What to Know
- The best or cheapest month to rent in New York City is February, according to a new study from RentHop
- The worst or most expensive month to rent in NYC is July for a 1-bedroom, and June for a 2-bedroom
- The peak-to-trough price difference from the best month to worst month is over 5 percent
New York City rents really are cheaper in the winter months, by as much as 5 percent than during the peak summer leasing season, a new study finds.
RentHop.com examined rental trends across the top 10 cities in the U.S. to find the best and worst times to rent, and found that in general the "best," or cheapest months to rent, tended to be between December and March, while the worst, or most expensive months to rent, are from May through October.
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In New York City, the best deal for a 1-bedroom apartment could generally be found in February, for a median of $3,000. The worst month to find a deal is in July, where rent median is $3,171. That's a 5.4-percentage difference amounting to about $170.
For a 2-bedroom apartment in New York City, the best deal is still in February, for a median of $3,400. The worst month is June, where rents are close to $3,600.
"For those currently looking to find an apartment, you're actually in luck. February is seasonally the cheapest month in New York," the RentHop study says. "Rental prices start to increase in early May and peak around June/July/August. Rents start to taper again starting in October, before reaching a low in February.
"Interestingly, the lower-price periods and higher-price periods actually last for a while, and seasonal price flips happen fairly rapidly (over a span of only 1-2 months)," RentHop says.
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Factors playing into the New York City rental market are the out-of-town college student population, new graduates starting jobs, and the northeast climate, making New York subject to high seasonal temperature variation compared to the west or south.
RentHop used data between 2011 through 2017 for its study. To see the full results of the study, including in other cities, click here.