Average rental prices in New York City

Most newcomers to New York City will be surprised by how expensive it is to rent an apartment in Manhattan.

For example, a studio in a good part of Manhattan can cost the following:

• $1800/month and up in a walk-up building. A walk-up means there is no elevator
• $2200/month and up in doorman building
• $2800/month and up in a luxury condominium

For less expensive options there is the east side of the Upper East Side ($1500/month and up). Rents are cheaper here because it can be a 20 minute walk to the nearest subway.

There are crosstown buses but they are infrequent and can be late at night and on weekends.

You can also find a studio in Chinatown starting at $1500/month and food prices in Chinatown are very reasonable so you’ll save money on your groceries. However, there are a lot of tourists in Chinatown which means crowded sidewalks and additional stress when you are trying to get somewhere.

If you go up further north in Manhattan, the savings are significant.

Here are some popular areas that are still reasonable:

1. Harlem (West side of LENOX AVENUE)
Studio $1300/month and up
There is an international atmosphere around Columbia University on 125th Street

2. Inwood (the Northern most point of Manhattan)
Nice studios starting at $1200/month
About a 40 minute ride on the subway to Times Square
Inwood is a nice residential area

As a renter, you need to decide on paying more rent for the convenience of living in the center of Manhattan or saving money living further out and spending more time commuting.

If you have any questions about real estate in New York, please feel free to contact me.

Posted in Real estate market in New York City


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