How Much To Rent An Apartment In New York

The Most And Least Expensive Neighborhoods In New York City

The rent in New York City can vary by thousands of dollars across just a couple of blocks, so it’s important to determine what you can afford and what you like to do when you’re apartment hunting in New York. Places on the west side will generally cost more than apartments east of Central Park.

And the further south you go below Midtown, the less you can expect to pay in rent. And don’t forget to check the outer boroughs. Brooklyn, Queens, Staten Island and The Bronx all offer more for your rent money in terms of value.

Finding Your First Apartment

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By Kim Velsey

Of the many new arrivals who pour into New York City each spring with new degrees, new jobs, or simply new life plans, Patrick Laflamme thought that he would be in a fairly good position to find an apartment.

A graduate student in cognitive psychology moving from Vancouver, British Columbia, to take a job with an investment bank, Mr. Laflamme had experience with competitive housing markets the Vancouver rental market is pretty aggressive: you go to see a listing and there are 40 people lined up outside and he was accustomed to spending a large percentage of his income on rent.

And I wasnt too picky. I just didnt want to be more than a half-hour from the financial district, said Mr. Laflamme, 24, who set what seemed a reasonable budget of about $2,000 a month for a one-bedroom or large studio in Manhattan. Rental agents dont really exist in Vancouver you just kind of make it work. I figured thats what I would do in New York, too.

But several weeks of looking on Craigslist turned up only bait-and-switch scenarios, studios sneakily shot from angles that made them look like one-bedrooms and suspiciously beautiful apartments in Midtown managed by out-of-state companies without a New York address.

As for Mr. Laflamme, his story has a happy ending, too.

How Much Does It Cost To Rent An Apartment In Nyc A Complete List Of Fees

Fees will vary depending on the type of building you rent in and whether you end up paying a broker.

Setting yourself up with a rental apartment in New York City requires a reality check on how much you can afford and plenty of paperwork. There are also various fees, upfront costs that youll need to pay to the broker and sometimes the landlord to secure the apartment. New rent laws passed earlier this year put some limits on the amounts that landlords and brokers can collect from you upfront, but there are still a host of other fees that you will be required to pay.

The number of fees will vary depending on the type of building you decide to rent in and whether you end up having to pay a broker fee. For example, there are certain websites that specialize in providing rentals that waive the broker fee or where the landlord pays it, but that means you wont have a broker working for you and will have to conduct the search yourself.

Likewise, if you have your heart set on an apartment in a condo or co-op building rather than a rental building, there may be additional fees charged by the board as a result of the buildings specific sublet policies.

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Short Term Lease & Sublet In New York City

Short term leases in New York City are in high demand. There is less hassle signing long term contracts and renters are willing to move in to the short term sublets on short notice. The cost of the short term apartments vary depending on size, quality of location of apartment. Another factor in deciding whether to rent short term housing in New York City is roommates/flatmates/housemates.

It is common for someone with a two or three bedroom apartment to sublet the rooms out to people for temporary periods in order to help pay for the overall rent and running of the property. This would mean moving in with people you dont know, if you are moving to new york city looking for contacts and to network this is a great way to start. These type of sublets also occur when the main tenant of a one bedroom or studio apartment will be going away for an extended period of time and will rent out their entire apartment for the duration of their trip, hence the market for a short term sublet in New York City. Short term leases are typically a little more expensive than long term per month as they are temporary and the landlord or tenant has to go through the process of finding people to live in the apartment more regularly.

Security Depositcost: Usually 1 Month But Could Be More

A security deposit is the amount a landlord will hold during the lease term in case there are any damages beyond normal wear and tear at the end of the lease term. They can also use the security deposit if the tenant skips out on rent. The standard security deposit in New York City is one month. A landlord may ask more from renters with low income or a bad credit history. If you have less than stellar qualifications, a landlord could ask for an extra month of security. But if its really questionable, the landlord may request 3 to 6 months of security money up-front. In NYC apartments that allow pets, the landlord could ask for an additional security deposit of $500 to $1000.

The security deposit is usually paid up-front at the lease signing.

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What Are The Most Affordable Neighborhoods In Manhattan

The most affordable neighborhoods in Manhattan are , where the average rent goes for $1,628/month, Washington Heights, where renters pay $2,165/mo on average, and Randalls and Wards Islands, where the average rent goes for $2,205/mo. If youre looking for other great deals, check out the listings from Inwood , East Harlem , and Ellis Island , where the asking prices are below the average Manhattan rent of $4,140/mo.

