Thursday, December 1, 2022

Where To Rent An Apartment In New York

New York City Food Costs

Gravitas: New York’s worst apartment

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.

Nyc Apartment Rental Tips

Below are a few tips for navigating the NYC rental market, including the basics of apartment hunting in the city and typical financial requirements for renters. You can download a printer-friendly version of this guide, as well as helpful checklists for when you begin your apartment search, in our Pathways to the Private Market brochure.

Apartments For Rent In New York

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The Benefits Of Using A Real Estate Agent

Quite simply, it is very difficult to find the ideal apartment without a real estate agent / broker. The Manhattan market is large and complex and moves very quickly trying to navigate it on your own is a formidable challenge. Brokers live and breath the market – most people rent an apartment every few years, while brokers are renting every day. Thus, the experience and knowledge they bring is invaluable and impossible to get elsewhere. As useful as we like to think the content in our website is, it is meant to be used in conjunction with the expertise of an experienced real estate broker. In addition, in New York, many of the best apartments are rented exclusively through brokers. This means that in order to rent such apartments, you must use a broker. As we work with the largest rental agency in the city, you are sure to have access to the largest possible number of listings.

Renter’s Guide To New York City

In Downtown Brooklyn, New Rentals Go Head to Head

New York City hardly needs an introduction. It is one of the worlds most iconic and flourishing cities, after all. And with a population of over 8.5 million across its five boroughs, it’s also the most populous metropolitan area in the United States.

The Big Apple is no stranger to top 10 lists, consistently ranking among the best cities for everyone from millennials and recent college grads to professionals and art lovers.

With a size of 469 square-miles, New York City is roughly the same size as Los Angeles. And it’s just a 5 hour drive from Boston or Washington, DC.

Weather in New York City follows four distinct seasons. July is the hottest month, with an average temperature of 76ºF, and January the coldest, averaging 35ºF.

Winters are cold and wet, and New York City receives about 25 inches of snow annually. Summers are warm and sunny with an average humidity level of 72 percent. Fall and spring, though typically mild, are more variable from year to year.

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What Is The Cost Of Living In New York City

Now that we’ve determined what we need to earn and what we can afford, we need to look at the rest of the numbers. Rent only accounts for part of your living expenses. You still need to budget monthly for utilities, internet, online subscriptions and more. And those costs can vary wildly depending on where you live.

  • Overall: The overall cost of living in New York City is 148.6 percent more than the national average
  • Groceries: The cost of living for groceries in New York City is 51.7 percent more than the national average
  • Housing: The cost of living for housing in New York City is a whopping 461 percent more than the national average
  • Utilities: The cost of living for utilities in New York City is roughly 5 percent less than the national average
  • Transportation: The cost of living for transportation in New York City is 31 percent higher than the national average
  • Healthcare: The cost of living for healthcare in New York City is about 9 percent more than the national average
  • Miscellaneous goods and services: The cost of living index for miscellaneous goods and services in New York City is 33 percent more than the national average

Know The Difference Between Advertised Rent And What Youll Actually Pay

When you see the term net effective rent in a listing, it can sometimes be confusing to calculate exactly the rent youll be paying.

When landlords offer concessions like a month or two of free rent to encourage you to sign a lease, its the advertised net effective rent that gets your attention. The net effective rent includes a discount. The gross rent is what the landlord is charging you without the discount.

Bidding wars for rentals are more common than concessions right now so its important to know, if youre looking at a listing, what you will actually be paying each month. Sometimes the savings are deducted from your gross rent over the lease term and other times you pay the gross rent and get your free month at the beginning or end of your lease. If you want to know what a rent with a concession built in will mean you pay each month, you can simplify the math with Brick Undergrounds gross rent calculator.

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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.

Furnished Apartments In Brooklyn

Living In A Rent-Stabilized 2-Bedroom Apartment In NYC | Unlocked

The borough of Brooklyn has seen something of a resurgence in recent decades. The illustrious home of Woody Allen, Barbra Streisand and Mike Tyson is rapidly shedding its reputation for being tough and is currently one of the trendiest and most desirable parts of the city. From the hipster haven of Williamsburg to the bustling bistros of Bensonhurst, and everywhere in between, furnished apartments in Brooklyn are readily available and diverse in cost and character.

This youthful and lively borough is often the first choice for young professionals moving to New York City due to its combination of reasonable rents, artistic buzz and community vibe. However, Brooklyn also defies stereotypes, and its sheer diversity means that its also got neighbourhoods like Park Slope and Prospect Park that are ideal for building a peaceful family life.

The hip, up-and-coming area of Bushwick is a particularly popular destination for students and young professionals at the moment thanks to its affordability, cheap vintage stores, cool bars and artist-run galleries. Other great options for Brooklyn apartment rentals include the nearby area of Bedford-Stuyvesant – Jay-Zs old stomping ground – and the multicultural neighbourhood of Flatbush, both of which offer a variety of properties and contain vibrant communities.

