Secure an NYC Rental for May 1st with BCP Real Estate Group

As temperatures across the area heat up, New York City's rental market does too. If you need to find an NYC apartment for rent in time for a May 1st move-in date, you're in for a bit of a challenge. Although not as competitive as it is a few months down the line, the market sees many vacancies open up, driving many to seek new places. The weather gets better and better, making it easier to get out and search for rentals. Prices start rising quickly too, making this a less affordable time to find a rental in the city.

Although it won't be easy, finding an apartment in New York for a 5/1 move-in date is doable – especially if you arm yourself with the right resources. To that end, connect with BCP Real Estate Group for access to an array of valuable resources to make your search easier. We maintain one of the most comprehensive online databases of searchable NYC rental listings around, and you can get free, instant access by signing up through our website. On our site, you'll find information about various luxury rental communities, co-ops, pre-war buildings and other in-demand rentals across the city. We can also refer you to a skilled broker in the area of your choice.

The May Rental Scene in New York

May marks the beginning of NYC's rental market's busiest time of year. Most colleges and universities have finished the semester, causing many students to vacate their rentals. As a result, availability is pretty decent during the fifth month of the year. However, with nicer weather – highs around 72 and lows around 54 – more people are out apartment hunting. You'll face much more competition, even for places that aren't that special.

Advantages of Seeking Properties in May

Like most people, you probably don't have much choice about when you require a new place to rent. There are some advantages if you need a unit for 5/1. Here are a few examples:

• More Options – Many NYC leases start on 5/1, so you'll have more options to consider this time of the year. In turn, you may be able to be a bit pickier about where you end up. Of course, different neighborhoods have different market conditions, so your results may vary.
• Finding a Roommate isn't Too Difficult – Many people look for rentals this time of year, and that continues to be the case throughout the summer. As a result, if you need a roommate or two to afford the rent, you should have plenty of options.

Disadvantages of Finding a Home This Month

There's no way around it: Finding an apartment to rent in NYC in May can be a tall order. Some of the main drawbacks of having to look this time of year include the following:

• Higher Prices – As the market heats up, prices go up. Compared to just a month earlier, you can expect to pay a bit of a premium to secure a place during the fifth month of the year. Rent prices can vary by as much as 5% or more between the low and busy seasons, so keep that in mind for budgeting purposes.
• More Competition – Thousands of others will be hunting for places to rent from Lower Manhattan to Harlem and beyond if you're in the market for a rental this month. With more competition, the likelihood of dealing with bidding wars and other issues spikes. Even places in less popular areas may attract a lot of interest when market conditions are incredibly tight. Therefore, being ready to leap the second you find the right place is vital.
• Fewer Concessions – You're less likely to enjoy concessions from desperate landlords. This time of year, they are in the driver's seat, so the odds of nabbing a month or two of free rent, premium amenities and other perks dwindle. You may be disappointed if you're banking on getting a good deal.

Tips for Finding 5/1 Units

Daunting though it may be, it's not impossible to find a terrific NYC rental during the fifth month. By keeping a few basics in mind, you may be pleasantly surprised by how streamlined everything can be. Some tips for finding the right place fast include the following:

• Know What You Want – Especially if you're working with a broker – which you should – it's wise to know exactly what you need versus what you'd like to have in terms of a unit. For example, you may not have much wiggle room regarding how many bedrooms you'll need, but you can go without nice-to-have extras like on-site parking, doggy daycare and rooftop decks. 1, 2, 3 bed homes are abundant year round. 4 and 5+ bedroom homes are more elusive to find year round, however there are many throughout the city.
• Get a Head Start – The sweet spot for searching starts around mid-March. By starting your search about six weeks before your desired move-in date, you'll have accurate information about upcoming vacancies and enough time to check out places thoroughly and in person.
• Have Your Financials in Order – Be sure that you can qualify. You'll need a yearly income of at least 40 times the monthly rent to be approved. If the place you want costs $3,000 per month, you'll need to earn at least $120,000 per year. You'll need a roommate or a guarantor if you won't qualify alone.
• Find a Guarantor, If Necessary – If you won't qualify to rent a place on your own and won't have a roommate to share the cost, you'll need a guarantor to co-sign the lease. Landlords only consider guarantors who earn at least 80 times the monthly rent. If the rent is $3,000 per month, your guarantor will need an income of at least $240,000 per year. The right person will also be local or live within the tri-state area.
• Have Your Paperwork Ready – Gather your W-2s, paystubs, bank statements, letter of employment and other documents before looking at apartments. If you find a place you like, you'll be able to make an offer on the spot.
• Be Flexible – This time of year, competition for NYC apartments gets quite fierce. The less picky you are, the easier it will be.
• Work with a Broker – Hands down, the best way to streamline the process by working with a skilled broker. BCP Real Estate Group can refer you to one in the neighborhood of your choice.

How BCP Real Estate Group Can Help

Securing a new flat can be overwhelming. The market starts sizzling this time of year, putting renters at a disadvantage. To find what you need with the least aggravation possible, connect with BCP Real Estate Group. Sign up via our website to search our online rental listings. Browse our website for in-depth information about submarkets, tips for securing great condos and more. When you're ready, contact us to get a referral to a skilled and experienced real estate broker in the neighborhood where you're looking to rent. For more info, call BCP Real Estate Group today.