New York City Housing Costs

It’s a well-known fact that New York City sports a high cost of living due, in large part, to its notoriously high rent prices. As the city is so large and is divided into boroughs that encompass entire counties, the average rent price for the entire city of New York can be misleading.

Rent prices vary dramatically by borough and even by neighborhood. For example, the average rent price for a one-bedroom apartment in Manhattan is two times the average price of a one-bedroom unit in the Bronx.

That said, its important to choose a borough and neighborhood that is within your budget. To help, heres a look at the average rent prices in New York Citys boroughs, including the Bronx, Queens, Manhattan, Staten Island, and Brooklyn.

Alongside the hard numbers, youll need to consider New York City rent trends. The COVID pandemic has greatly impacted the citys rent rates and generally caused dramatic drops. The city is in the process of recovering from these drops but has not completely rebounded.

The current median rent in New York is $4,045 for a one-bedroom apartment and $5,844 for a two-bedroom. This is a drastic 2.95% drop from rent prices at the same time last year. Although rent prices are increasing, and have been since January, now might be a great time to make your move to NYC and lock in a low rent rate.

If you want to save more by renting with roommates, be sure to do so safely.

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Notable Average Rent In Nyc Statistics

Common questions related to NYC rent include: how much is an apartment in New York City? How much does an apartment cost in NYC? The average rent price in NYC for a market-rate walk-up apartment is well below the overall city average, which effectively paints a different picture of NYC rent affordability. However, the supply of walk-up apartments is very low relative to luxury apartments. There is roughly a 7:1 listings ratio of Elevator Doorman apartments to Walk Up apartments at any given time. Days on market for walk-up apartments move quicker which shows how high in demand they are and how quickly apartments move at lower price points even in times of Covid. Looking for one of these hidden gems? Here is an active list of Walk-Up Apartments for rent.

The vast majority of apartment availabilities in NYC are in Luxury Elevator Doorman buildings which is why overall average rent prices in NYC are skewed much higher. Do you have the budget and want to live in one of these luxury apartment buildings? Here is an active list of Luxury Doorman Elevator buildings for rent. There are plenty of options to choose from.

This May Fluctuate Depending On A Few Key Factors:

On the average rent for a 3 bedroom apartment in new york city costs you $3,859, and has a range from $512 to $23,250. The high cost of living in nyc starts with its crazy housing market. For the time being, those prices remained relatively stable the first few months as people assessed the situation.

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Don’t Forget About Saving

Target an emergency-fund goal of three to six times your monthly take-home pay . This can seem overwhelming, so first focus on having one month of take-home pay build from there. Since Jane will be the only one responsible for the rent, we suggest having this saved before moving. Shell want to make sure she can cover any unexpected expenses or financial emergencies. R.R.

Minimum Income You Need To Rent An Apartment In New York City Neighborhoods

Rent in New York City is notoriously expensive. Those rent-controlled apartments on Friends and Sex and the City werent remotely realistic in terms of what the average 20- or 30-something can afford. According to CNBC, Monicas two-bedroom apartment would easily rent for $7,000 to $8,000 per month no small feat on a chefs salary.

To get a better idea of what it truly costs to live in neighborhoods across the Big Apple, we took a look at the average rent for apartments by neighborhood. Its a rude awakening, to be sure.

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Consider Renting A Co

The application process in a co-op or condo is slower, because you have to pass a board interview, and it can be more expensive as a result of higher, one-time fees, but renting a condo or a co-op can give you an apartment with higher-quality finishes and nicer amenities in a more well-maintained building.

Most co-op buildings restrict the length of time owners can rent out their units to two years in any seven-to-10-year period, so if you’re looking for a more permanent living situation, a condo or regular rental building is a better option.

Some condos have limits too, but they’re less strict for the most part. Make sure your application has been approved by the board or you can be kicked out after you’ve moved in. Also, be sure to ask if, as a renter, you will be excluded from any amenities like bike storage, roof deck, or gym, or from having pets.

Applying For Too Many Apartments At Once

Rather than increasing your likelihood of scoring a new place, applying for multiple apartments at once can actually make your application less appealing to landlords. Landlords can see how many times your credit has been run specifically for housing, Mariani reveals. They view this negatively, especially when they are all run within a short amount of time. It screams ‘no one wants to rent to you.

