Find September 1st Apartments in NYC with BCP Real Estate Group

If you need to rent an apartment in New York City with a 9/1 move-in date, you’re in good company. It's busiest day of the year for lease renewals across the city. Although you will face a lot of competition, you’ll also have the widest variety of options at your disposal. By connecting with BCP Real Estate Group, you can secure a terrific home in no time flat.

Since this is the busiest month to find an apartment in New York, it’s easy to assume that there are no plus sides to searching during this time of year. However, there are some silver linings to hunting for a new residence during the busiest move-in date of the year, including the following:

• More Options – Apartment vacancy rates shoot up this time of year, so there tends to be more variety. Compared with any other time of year, September is a terrific time to secure the type of unit you need in the neighborhood you want. Regardless of where you’re looking, you’re apt to have more options at your disposal.
• New Units Are Easier to Find – If you have your heart set on renting a unit in a shiny new high-rise apartment building, this is an excellent time of year to look. Many apartment complexes aim for late summer/early fall openings to take advantage of market conditions, so you’re more likely to find something in a new building now than at any other time.
• It’s Easier to Find Roommates – NYC rents are among the highest in the world, so roommates are a must for many. If you need to share a place for affordability reasons, you’ll have an easier time finding a roommate this time of year. With more people to choose from, you’re more likely to find a dependable roommate quickly.

Drawbacks

Some of the main disadvantages include the following:

• Stiff Competition – Since more people are looking for rentals this time of year, competition is fierce – especially for the newest, nicest units. You’re more likely to face bidding wars for premium flats, so be prepared.
• Higher Prices – On average, rent prices during peak months like September are 5.4% higher than during off-peak months. Therefore, you can expect to pay a premium for starting a new lease this time of year.
• Fewer Options – You’ll need to be exceptionally flexible when seeking an NYC apartment rental near the end of the summer. Be ready to compromise, and stay open to different possibilities.

Tips

Keep these tips in mind to locate a terrific property for lease as quickly and efficiently as possible:

• Start Early, But Not Too Early – Plan to start looking for your unit about a month before your desired move-in date. If you start much earlier, most buildings won’t have information about upcoming vacancies yet, so you will be taking stabs in the dark.
• Clean Up Your Finances – Don’t start looking unless you’re sure you qualify to lease one – or can line up a guarantor to co-sign the lease. Generally speaking, you need to earn at least 40 times the monthly rent to be considered. Therefore, if you’re looking at apartments that cost $3,000 per month, you’ll need an annual income of at least $120,000. Likewise, you will need solid credit to be approved for an NYC rental; ideally, your credit score should be at least 700.
• Get Your Documentation in Order – Make sure to have all of your documents in order by the end of July so that you can focus on your search. Have copies of these documents ready to go: photo ID, recent bank statements, income tax returns from the last few years, letter of employment, letters of reference from previous landlords and recent paystubs.
• Have a Guarantor Lined Up, If Necessary – If you know you won’t qualify for an apartment on your own, have a guarantor ready to go before starting your search. Ideally, they should earn at least 80 times the monthly rent; therefore, if the monthly rent is $3,000, they need a salary of at least $240,000 per year. Many landlords prefer in-city or in-state guarantors, but some aren’t as concerned with this requirement.
• Know What You Need and Want – Make a list of non-negotiable must-haves; for instance, you will probably have a pretty firm budget. Make a second list of nice-to-have features you are willing to be flexible about; for example, perhaps you would prefer a doorman building but are willing to go without if necessary.
• Be Flexible – Since September is the most competitive time to find flats, it’s imperative to be flexible during your search. You may have your heart set on a particular neighborhood or building, for example, but you should stay open to looking elsewhere if the right unit becomes available.
• Visit Potential Apartments in Person – Even when market conditions are exceptionally competitive, try to visit any rentals you’re considering in person before you proceed. Before getting too serious about it, for instance, visit the building and see what it’s like during different times of the day. If that goes well, schedule a tour of the unit you’re considering or attend an open house if one is available. Understand that you may have to act on the spot to secure the unit if multiple interested parties show up.
• Hire a Skilled Broker – As lovely as it would be to avoid broker’s fees, September is not the time to do it. Leave room in your budget for a broker – typically one month’s rent or up to 15% of the annual rent – and get a referral to one early in the process. Their insider knowledge of the local rental market can help you zero in on suitable options quickly and help you navigate your way through lease signing and beyond.

How BCP Real Estate Group Can Help

Finding a home with a 9/1 move-in date is a tall order. With schools reopening and summer winding to a close, demand for rentals of all kinds and across all neighborhoods is at its peak this time of year. BCP Real Estate Group can help you locate the perfect rental in time for your desired move-in date. Sign up via our website for free, immediate access to our vast online database of searchable listings. When you’re ready, contact us for a referral to a talented broker in the neighborhood of your choice who can help you explore suitable options. We’re ready when you are, so give us a call today for more information.