Need an NYC Apartment for August 1st? We Can Help!

You're not alone if you need to rent an apartment in New York City in time for an 8/1 move-in. The second-busiest month of the year for rentals, summertime presents many challenges to those seeking places to live. Many schools start up again this month, prompting students to descend upon the city to square away a property beforehand. Many leases expire this month, so there are usually tons of listings. With so much competition, though, few last for too long. To top it all off, this is among the priciest times to sign a lease.

Renting homes this month can be daunting, but it's doable – especially when you connect with the experts at BCP Real Estate Group. From our offices at Rockefeller Center, we offer a robust array of resources for busy urbanites seeking NYC rentals. Sign up via our website for free, instant access to our up-to-the-second NYC rental listings to get started. From there, browse our website to get up to speed on popular rental options, including doorman buildings, co-ops, luxury towers and more. Later, contact us for a referral to a broker servicing the neighborhoods you want. With their help, you'll be on your way to renting a place for 8/1 in no time.

The August Rental Scene in NYC

Besides September, August is the busiest month to find a listing. People descend upon the rental market from around the world to vie for the best options. Many colleges and universities, including Columbia and NYU, start classes this month, so the city becomes flooded with students seeking affordable and convenient housing. Since landlords have no trouble finding tenants at all, they tend to charge more and are less motivated to offer money-saving concessions.

Remember to be patient and flexible if you absolutely must look for a listing for an 8/1 move-in. It won't be easy, but there are some upsides, including the following:

• Finding a Roommate is Easy – Since so many people are out looking for rentals this time of year, it's relatively easy to find roommates. Like many folks, you may need one or more to afford the rent in NYC, which tends to be among the highest in the country.
• New Places are Easier to Find – If you want to live in a new-construction property, you still have a decent shot of doing so in the end of summer. However, the most in-demand buildings, including luxury towers, often fill up entirely before construction is even complete.
• There Are More Options – It may not feel like it, but there are many options for rentals in NYC this time of year. The issue is that they fly right off the market. In fact, many listings never see the light of day but are passed along to brokers' clients, who snap them up quickly.

The biggest downside to looking for a place to rent this time of year is how busy things are. No matter how you go about it, finding a rental for an 8/1 move-in will be challenging. Some especially notable downsides include the following:

• Rents Are Up - Expect to pay 5% or more than during off-peak season to rent a place this time of year. In popular neighborhoods and buildings, bidding wars are par for the course, so property owners have no trouble increasing rents. 1 bed, 2 beds, 3 bedroom and 4 bedrooms are in high demand throughout all the boroughs.
• Concessions Are Down – If you hope to snag a month or two of free rent or other exciting concessions, you can probably forget about it this month. Landlords don't need to resort to such offers since so many people desperately seek rentals this time of year.
• Bidding Wars Are a Thing – As noted previously, this is the time of year when bidding wars erupt all over the city. Don't be surprised if you show up at a showing to find dozens of other prospective renters checking it out too.

Tips

As daunting as it may be to find homes, it's still possible. Keep these tips in mind to enjoy smoother sailing through the process:

• Start in Mid-June – Six weeks before move-in day is the sweet spot for kick-starting a search. It may seem better to start sooner, but landlords don't often have clear information about availability so far down the line. Therefore, you should try to start sometime in June.
• Know What You Need – Although your wants matter too, come up with a concise list of the things you absolutely need. That way, when you connect with a broker, you can quickly tell them precisely what you need and the things you'd like to have, if possible.
• Keep an Open Mind – Beggars can't be choosers when seeking NYC rentals. Therefore, remember to keep an open mind and be flexible. You'll probably have to act fast when you find something suitable, so be ready to pounce.
• Make Sure You'll Qualify – To be approved for many units, you'll need a yearly income of at least 40 times the monthly rent. Therefore, if you're looking for flats that cost $2,000 per month, you must earn at least $80,000 per year. It would be best if you also had a clean rental history, good credit and a clear source of income.
• Get a Guarantor – If you don't qualify to lease a place, have a guarantor – someone to cosign for you – ready to go. This person should live in the city or tri-state area, and they must earn at least 80 times the monthly rent. For a $2,000-a-month listing, they must earn at least $160,000 per year.
• Collect Your Documentation – Have all your paperwork ready before heading out to search. You'll need things like bank statements, income tax returns, pay stubs, W-2 forms, reference letters from previous landlords and a letter of employment, at the very least.
• Work With a Broker – Since renting in NYC is so pricey, it's tempting to try to find no-fee listings – in other words, to avoid paying broker's fees. However, brokers are a worthwhile investment for people seeking rentals in this competitive market. The right broker will know the area you want to rent in well, along with its buildings and other options. Based on your input, they will bring properties that meet your criteria, saving you time and effort. Many times, they even have off-market listings. Our team can refer you to a broker whenever you're ready.

How BCP Real Estate Group Can Help

Don't go it alone when seeking properties for rent in August. If you need to secure a place in time for an 8/1 move-in, it's essential to have useful resources and information at your disposal. Searching our listings is a great first step; you can access them right away via our website. Our site also features in-depth articles with tips for NYC home hunters. When you're ready to check out places in person, contact us for a referral to a talented and experienced broker in your desired neighborhood. In no time, you'll be on your way to renting a great place. For more information, please give us a call anytime.