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Brokerage Feecost: Up To 15 Percent Of Annual Rent

If youre leasing through a broker, as the renter you will often be asked to pay the brokerage fee. The brokerage fee typically costs between 1 and 1.8 months of rent. Note that 1.8 months is equivalent to 15% of the annual rent, which is the standard brokerage fee in New York City. Dont fret. While it certainly depends on the circumstances, this amount is often negotiable.

Note that the security deposit is also usually paid up-front at the lease signing.

New York City Food Costs

From pizza to hot dogs to a viable treasure trove of ethnic cuisine options, New York provides it all in terms of food. If you plan to dine out at all in the city, you’ll need to account for those costs in your budget.

A three-course meal for two at a mid-range restaurant will cost you $100, including gratuity.

However, the omnipresent food carts and stalls that adorn New York’s streets will likely be more common food stops for you. The famed $5 hotdog, soda, and chips combo might not be the healthiest meal out there, but it’s delicious, convenient, and cheap.

If you want to keep costs down and enjoy your time in the kitchen, you can expect to pay $3,690 annually or $307.50 monthly for groceries. If you’re feeding a family of four, you can expect to pay $10,806 annually or $900.50 monthly.

Head to your local Aldi for low-cost grocery options. However, if you’re looking for more options and at a slightly higher cost, head to the newly opened Wegmans. This grocery store has earned its cult following. Seriously, check out their cheese section.

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A Few Points About Apartment Information

Do not get hung up on listings that you see on this website . The odds of you renting the specific apartment you inquired about on-line are very close to zero. Treat the listings on this site as a starting point and use the extensive building information to become more familiar with the market. Unfortunately, listings are not updated as frequently as they should be. We have little control over this but it is a fact of the market. We hope that in time this situation will improve, though today the best way to obtain accurate listing information is to have your broker pre-screen listings.

What Salary Do You Need To Live In New York

Using the 30% rule, we can give a rough estimate of the salary needed to rent an apartment in New York. If these numbers look high, remember that a roommate or two can drastically cut down your monthly rent!

• If you are renting an average priced studio apartment in New York, your annual salary should be around $116,532 or higher.
• If you are renting an average priced 1-bedroom apartment in New York, your annual salary should be around $136,980 or higher.
• If you are renting an average priced 2-bedroom apartment in New York, your annual salary should be around $206,928 or higher.

Having trouble deciding how much rent you can afford? Try using a rent calculator. Then learn about the average cost of living in New York.

Ready to make the move to New York? Start apartment hunting in New York with our quiz!

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Lurk Where You Want To Live

I used to be obsessed with this cul-de-sac street in the Village, Patchin Place. Id often open the gate and walk down its open to the public because its where e.e. cummings lived. One day there was a small sign that had the name and phone number of a real-estate company. It was the number to a woman whos the Realtor for that block, and it was my ticket in. A few months after I moved in, the other apartment on my floor opened up, and so my best friend moved in next door. Emma Straub,owner of Books Are Magic

Furnished Apartments In Queens

New York Citys most easterly borough carries a royal name, and its large swathes of verdant green spaces certainly give it some regal charm. Queens is by no means the lesser relation of its better-known cousins, either – it connects the city to the affluent suburbs of Long Island, contains two of New Yorks major airports, and is the most ethnically diverse urban area in the world. Over half of the boroughs residents are immigrants, and its patchwork of neighbourhoods resemble a miniature United Nations.

For decent furnished apartments for rent in Queens, youre met with a wealth of great neighbourhoods to choose from. Located a 20-minute subway ride away from the city, Astoria is an increasingly popular choice for young Manhattan professionals who need an affordable place to live. Other reasonably-priced options in the borough include family-friendly Forest Hills and the vibrant, soulful neighbourhood of Jackson Heights.

Every year, more and more people are being drawn to the borough. Due to such high demand, apartments in Queens are now on average more expensive than Brooklyn. However, its worth bearing in mind that the borough is by far the largest in New York, and its diversity is also translated into rental costs – which can range between an average of $3,000 in Manhattan-facing Long Island City to an average of $1,600 in comfortable, tree-filled Woodhaven. And, with Nestpick, youll find a great choice of furnished apartments in Queens.

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