No matter if you’re new to the Big Apple or know the city well enough, the question remains the same. How much does it cost to rent an apartment in NYC? Everybody knows that the real estate market of New York is one of the most expensive ones in the world, but what makes them so high? One of the reasons is about high property taxes on rental apartment buildings. Let’s have a look at some market trends and find out relevant prices.
As always, rentals vary from one neighborhood to another, but they are usually too high for lots of us. If you want to rent a one-bedroom apartment in New York, get ready for the following expenses. According to the MNS Rental Market Report, the least expensive one-bedroom places with no doorman can be found in Harlem. Talking about Manhattan, there are also some affordable places in Inwood, Washington Heights, Yorkville, and East Village. For instance, Inwood offers one-bedroom rentals rising from $1,800. The Upper East Side and the Lower East Side are generally known as posh nabes, but there are also one-bedroom apartments even post –graduates can afford. As for Brooklyn, Bushwick has one-bedroom apartments for around $2,000.
How much does it cost to rent an apartment in NYC? In case you’re hunting for a two-bedroom apartment, be aware that the average price for them is around $3,500. The cheapest places can be usually found in the Bronx and Staten Island, then come Queens, Brooklyn, and Manhattan. Two-bedroom apartments in the latter borough cost a fortune, so you’d better aim at other areas. Besides, their rentals are usually at least 20 percent lower than those in Manhattan. According to Douglas Elliman’s market report for July, a median rent in Manhattan is $3,450. However, it is possible to grab a great place in Queens. The main rule of the market is to act smart and fast. What are the rentals in other neighborhoods? Crown Heights has one-bedroom and Studio apartments in the price range from $1,700 to $2,700. East Village has almost four hundred of one-bedroom and Studio available units as for August 31. Prices vary from $2,200 to $3,500.
As you can see, the answer to the question about how much it costs to rent an apartment in NYC depends on the area you’re planning to move to. Choose the neighborhood carefully, as it should be convenient for you in so many ways. Read the reviews, check out the place yourself and try to feel the atmosphere. Would you be happy living there? Best of luck with your major decisions!
