Enduring freezing temperatures and overcast days for several weeks can make the idea of moving in winter seem dreadful. Despite that, there are actually some fantastic reasons to think about a winter relocation in New York City. Below is a list of compelling reasons why winter is an ideal time to relocate to NYC:
Reasons to Consider Winter to Move in NYC
Less Competition
Consistency is a key factor in the real estate market, especially in New York. During the late spring season, typically from April to September, rentals are in high demand due to market trends. Recent graduates aim to rent in May, young professionals with summer internships or new jobs secure leases in June and July, and students come back for school in August and September.
During winter, rental competition decreases, allowing for a more careful and deliberate search without the fast-paced excitement of late spring. During the winter, there is an abundance of supply, making it easier for you to find condos to choose from.
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Reduced Rental Rates
Does moving in the winter cost less? Typically, yes. Typically, condos tend to stay on the market for a longer period during the winter season. This leads proprietors and management companies to reduce their prices in an effort to attract tenants.
For example, if the rental prices for one and two-bedroom apartments peak at $2,900 and $3,500, respectively, in April or the late spring season. During the winter season, the price for one room drops to $2,750, while the cost for two rooms decreases to $3,190. The significant difference between moving in the winter and moving during other months can save you hundreds, if not thousands, of dollars each year.
Incentives
Due to reduced lease expenses, landlords and management companies often provide additional incentives to encourage tenants to relocate during the winter months. Landlords often provide incentives such as one to two months of free rent, waived or reduced application fees, a free year of amenities, or gift cards to encourage signing a lease. There are no established guidelines for motivating factors. It’s definitely worth keeping an eye out for them while searching for an apartment.
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Reduced Brokerage Costs
A broker’s fee is a new concept in the New York City rental market. It’s a cost that is paid by either the landowner or leaseholder and goes directly to the real estate agent responsible for renting out the property. In numerous transactions, especially during the late spring, it is usually the tenant who covers the agent’s fee.
During the winter season, high apartment vacancies in the city lead to landlords and management companies offering to cover these fees through brokers, resulting in a financial burden for tenants when signing the lease.
Power to Negotiate
Empty apartments during the off-season can be a nightmare for landlords. Property owners are willing to go to great lengths to secure tenancy, even negotiating the terms and conditions of the rent, as they are losing money each day the condo remains empty. As a leaseholder, you have an advantage during the winter and it’s definitely worth trying to negotiate a lower lease.
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