Need an NYC Apartment for June 1st? BCP Real Estate is Here to Help!

Whether you're a new arrival to the city or want new digs, searching for an apartment in New York City for 6/1 can be an uphill battle. As summer comes into full swing, the market springs into action. One of the busiest times of the year for home hunting, this month presents unique challenges for those seeking properties across all NYC neighborhoods. Still, there are plus sides to searching this time of year; for instance, inventory levels tend to be highest, and finding roommates tends to be easy.

Regardless of where you'd like to rent a place – whether in LIC, Williamsburg, Greenwich Village or the UES – securing a unit during the sixth month of the year can be tricky. Increase your odds of finding the perfect place fast by connecting with the pros at BCP Real Estate Group. From our headquarters at Rockefeller Center, we provide a vast array of helpful resources for busy city dwellers seeking places to live, including a vast online database of property listings, in-depth information about various properties and referrals to skilled and experienced brokers across all five boroughs.

By now, New York's market is in full swing. Things start getting busier in May, and they continue ramping up for the next few months. This time of the year, the average high temperature is around 80 degrees, and the average low is around 64 degrees. Rainy days become fewer and farther between, making it easier to get out and check out various flats options. Many students start preparing to return to school – it's crucial to get a head start, after all – so finding flats near colleges and universities can be particularly challenging.

Pros of Searching This Month

Sure, tons of other people are out there looking for places to rent this time of year. However, if you need to find a place in time for a 6/1 move-in, there are a few plus sides to searching right now. Here are a few examples of why:

• More Selection – Many NYC leases expire in May and June, so availability starts increasing dramatically this month. If you're keen to rent a unit in a new luxury building, this is one of the best times to be looking. You'll also be able to take your pick from many more options across all NYC neighborhoods.
• It's Easier to Find a Roommate – You're far from alone when looking for New York 2 bedrooms, 3 beds and 4 bed homes in the sixth month of the year. Tons of others are too. If you need a roommate or two to afford a place, you'll have an easier time finding one during the summer months.

Cons of Searching This Month

Although there are some plus sides to seeking a rental in the city this time of year, there are some significant downsides too. While availability is high, competition is fierce. Throngs of others are also searching, so it can be tricky. Some downsides nclude the following:

• Higher Rents – When there is plenty of demand, landlords can easily charge more for rent. Therefore, you can expect to pay more to rent a place in the city with a lease starting on 6/1. It is essentially a premium for deciding to start renting during one of the busiest times of the year for the market. Expect to pay 5% or more than you would during the low season.
• More Competition – If you're looking to rent a place in NYC this month, you're far from alone. This is one of the busiest times to look because thousands of others are too. Unfortunately, this sometimes results in bidding wars – even for places that aren't all that special.
• Fewer Deals – You're less likely to land a lease with money-saving concessions and other perks when seeking a place this time of year. Landlords typically have no trouble filling vacancies, so they don't need to offer special deals to entice tenants. Therefore, the odds of getting a month or two free or another perk are pretty slim.

Tips

Regardless of your requirements, finding a listing in New York during the sixth month of the year is no easy feat. You'll have a much easier time by keeping these pointers in mind:

• Start Six Weeks Early – The ideal time to start looking for a unit in New York is roughly six weeks before your desired move-in date. If you want to move in on 6/1, then, you should aim to start sometime in mid-April. If you start too soon, most landlords won't have accurate information about upcoming vacancies, complicating the process considerably.
• Make Sure You'll Qualify - Landlords want to see an income of at least 40 times the monthly rent; if you want to rent a place that costs $2,500 per month, you'll need an income of at least $100,000 per year.
• Get a Guarantor if Not – If you are unlikely to qualify for a rental and roommates aren't an option, you'll need someone to cosign the lease. This person needs to earn at least 80 times the monthly rent – a minimum of $200,000 per year – and live either in the city or at least in the tri-state area.
• Gather Your Documents – Get your paperwork in order before starting your hunt for a new property. At the very least, you'll need a valid photo ID, W-2 forms, pay stubs, bank statements and income tax returns. Ideally, you should also have a letter of employment from your work and references from previous landlords.
• Know What You Want – Write a list of the attributes you need in an apartment. Start with non-negotiable things like apartment size and general location. From there, come up with another list of nice-to-have features; for example, perhaps you'd prefer a place with on-site retail.
• Be Flexible – If a place meets your non-negotiable requirements, be willing to try to make it work.
• Work With a Broker – It's totally worth it to pay extra to work with a broker when searching in the city. These professionals work on your behalf to locate places that meet your requirements, saving you valuable time and effort. BCP Real Estate Group can refer you to a broker in the neighborhood of your choice, allowing you to hit the ground running with your search.

How BCP Real Estate Group Can Help

There are plus sides and downsides to seeking an NYC apartment in June. Regardless of your circumstances, you'll want to arm yourself with all of the resources you can. To that end, you can't go wrong by connecting with BCP Real Estate Group. Visit our website for free, instant access to our online NYC rental listings to check current availability in your desired area. You'll also find information about doorman buildings, co-ops, pre-war buildings and more. When you're ready, contact us for a referral to a broker who can help you locate a rental in your desired neighborhood. We're here to help, so don't hesitate to get in touch with BCP Real Estate Group today.