When it comes to renting an apartment in NYC we can’t help but get shocked at the ever-rising prices. It’s no secret that New York is one of the most expensive cities in the world, but what are the real numbers for real estate? How much does a cheap apartment cost in NYC? Let’s have a look at some numbers below.
How Much Does A Cheap Apartment Cost In Manhattan?
According to the MNS rental market report, the average rent in Manhattan was $3,957 in April. Moreover, the prices have risen by 2.79% comparing to the previous month. Are there more affordable prices in Manhattan? The answer is yes, it is possible to find a cheap apartment in NYC. For instance, we have found one-bedroom apartments in Inwood for only $1,450 per month. Central Harlem, Fort George, and Washington Heights also offer places at a reasonable price around $1,500-$1,600 per month. According to Trulia, the median rent in Inwood varies from a bit more than $2,000 in summer to $1,650 during winter months. It’s no secret why we chose this neighborhood as one of the best for young professionals in NYC.
How Much Does A Cheap Apartment Cost In Brooklyn?
The average rent in Brooklyn was $2,773 in April. Like in Manhattan, prices keep rising. The average rent for a one-bedroom apartment was $2,682 per month, while a Studio can cost $2,187. Let’s find some lower rents in this borough. StreetEasy has one-bedroom apartment listings for only $1,350 per month. By the way, rentals in Williamsburg and Bushwick will drop due to the L train closure. If you don’t mind that your commute to work won’t be so fast, check out these neighborhoods. As for Studios in Brooklyn, the prices rise from $1,300.
How Much Does A Cheap Apartment Cost in Queens?
According to the MNS rental market report, average rents in Queens were $2,164 this April. Comparing to 2015, the rents have increased by 4.36%. Rentals keep rising in such neighborhoods as Astoria, Forest Hills, Long Island City, Ridgewood, and Jackson Heights. However, you can find a one-bedroom apartment for $1,400 per month. The cheapest places found in Astoria cost from $1,650 per month.
As you can see, it is possible to find a cheap apartment in NYC. However, you should consider all the important factors before making the final decision. How close your cheap apartment will be to subway stations? Being a young professional, you will most likely spend lots of time at work, so do your best to find a place not too far from your work.