Photo: Robert Clark
While it may not be fun to move in the middle of a blisteringly cold NYC winter, it could end up saving you green on your rent.
If you can brave the cold, moving in February could save you roughly 5 percent on your rent, according to a study released yesterday by the listing site RentHop.
To determine the best and worst time of year to move, RentHop studied data for 10 of the most populous US cities, including New York City, Los Angeles and Washington, DC. It used “net” rent prices that reflected any incentives offered by landlords and “seasonality factors” that were determined moving averages (data spanned from 2011 through 2017).
Across all 10 cities used for the study, the best — in other words, cheapest — months to rent fell between December and March, while the worst — or most expensive — were May through October. There is, on average, a 3.9 percent “discount” between the cheaper and more expensive months.
In New York City, the difference is 5.4 percent or about $171 per month for a one-bedroom rental, and 5.3 percent or $191 per month for a two-bedroom unit.
The estimated savings was calculated based on an average of $3,000 monthly for a one-bedroom in the winter, compared to $3,171 in the summer. The savings for a for a two-bedroom was calculated to be an average rent of $3,400 in the winter versus $3,591 in the summer.
“Obviously, dollar savings will be smaller in cities where the cost of living is cheaper, but $300-$400 in savings over a 12-month lease is still nothing to scoff at,” writes RentHop in the report.
For example, renting a one-bedroom in Miami, FL during the winter adds up to a $37 per month savings, based on an average rent of $1,500 during the winter months and $1,537 in the warmer “prime” renting months.
Similarly, the savings earned on a two-bedroom winter rental in Atlanta, GA, is $36 per month — well below the $191 “discount” in NYC, but the rent is also on average $1,900 less per month.
Meantime, renters should opt to end their leases near the colder months, and be on the lookout for any “non-standard” leasing terms that might knock them off of a “good” cycle that saves them money on rent.
Click here to read the entire study.