When Is The Best Month To Sign A Lease In NYC?

Conventional wisdom holds that the time of year a lease is signed in New York affects the price of the rental—and now there’s the data to prove it. The housing data site RentHop has put the numbers to the test to prove when it’s cheapest and most expensive to rent in New York and—no surprise here—it found that the higher the mercury rises, the higher the rent runs and vice versa.

RentHop’s analysis found that renters would be well-advised to sign a lease in February, the cheapest month to rent in New York. Rental prices begin to increase in early May and reach their apex in the summer months, peaking in July. They begin to decrease again come October, reaching their low in February.

So how much do prices differ throughout the year? For a one-bedroom, renters will pay about 5.4 percent more if they sign their lease in July rather than February. For two-bedroom leases, that percentage dips slightly to 5.3 percent. Those numbers may not sound like a lot, but operating under the assumption that the average one-bedroom rents for $3,000/month and the average two-bedroom for $3,400/month, that’s a difference of $171/month and $191/month, respectively, or $2,050 and $2,292 annually—and that’s major.

RentHop not only analyzed the seasonality of rental prices in New York, but also that of nine other major US cities. Interestingly, of those ten cities, New York’s variation in rental price from peak-to-trough for one-bedrooms varied the most at 5.4 percent. The smallest percentage of variation belonged to Miami, where renting in a peak month runs an additional $17/month.

The variation in rents for two-bedrooms from peak-to-trough varied the most in Chicago at 5.8 percent, beating out New York’s 5.3 percent. But because New York rents are higher than Chicago’s, the variation in dollar amount between peak-and-trough in New York is greater at $191 versus Chicago’s $135.

As the New York rental market has changed over time, the numbers have varied from RentHop’s previous studies. The site found in 2016 that January was the cheapest month to rent in New York, with July being the most pricey. The variation peak-to-trough was less at that time, at 4.5 percent or $140/month.

Moving in New York in the winter is a pain, but it’ll help save on rent in the long run—and that’s got to be worth the day of frozen fingertips.

How Much Do Amenities Impact Rent Prices In NYC?

When looking for that perfect city abode, apartment hunters often create a list of must-have amenities that also fit within a budget. Now, thanks to Priceonomics and Renthop, you can determine which apartment features have the greatest impact on the overall rent. While the number of bedrooms and bathrooms drive up rent prices the most, the research found that having a doorman, an elevator, available parking and/or laundry-in-building most likely would increase the total rent. In a closer look at NYC, the data shows having a doorman creates the biggest increase of rent in the city, adding about $260 each month.

Priceonomics used thousands of apartment listings across major U.S. cities and looked at monthly rent, the number of bedrooms and bathrooms, and the access of different amenities. It’s no surprise New York tops the list with the most expensive median rent out of all other major cities listed. Amenities examined included: a furnished apartment, pets allowed, a washer/dryer, laundry-in-building, private outdoor space, shared outdoor space, a doorman, an elevator, designated parking and a fitness center.Since each part of New York is distinct, the data focused on 50 different neighborhoods and then plotted the ten most expensive and the ten least expensive areas to find what is deemed most important for each. For more expensive apartments, there is a strong correlation between laundry in the unit and the presence of a doorman. Other important factors in these homes include allowing pets and access to a fitness center. In the least expensive neighborhoods, the same features remain important, but the degree of correlation differs.Overall, if disregarding the number of bedrooms and bathrooms, having a doorman has the greatest impact on price. While impacting monthly rent by $260 seems hefty, this feature usually indicates a nicer building in general. Having an elevator adds roughly $120, a fitness center adds nearly $90 and laundry-in-unit contributes about $80 more in rent each month.

There Are More Exclusive Rentals Over $15K Than Under $2K - The Real Deal

From the November issue: When headlines center on chateaus-in- the-sky luxury real estate, the lower-end rental market often falls out of focus. The Real Deal analyzed On-Line Residential exclusive listings data as of Oct. 8 and found that there were fewer rental listings priced under $2,000 in Manhattan than there were in the extra-expensive $15,000-a-month-and-up bracket. But that lower bracket isn’t completely endangered, said Keller Williams NYC salesperson David Berman. “I think you’re always going to see some of that kind of stock available,” said Berman, citing rent stabilization as a key factor in that sector keeping its piece of the pie. Furthermore, an analysis of Street Easy data revealed that the Upper East Side had the highest inventory of rental apartments of any type for $2,000 a month or under. “The Upper East Side offers more value because it has more turnover,” said Kevin Daly, an agent at Prince Real Estate. The neighborhood best known as the fortress of the wealthy also holds a relatively large number of comparatively affordable apartments, usually occupied by young people who stay fewer than three years, Daly said. You’ll still have to hunt for these units: An MNS report found that studios there had an average rent of $2,748 in buildings with doormen and $2,150 in buildings without. - See more at: http://therealdeal.com/blog/2015/11/05/scorecard-there-are-more-rentals-over-15000-than-under-2000/#sthash.UD4hhDEt.dpuf

Source: Residential Market Reports | Upper East Side | Lowest Rent