Looking for January 1st NYC Apartments? BCP Real Estate Group Can Help
If you need to rent an apartment in New York City and want to move in on January 1st, you’re in for some unique challenges. Although bidding wars and other issues are rare, availability tends to be extremely low. The holidays cause interruptions, making it trickier still. Worst of all, inclement weather abounds with icy temperatures and frequent snowstorms.
Finding an apartment for rent in NYC for 1/1 can be tricky, but BCP Real Estate Group is here to help. Sign up via our website to search our free, up-to-the-second New York apartment listings immediately. When you’re ready, we can also refer you to an experienced and talented broker in your desired neighborhood whose insider knowledge will make a big difference for you.
Finding NYC Apartments in January
People prefer moving during the spring in summer partly because the weather is pretty nice. When it comes to the weather, January is one of the worst months to search for apartments in NYC. The average high is 39 degrees. The average low is 26 degrees, and snow falls regularly. Ice storms and other major weather events pop up here and there too.
Rental markets across NYC’s more than 200 neighborhoods tend to be quiet in January since most people secure apartments over the spring and summer. Few leases expire at the end of December, so availability tends to be exceptionally low. Prices are often a bit lower, and it’s usually easy to snag decent concessions. In general, though, this is one of the toughest times of year to find NYC rentals.
Benefits of Searching for Rentals in New York This Month
If you must find an NYC apartment for rent during the first month of the year, there are a few silver linings, including the following:
- Lower Rent Prices – Rent prices start dropping at the start of the winter, and they usually keep going down until spring. Therefore, they tend to be the most affordable during the first few weeks of the year. By moving in January, you can lock in a lower rent price for the year, potentially saving hundreds of dollars.
- Less Competition – Unlike peak rental season, which extends from mid-spring through mid-fall, bidding wars for NYC apartments tend to be few and far between this time of year. Therefore, you don’t have to worry as much about making a higher offer to secure a rental. You have much better odds of being able to sign a lease right away without a lot of haggling.
- Better Concessions – Most leases expire in August or September. When tenants leave during the off-season, landlords are left scrambling to fill vacant units. They often offer concessions like one or two months’ free rent or complimentary access to premium amenities to lure in new tenants. As a result, you’re more likely to get more bang for your buck by looking for rentals during the first month of the year.
Drawbacks of Hunting for NYC Apartments This Month
No one deliberately chooses to search for New York rentals in January because there are significant downsides. A few disadvantages of searching for NYC apartments this month include the following:
- Limited Availability – You need to be flexible when seeking NYC rentals any time of year, but it’s especially crucial this month. There are usually very few listings in most neighborhoods, so you’re unlikely to find something that checks all of the boxes. You may have to consider options beyond your desired neighborhood or outside your desired budget or make other compromises.
- Difficulty Finding Roommates – Many New Yorkers rely on roommates to afford the rent. If you’re one of them, you’ll have an especially tricky time finding one in January. Again, few people are searching for rentals near the new year. If you need a roommate, plan on spending extra time locating one.
- Inclement Weather – New York in January is cold and dark; it’s also often snowy and icy. There are fewer daylight hours, cutting into the time you can spend looking.
Tips for Locating NYC Rentals in January
If you have to hunt for an apartment for rent in NYC during the first month of the year, keep these tips in mind for smoother sailing:
- Start By December 1st – If you need to move into your new place on January 1st, start searching no later than December 1st. That way, you’ll have four weeks to explore options, check them out in person and get everything sorted. If you start much sooner, most properties won’t have information about units becoming available on 1/1, making it quite frustrating.
- Make Sure Your Income and Credit Are in Good Shape – It’s crucial to ensure you will qualify to rent a place before starting to look for one. Understand that you need to earn at least 40 times the monthly rent to be approved by most landlords. If the rent is $4,000 per month, you need to earn at least $160,000 per year. Landlords also prefer applicants with credit scores of 700 or higher.
- Get a Guarantor If Necessary – If you won’t qualify for an apartment on your own and won’t have roommates, you will need a co-signer or guarantor. Most landlords only accept guarantors who live in the city or tri-state region. Your guarantor will need a salary of at least 80 times the monthly rent to qualify. Therefore, if the rent is $4,000 per month, they need a salary of at least $320,000 per year.
- Gather Your Documents – Have the paperwork you’ll need to apply for an apartment ready to go before starting your search in earnest. Gather these documents and keep them in a folder you can grab and bring with you when the time comes: photo ID, income tax returns, bank statements, pay stubs, letter of employment and reference letters from previous landlords.
- Know Your Criteria – Make a clear list of must-have characteristics for your NYC apartment. For example, if you have a cat, you’ll need a place that allows pets. Make another list of nice-to-have features that you can do without if need be. For instance, you may want a unit with smart home technologies like Nest thermostats – but you can easily do without if the apartment is otherwise suitable.
- Be Flexible – Be open to considering different types of units in different neighborhoods.
- Hire a Broker – Paying a broker is a worthwhile investment – especially when seeking NYC apartments in January. In exchange for one month’s rent or up to 15% of the annual rent, your broker will help you identify units that meet your specifications, saving you time and frustration.
How BCP Real Estate Group Can Help
Locating an apartment in NYC with availability for January 1st can be challenging. The city’s rental markets grind almost to a halt this time of year. The weather tends to be bad, and options are extremely limited. With the right help, however, you can secure a suitable rental in time for your desired move-in date.
Connect with BCP Real Estate Group now for help finding 1/1 NYC apartments. Sign up for access to our apartment listings, check out our website for helpful resources and contact us for a referral to a local broker who can assist you further. Contact us today for more information.