Need an NYC Apartment for October 1st? BCP Real Estate Group Can Help

Are you looking for an NYC apartment rental with an 10/1 move-in date? If so, you can expect to face a few challenges along the way. Although the rental market usually starts cooling down around this time of year, competition remains fierce for the best units in the most desirable locations. Most vacancies are snapped up during the summer, and pickings can be slim.

To find a suitable home in time for an Oct. 1 move-in, connect with the experts at BCP Real Estate Group. We’ll give you access to online listings, provide you with up-to-the-second information and refer you to experienced and talented real estate brokers in neighborhoods across all five boroughs to help you zero in on the perfect option fast.

10/1 marks the start of the off-season for NYC’s rental market. However, since it follows right on the heels of September – the busiest period for rentals – it tends to be more of a transitional month. Therefore, many people are still looking, including some who missed their September 1st move-in goals. At the same time, vacancy rates plummet around this time of year, as most leases are signed the previous month. These and other factors can make it tricky to secure a suitable property.

Pros of Leasing in October

A few advantages of seeking NYC rentals in the tenth month of the year include the following:

• It’s Quieter – The frantic summer pace has mostly subsided, making it a less stressful time to locate a new rental. Most students are back at school, and most businesses are back into the swing of things.
• There’s Less Competition – You’re less likely to compete with dozens of others for NYC rentals this time of year. However, you may still face bidding wars for especially desirable units depending on market conditions.
• Prices May Be Lower – Rent prices tend to drop during off-peak months, but there are no guarantees. 1, 2, 3, and 4 bedroom properties are always popular. Properties with 1 & 2 beds tend to be the most popular in all boroughs including Manhattan, Bronx, Staten Island, Brooklyn & Queens.
• Concessions May Be Available – It’s easier to find landlords willing to negotiate better terms once peak season ends. In October, you may be able to secure concessions like one-month free rent from landlords eager to unload unrented units from the previous month, for example.

Cons of Seeking Leases in October

Some downsides of hunting for NYC apartments this time of year include the following:

• Less Availability – Compared with September 1st apartments, October 1st NYC units are much trickier to come by. Most leases in the city start on September 1st, so very few vacancies open up the following month. With fewer options, you will need to be exceptionally flexible.
• It’s Harder to Find Roommates – If you need a roommate to afford an NYC apartment, you will have more difficulty finding one during this time of year. Most people secure their rentals the previous month. Therefore, you will see far fewer ads from people seeking roommates.
• Fewer New Apartments – Finally, apartments in new developments usually become available over the summer. During tight market conditions, new buildings can be fully preleased before opening. In October, locating a unit in a new development can be particularly challenging. If you have your heart on living in a new building, you may want to try looking earlier in the year.

Tips

• Start About a Month Early – Plan to start looking for your NYC rental no later than early September. If you start too soon, information about rentals with your desired move-in date may not be available.
• Make Sure You Qualify – Don’t start searching for your new apartment until you’ve confirmed that you will qualify for one. Generally speaking, your income must be at least 40 times the monthly rent to be approved for a lease. Therefore, if the rent is $2,500 per month, you will need a salary of at least $100,000 per year. Most landlords also want tenants with credit scores of at least 700, but 750 is even better.
• Have a Guarantor Ready if You Won’t – If you aren’t likely to be approved for a unit, have a guarantor – also known as a cosigner – ready to go. The guarantor must have an income of at least 80 times the monthly rent of whatever unit you’re considering. Ideally, they should live in New York or the tri-state area.
• Be Specific About What You Want – Be clear and precise about what you need in an apartment. Come up with a list of non-negotiables. For example, you may need a two-bedroom apartment because you have a roommate, or you may need an apartment that allows pets. The clearer you can be about what you need, the easier it will be for a broker to help you find the perfect option.
• Be Flexible Too – When it comes to finding NYC apartments, beggars can’t be choosers. In October or any time of year, it’s vital to be flexible about non-crucial things like amenities. For example, you may want to live in a building with electric car charging stations. However, if you can get by without them, you’ll have an easier time finding something.
• Check Out Apartments in Person – Especially during times of low inventory, many renters sign leases for apartments sight unseen. If at all possible, make a point of visiting any building you’re considering before proceeding. Insist on visiting the actual unit before signing the lease to avoid any unpleasant surprises. Try to visit during different times of day and night to get a feel for what it’s like to live there.
• Work with a Broker – Like many people, you may be tempted to stick with no-fee apartments or to try your luck securing a place without a broker. However, broker’s fees are well worth the time and effort you’ll save – especially in a hot market. In exchange for one month’s rent or up to 15% of the annual rent, your broker will work on your behalf, showing you units that meet your criteria. BCP Real Estate Group can refer you to a broker in the neighborhood where you need an October 1st apartment, and they can help you locate one that suits your needs perfectly.

How BCP Real Estate Group Can Help

Securing an flat in time for a new move-in can be daunting. Although it’s technically off-peak season for rentals, demand still tends to be high, and vacancies still tend to be low. With that in mind, do yourself a favor and connect with the experts at BCP Real Estate Group when seeking NYC apartments.

Sign up via our website for immediate, free, unlimited access to our searchable online NYC apartment listings. In no time, you’ll have a list of options to explore. Contact us for a referral to an experienced real estate broker in the neighborhood of your choice. They can assist you in newidentifying residences that meet your requirements. For more information, call BCP Real Estate Group today.