3 Things to Consider When Looking for an Apartment Rental in NYC This Summer

2 Min Read

Finding an apartment in New York City can be a daunting task, especially if your lease ends between May and August, which is the peak rental season. With increased competition, it's crucial to have a strategic approach. Here are three key considerations to keep in mind when hunting for your next rental in the bustling NYC market.

1. Timing Matters

To reduce your competition, start shopping for your next rental about six weeks before your desired lease start date. This period gives you a head start while others are just beginning their search. Additionally, consider looking at condos instead of rental buildings. Condos typically take about 30 days to approve an application, a gap most of your competition won’t have planned for, giving you an edge.

2. Money Matters

Be prepared for the cost differences in application fees. Condo rental application fees are typically $500 or more, a one-time fee that can deter many potential renters. In contrast, most rental buildings charge a standard $20 application fee. By being willing to pay the higher condo fees, you can significantly reduce your competition.

3. Outbid

If you find yourself at an open house with a large number of prospective renters, consider making your application stand out by offering above the asking rent. This tactic can make a significant difference, especially in a competitive market where many applicants are vying for the same property.

Deb Miller writes from Harlem. She and her Senior Broker, Ariela Heilman, offer intel and inventory tours for renters curious about the buy process! More info at arieladeb.com

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