Find February 1st NYC Apartments with BCP Real Estate Group
Finding an NYC apartment available starting the first of February can be challenging. With the city still immersed in the winter doldrums, few people want to move, and listings are scarce. Still, even though February is one of the least popular months for renting a new place, it’s not impossible. In fact, there are even a few perks; for instance, rents tend to be cheapest this time of year.
Since securing a rental in New York during the second month of the year is so tricky, it’s crucial to line up suitable help. From our offices at Rockefeller Center, BCP Real Estate Group is the name to trust for accurate, useful, dependable resources when seeking apartments for rent in the Big Apple. We have you covered from up-to-the-second online listings to referrals to talented brokers across all boroughs and neighborhoods.
About Securing an NYC Apartment with a February 1st Move-In Date
If you need to rent a place in NYC starting on 2/1, you’re in the minority. Most people sign leases that start during the spring or summer, so few vacancies open this time of year. Although it improves throughout the month, the weather remains cold and unpredictable in February, making it trickier to plan even a simple move. At the same time, landlords usually offer the cheapest rents for leases starting on the first of this month, allowing renters to save some cash. Crowds are also scarce, making it a bit easier to consider the various options.
Advantages of Renting an NYC Apartment This Month
Like most people in this situation, you probably didn’t plan to be searching for a rental in New York with a 2/1 move-in date. It can be more challenging, to be sure, but there are plus sides too, including the following:
- Lower Rent Prices – Most apartment buildings are fully leased during the dead of the winter. However, landlords with vacancies are usually desperate to fill them. As a result, they typically slash rents, allowing those who sign leases during the second month of the year to save money. Of course, the amount you’ll save depends on current market conditions; in some cases, discounts may be minimal or nonexistent.
- Less Competition – In February, it’s rare for vacant units to command bidding wars, so you’re more likely to secure a place without intense negotiations. However, you should still act quickly when you see a listing for a place you like. Since pickings are exceptionally slim this month, units that do hit the market may still attract a lot of attention.
- Better Negotiating Odds – Even in an intensely competitive rental market like New York’s, renters occasionally find themselves in the driver’s seat. Out of all of the months of the year, this is the best one to secure some pretty decent concessions. This time of year, NYC landlords often offer free rent, free access to premium amenities, more flexible lease terms and other perks.
Disadvantages of Finding an NYC Apartment This Month
Finding a rental in New York in time for 2/1 is far from ideal. The city is still hunkered down due to cold, dark weather, so very few people purposely choose to list vacancies or move. Finding a place is still doable, but there are many downsides:
- Sparse Availability – If you need to rent a place during the second month of the year in NYC, you need to be exceptionally flexible. Very few apartments hit the market this month, so you have to make do with whatever is available. Regardless of the type of rental you want, whether it’s a studio apartment, a penthouse unit, a loft or a luxury condo in a towering high-rise, you’re in for an uphill battle.
- Fewer Options for Roommates – Another issue you may encounter while seeking NYC apartments in Feb. is difficulty finding roommates. Like many New Yorkers, you may rely on roommates to swing the rent. However, since few people want to move in the dead of winter, it’s harder to locate compatible roomies. With that in mind, you may need to start a little sooner than usual to ensure you find someone in time.
Tips for Finding NYC Apartments in February
It’s easy to feel overwhelmed when seeking rentals in New York City this month. However, people still manage to do so, and so can you. Here are some tips to help you locate a great rental in the city this time of year:
- Begin Searching in Early January – Contrary to popular belief, you shouldn’t start searching for an apartment too early. Aim to begin about a month before your desired move-in date for best results. That way, landlords will have accurate info about upcoming vacancies, and you will spend less time dealing with leads that go nowhere.
- Get Your Finances in Order – If you’re applying for a rental on your own, make sure you will qualify. You need a clean rental history, and your credit score should be at least 700; 750 is even better. NYC landlords will only approve you if you earn at least 40 times the monthly rent. Therefore, if the rent is $3,500 per month, you need to earn at least $140,000 per year.
- Secure a Guarantor if Necessary – If you don’t qualify on your own, have a co-signer, also known as a guarantor, ready to go. They should live in the city or tri-state area and have an income of at least 80 times the monthly rent. If the rent is $3,500 per month, they must earn a minimum of $280,000 per year.
- Gather Your Documents – Before heading out to search for apartments in February, get all your paperwork in order. Keep these items handy so that you can act quickly when the time comes: photo ID, bank statements, W-2 forms, 1099 forms, pay stubs, letter of employment, letters of reference from previous landlords and income tax statements.
- Be Precise About What You Want – Save time by being clear about what you need and want in an NYC rental. Some requirements, like the number of bedrooms, are non-negotiable; others, like 24-hour fitness centers, aren’t quite as crucial.
- Keep an Open Mind – Pickings are slim this month, so it’s vital to be flexible. Consider options you typically wouldn’t, like rentals outside your desired neighborhood.
- Work with a Broker – Going without a broker may save you money, but you’ll have a much harder go of things. In exchange for one month’s rent or about 15% of the annual rent, your broker will go to bat for you, locating units that meet your requirements and helping you navigate the leasing process. BCP Real Estate Group has connections with skilled and experienced brokers across the city, and we’ll refer you to one whenever you’re ready.
How BCP Real Estate Group Can Help
If you’re worried about finding a rental in NYC in February, it’s understandable. Securing an apartment with a 2/1 start date can be tricky, but BCP Real Estate Group is here to help. Sign up on our website for immediate, free, unlimited access to our NYC rental listings. You can also contact us at any time for a referral to a broker in the neighborhood of your choice. For more info, call BCP Real Estate Group today.