee service. Just be aware that some landlords aren’t willing to use this type of service.
If you have a move during the off-season to plan, Expo Movers can be there to help! We’re a four-seasons provider with fair, competitive pricing so that you have the best moving experience possible. Contact us today for a free estimate!