You may find yourself Occasionally adrift in thought, imagining what it would be like to exist on a winter lease cycle like your friend. The idea of spending less for more space, and having extra cash for new pursuits isn’t bad either. We as New Yorkers have all heard the legend of the winter lease and the wonders it beholds. So, let’s take a moment to analyze the realities of the winter market and confirm or dispel its actual offerings.

Traditionally, winter is the best time to unearth hidden gems at incredible discounts. It was once common practice for owners and management companies to offer 1-month-free or cover the broker fee! These incentives have fallen to the wayside as New York City experiences its first rapid population growth since Bob Dylan scrawled ballads on Greenwich Village bar napkins during the ‘60s.

According to New York YIMBY, the city’s 2014 population — a rollicking 8,491,079 people — is only 60,000 people away from 2020’s projected population of 8,550,971.

Take a deep breath. There’s no cause for concern just yet. However, to better arm yourself when crossing this constantly evolving rental landscape there are some essential things you should know:

1. Brokers The times they are a-changin’, but winter is still the most advantageous time of year to escape their unholy fees. If you do find yourself in a broker’s grips — whittle their fee down to a digestible number. Again, I highly recommend you avoid them outright. The market is definitely in your favor.
2. Landlords Despite new market conditions there are still significant numbers of landlords in fear of their apartments remaining vacant for several months during the winter. It’s important to know that even in a strong market (e.g., summer) it generally take 4–6 weeks for a landlord to move in a new tenant. This often snowballs (forgive the pun) in a softer market such as winter. You have leverage — don’t be afraid to use it.
3. Identifying A Good Deal Effective research goes a long way when separating a great deal from a poor one. Multiple outlets such as Curbed and TheRealDeal consistently report actionable data regarding market trends and cost in each NYC neighborhood. If you notice one bedrooms in Crown Heights were typically going for $2500 this past summer, and the place you’re considering is priced at $2450 this Feb, that should sound some alarms.
4. Urgency Don’t be entranced by the inventory surplus and seemingly laidback season to slow your decision-making. You’re not the only one who waited until winter to score a sweet pad. There is substantial competition out there even if you don’t feel or see it in your immediate view. When you find your dream apartment make sure you have all your paperwork in order and submit promptly — there’s nothing worse than having the perfect place swept out from under you in the final moment.
5. Negotiating NYC has a rich tradition of haggling rent. Winter places you in an ideal position to truly assert this — but be reasonable. Landlords want to get a new renter in quickly and are willing to make concessions, but you don’t want to rub them the wrong way either. Remember, this is the beginning of a year-long relationship. The last thing you want is for it to start with friction. Or worse, you might negotiate yourself out of a lease completely. When negotiating, especially during the winter months, don’t be hyper-fixated solely on the rent. This is a great time to ask for upgrades on the apartment: new stove, refrigerator, etc.

Old Man Winter is as unpredictable as ever, but if you’re equipped with the right knowledge and attitude you should be able to prevail with a new, warm (and cost-effective) place to call home!

Padspin is an app that helps New Yorkers find No Broker Fee apartments. We have successfully converted hundreds of lease assignments and new leases for our users. If you have any questions, please contact support@padspin.com and we’ll gladly advise.