We all know that summer is renting season in NYC—but when exactly will you have a higher and lower chance at renting your dream apartment? A new StreetEasy data analysis shows that competition for rentals peaks in the second and third weeks of July for most neighborhoods in Manhattan and Brooklyn.
The StreetEasy chart shows how demand (competition, in other words) to rent apartments varies over a year in 43 Manhattan and Brooklyn neighborhoods. Their analysis of three years of data concluded that 80 percent of those areas experience higher renters demand at some point in July. Not surprisingly, competition is low in early July, when New Yorkers get ready to leave town for the 4th of July holiday.
But some neighborhoods experience higher demands before that— with some of them experiencing that surge in demand now—including Soho and Battery Park City. On the other hand, Prospect Lefferts Gardens, Midtwon West, Gramercy Park, Gowanus, East Harlem, and Financial District, experience demand peaks in August.
The good news for those looking for apartments in July: even though there are more renters searching, there are also more listings during that time, StreetEasy says.
“Rental inventory also spikes in July, with roughly 11 percent more rentals available than during any other month,” the study by Simon Rimmele, data scientist at StreetEasy, reads. “So even though competition among renters may be at its fiercest, there are also more homes available.”