Need an NYC Apartment for July 1st? BCP Real Estate Group Can Help
Do you need to rent an apartment in New York City starting July 1st? If so, you’re in excellent company. By this time of the year, the rental market is going like gangbusters. Competition is fierce even for the most basic places, and rent prices tend to be among the highest of the year. Finding a listing in NYC is never easy, but it can be particularly challenging during the seventh month of the year. Before starting your search, make sure you have access to helpful resources.
If you need help finding a home, do yourself a favor and connect with the experts at BCP Real Estate Group. Our talented team provides a vast lineup of useful resources for apartment hunters from our offices at Rockefeller Center. Locating an apartment in the middle of the summer is daunting, and we can help streamline the process. Sign up via our website for free, immediate, unlimited access to our vast online database of searchable NYC property listings. Our site also has in-depth info about popular doorman buildings, co-ops and other properties. We can also refer you to a broker in your desired neighborhood whose guidance will make a huge difference.
The July Rental Scene in NYC
This is one of the busiest times of year for the New York real estate market, so it’s crucial to be prepared and to stay focused. With average highs of around 84 degrees and average lows of around 69 degrees, this is one of the warmest, nicest times of the year. Since the weather is so lovely – and the days are so long – it’s a terrific time to pound the pavement checking out options. Of course, thousands of others are doing the same thing, including students securing places in time for starting classes in August.
Since the market is so hectic this time of year, it’s easy to be worried about seeking apartments in the city this month. It’s challenging, to be sure, but there are some plus sides to doing so, including the following:
- Lots of People Are Seeking Roommates – If you need to find a roommate or two to afford a place to rent in NYC, this is a good month for it. As one of the busiest months for new leases, tons of others are looking for apartments too.
- New Apartments are Easier to Find – If you have your heart set on renting a unit in a brand-new building, you’ll have an easier time securing one during the seventh month of the year. Most properties aim to open by late spring or early summer, so it may be possible to get your foot in the door at a hot new place.
- Inventory is Better – Even though properties don’t last long, more of them hit the market this month than nearly any other time of year. You need to act quickly, of course, but you should have more options at your disposal.
It’s easy to feel overwhelmed when seeking apartments to rent in New York this month. Listings fly on and off the market quickly, prices rise, and competition is often considerable. Some downsides to having to search for a 7/1 NYC apartment this month include the following:
- More Competition – This time of year, you’re apt to show up to a showing to find dozens of others waiting to look. In fact, bidding wars are par for the course when the market is tight, so be prepared to do some negotiating. 1 bed, 2 beds, 3 bedrooms and 4 bedroom apartments are often in high demand.
- Higher Rents – Expect to pay a premium of 5% or more to sign a lease starting on July 1st. Since so many people are looking, landlords can charge more – and they do.
- Fewer Deals – If you’re banking on landlord concessions to make renting a place more affordable, this isn’t the time of year to look. Most landlords have no trouble filling vacancies this month, so they’re less incentivized to offer deals like free rent or complimentary access to premium amenities.
Tips
If you need to find a property in time for moving in on 7/1, keep these tips in mind to get through the process more quickly and easily:
- Start Early – Aim to start searching for a place about six weeks before your desired move-in date. In this case, you’ll want to start around mid-May. If possible, set aside plenty of time so that you can focus on searching.
- Be Specific – Make a list of must-have features for your desired home. For example, you’ll need a pet-friendly place if you have a dog. Make another list of nice-to-have but not crucial things. For instance, it would be nice to have a swimming pool, but you can probably go without one.
- Get Your Finances in Order – Make sure you will qualify to rent an apartment in New York. At the very least, you must show you earn at least 40 times the monthly rent. If an apartment costs $4,000 per month, you need to earn at least $160,000 annually.
- Find a Guarantor if You Won’t Qualify Alone – If you don’t make enough to qualify for a unit, line up a guarantor before you start searching. This individual should ideally live in New York or the tri-state area, and they need to earn at least 80 times the monthly rent. For a $4,000-per-month place, their income must be at least $320,000 per year.
- Compile Your Paperwork – Have all your paperwork with you and ready to go when checking out apartments for rent. Gather your pay stubs, W-2 forms, bank statements and income tax returns. Bring a valid photo ID, a letter of employment and references from previous landlords, if possible.
- Be Flexible – Finding the right listing is never easy. In Summer, it’s imperative to be flexible. Keep an open mind, and be willing to compromise about not-so-important things. Additionally, be ready to pounce – you will probably need to make an offer on the spot to get a place.
- Work With a Broker – You may save money by forgoing a broker, but you’ll have a more challenging time securing a listing that genuinely works for you. Brokers are worth their weight in gold because they work on your behalf, only bringing you places that meet your requirements. BCP Real Estate Group can give you a referral to a broker in your desired area when you’re ready.
How BCP Real Estate Group Can Help
Summer is a magical time in the Big Apple, but it’s also one of the toughest times for apartment hunters. If you need to rent an NYC apartment for summer, do yourself a favor and connect with BCP Real Estate Group. You can visit our website to sign up for immediate, free access to our vast online database of searchable NY rental listings. It also includes tons of info about popular doorman buildings, pre-war buildings, luxury towers and other properties around the city. When you’re ready to act, call us for a referral to a broker in your desired neighborhood. For more information, contact us today.