Perhaps it’s not surprising that New York City is home to the second highest average rent in the US, just behind San Francisco in the overall numbers. The rents have gone up at a less steep rate for one-bedroom apartments in recent months, but they are still headed upwards overall. The good news for renters is that there are still places that are less expensive if you take the time to look for them and perhaps are willing to make some compromises.
The overall median rent for New York City is $3,200 for a one-bedroom apartment. This follows only San Francisco which has an average rental rate of $3,460. For comparison purposes, the city of Boston is well behind at $2,230 followed by San Jose at $2,220. Of course, there are areas of NYC where the rent is the highest and growing steadily, so you should be aware of these places as well.
Highest & Lowest Rent in Brooklyn
It’s probably not surprise that DUMBO, located on the northwest corner of Brooklyn along the shoreline is still the most expensive place to rent a one-bedroom apartment at $3,899. Not far behind is Vinegar Hill which is next to DUMBO at $3,650. Further back on the list is Brooklyn Heights at $3,100 and then Williamsburg which comes in at $3,000 even.
If you are looking for the best deal in all of Brooklyn, then you will need to go east into the interior of the borough and find Brownsville which offers one-bedroom apartments at a mere $1,420 on average which is quite modest compared to much of NYC in general. Slightly higher are the one-bedroom apartments in East Flatbush at $1,500 followed by Sunset Park at $1,600 showing that the southern part of Brooklyn is the place to go if you are looking for cheaper rental rates.
Highest & Lowest Rent in Manhattan
The two neighborhoods that have the highest rent for one-bedroom apartments in Manhattan are Nomad and Tribeca, which is arguably no surprise. You can expect to pay on average $4,500 per month in either area which is quite steep. Not too far behind are Greenwich Village which clocks in at $3,900, Gramercy Park and West Village which average just below $3,900.
If you want to live in Manhattan and pay the lowest average rent, Washington Heights is the place to go as they average a mere $1,850 for a one-bedroom apartment. Not far behind is Central Harlem which offers an average rent of $2,090 with West Harlem just slightly above at $2,100. Despite its reputation, East Harlem is about $80 more expensive than West Harlem which may catch some people by surprise considering all the press that it has received in recent months.
A little research followed by searching can find you the lower priced apartments in NYC. While it does take some effort, it will be worth it as you can save hundreds of dollars per month simply by choosing the neighborhoods that are not in such demand.