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When To Start Looking

Most apartments in New York City arent listed until about a month before the available move-in date. You can start browsing earlier if you want to get a sense of pricing in different neighborhoods and apartment styles, but its unlikely that anything will be available when youre ready to move. A few New York rental search websites include:

If You Do Use Craigslist Search For Short

When I was last looking, I decided to check Craigslists short-term sublets section because I figured there would be higher-quality places with less competition. I was right: I found a 1,400-square-foot Williamsburg apartment and ended up taking over the former tenants lease after it was up. Melissa Mash, founder of Dagne Dover

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Employment And Economy In New York City

As an important international hub for government, finance, education, business, and the arts, the economy here is diverse and powerful. Home to the New York Stock Exchange, the city’s widely accepted as the globes leading financial center.

Midtown Manhattan is the largest central business district in the world, and the city as a whole serves as a base for much of the nation’s print and broadcast journalism and publishing.

Nearly 60 million tourists visited New York in 2015, fueling a thriving tourism and real estate industry. And as the city’s Silicon Alley expands, the NYC tech sphere is becoming a bigger and bigger part of the local economy.

New York Citys top 5 employers all come from the public sector, working to support and sustain the citys enormous population: the City of New York, the NYC Department of Education, the Metropolitan Transportation Authority, the U.S. federal government, and the New York Health and Hospitals system. Meanwhile, JP Morgan Chase and Citigroup are the leading private employers here in the metro area.

What Salary Do You Need To Live In New York

The best and worst months to buy an apartment in New York City

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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Catch A Game In The City

In New York, you have at least two home-team options for every major sport in the US.

Like basketball? Root for the Knicks or the Nets. Football? The Giants or the Jets. Baseball? The Yankees or the Nets.

Regardless of the team, you’re rooting for, you’ll need to consider the cost of attending a game in your budget. Here’s a breakdown of the average ticket costs for some of New York’s sports teams.

  • New York Knicks: $82
  • New York Jets: $64

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.

Borough
$4,045 $5,844

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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Furnished Apartments In The Bronx

The dense apartment blocks and elevated trains of the Bronxs cityscape provide an iconic cinematic backdrop to the urban hustle and bustle of the streets below. Internationally renowned as the birthplace of hip hop and home of the Yankee Stadium, this northern borough has largely resisted the kind of gentrification that has taken over other parts of New York City. However, a combination of affordable accommodation, falling crime rates and a steadily improving reputation have made the Bronx something of a magnet for new arrivals to the city. The Bronx has the highest number of Puerto Ricans than any other county in the United States.

And it’s a little wonder. The borough provides its fair share of lush greenery, making it the greenest of New Yorks five boroughs. The famous Bronx Zoo and the 250-acre New York Botanical Garden make for fantastic sunny days out, while all your culinary needs can be met in the many restaurants that line Arthur Avenue .

On the whole, monthly rental prices for apartments in the Bronx are cheaper than Manhattan, Brooklyn and Queens. However, some areas are outpacing the rest of the borough, and median rents for 1-bedroom apartments in Mott Haven, Hunts Point and the Grand Concourse have risen by a third since 2013. As such, its important that you carefully consider other variables such as apartment size and quality of neighbourhood when looking for furnished apartments in the Bronx.

Create An Apartment Search Profile

How To Rent An Apartment In NYC | The New York City Broker Real Estate 101: Vol 1 Ep 2

With all of the parameters of the NYC housing market in mind, ask yourself a few questions that will help determine your ideal price range, apartment type, and neighborhood:

  • What is my annual salary? If I am living with roommates or a significant other, what is our combined annual salary?
  • How many bedrooms do I need?
  • How long am I willing to commute to work/school each way?
  • Do I want to live in a specific school district or near certain child care centers?
  • Do I prefer walk-up, brownstone/townhouse, or high-rise buildings?
  • How important are the following apartment features to me? Doorman, pet-friendly, laundry, fitness center, elevator, outdoor space, parking, easy commute

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Other Expenses To Consider In New York City

The budget for your move to New York City should be airtight, meaning you’ll have to account for the expenses that typically get forgotten on most budgets.

We’ve got you covered with an in-depth look at the hidden costs of living in New York City.

  • Sales Tax: The combined city and state sales tax rate in New York City is 8.5%, but can vary depending on what you purchase and its cost.
  • Income Tax: New York State levies an income tax rate on a sliding scale. Depending on your income, you can expect to pay anywhere from 4% to 10.90% in income tax. Additionally, you’ll have to pay the city’s imposed income tax which ranges from 3.078% to 3.876%, depending on your income.
  • Parking Costs: The average cost of monthly parking in New York is $570 per month or $6,840 annually. You’ll have to consider this cost on top of the 10.375% tax and an additional 8% surtax on parking, garaging, or storing cars in Manhattan.

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