Need to Rent an NYC Apartment for March 1st? Connect with BCP Real Estate Group

Finding a suitable apartment in New York City is never easy. It can be especially tricky in March. With more than 77,000 buildings with four or more units, NYC abounds with options. Even so, vacancy rates tend to stay low, and that’s especially true during the third month of the year. Although the city starts emerging from the winter, few leases expire this month, making it especially challenging to locate suitable options.

Given how challenging it is to find NYC rentals in general – and how much tougher it can be in March – it’s essential to have effective resources at your disposal. To that end, connecting with BCP Real Estate Group is the way to go. Based out of Rockefeller Center, our team maintains a vast online database of searchable NYC apartment listings, allowing you to check current availability fast. We also have skilled and experienced brokers across all neighborhoods, and we will refer you to one whenever you’d like.

The NYC Rental Landscape in March

During the third month of the year, the weather starts improving, making it a bit easier and more pleasant to search for apartments across the city. The average high is around 47 degrees, the average low is around 34 degrees, and inclement weather winds down as the month progresses. Many schools start wrapping up for the year, and landlords start preparing for peak rental season, which officially starts next month. Therefore, it may be a bit easier to find apartments with 3/1 move-in availability than it is even a month earlier.

Plus Sides of Seeking NYC Apartments This Month

You may be worried about finding a New York rental available at the start of this month, but there are some advantages to looking during this time of year. A few of the top benefits of seeking rentals in NYC in March include the following:

• Lower Prices – Rent prices are usually still a bit low this month, but they start creeping up in April. Therefore, if you want to save money, this is an excellent month to look for a place. At most, you can expect rent prices to be up to 5% lower than during peak season. However, anything is possible in a dynamic, fast-paced market like New York’s.
• Less Competition – Since some schools wrap up this month and the weather starts improving, more people are out looking for rentals. Still, you’ll face far less competition now than in just a month or two. You’ll still want to act quickly if you run across something promising, but you’re less likely to end up in bidding wars or having to offer above the asking price to get your foot in the door.
• More Leverage – Depending on market conditions, renters often still have negotiating power as late as March. Landlords tend to be anxious to fill the few vacancies that open up this month, and some units may sit on the market for a bit. If you run across one, you may be able to score concessions like free rent or more flexible lease terms, allowing you to save money and enjoy better living conditions.

Downsides of Looking for New York Rentals This Time of Year

Finding a rental in the Big Apple is never easy. In March, you’ll face a few more challenges than you would during busier times of the year. Some of the main drawbacks of looking for a place to rent this time of year include the following:

• Trouble Finding Roommates – For many, roommates are a must for affording NYC apartments. However, since availability is so low during this time of the year, finding someone to share a place with can be tough. Even if you already have someone, securing a place that suits both parties’ needs can be more difficult.
• Low Inventory – Although things start perking up a little during the third month, most buildings still have limited availability. Few NYC leases end around this time of the year, so pickings are generally slim. If you have your heart set on living in a particular neighborhood or building, you may have to be more flexible and open-minded to secure a place in time for a 3/1 move-in.

Tips for Renting NYC Apartments in March

Finding an apartment in New York City with 3/1 move-in availability can be stressful and overwhelming. Lay the groundwork for smoother sailing by keeping these tips in mind:

• Start Looking in Early February – Ideally, you should start looking about four weeks before your desired move-in date. If you need to find roommates too, you may want to start a bit sooner. However, don’t start too soon, or most landlords won’t have accurate information about upcoming vacancies.
• Know What You Need – Make two lists before starting your search for an NYC apartment. The first should consist of must-have features. For instance, you’ll need a building that allows pets if you have a dog. The second list should be made up of nice-to-have features. For example, if you’re a cyclist, you may want a building with ample bike storage and bike repair stations – but you can go without those perks if necessary.
• Make Sure You Qualify – If you’ve never rented a place in NYC before, make sure you will qualify on your own before getting started. In general, landlords in the city only approve applicants who earn at least 40 times the monthly rent. Therefore, if the asking rent is $5,000 per month, you must show that you earn at least $200,00 per year. You should have a clean rental history and good credit. At a minimum, you’ll need a credit score of at least 700.
• Get a Guarantor If You Don’t – If you need to apply on your own and know you won’t qualify, line up a guarantor – also known as a co-signer – ahead of time. Landlords only approve guarantors who earn at least 80 times the monthly rent. If the rent is $5,000 per month, your guarantor needs to make at least $400,000 per year. They also prefer landlords who live in NYC or the tri-state area.
• Gather Your Documents – Have the paperwork you’ll need ready to go before starting your apartment search. Even in March, you may need to pounce if you find a unit that suits your needs. Have these documents on hand when looking for rentals: valid photo ID, income tax returns, W-2 forms, 1099 forms, pay stubs, bank statements, letter of employment and reference letters from previous landlords.
• Be Flexible – With inventory so low this time of year, it’s crucial to be open-minded during your search.
• Get a Broker – Although it means paying more, working with a broker is the best way to find a great NYC rental – even in March. BCP Real Estate Group can connect you with one in the neighborhood of your choice.

How BCP Real Estate Group Can Help

Locating an NYC apartment that suits your needs with a March 1st move-in date can be daunting. Pave the way for smoother sailing by connecting with BCP Real Estate Group from square one. We’ll give you access to up-to-the-second apartment listings, referrals to talented brokers and tons of helpful information. We’re ready when you are, so contact us today to get started.