So in this blog, we have talked quite a bit of everything when it comes to real estate, but I realized I have mostly touched based on the buying market. Although buying a property would be more worthwhile at the end of the day, the current market says otherwise. There is just so much demand yet not enough supply so renting seems like the next viable choice. Hence we are going to talk about renting specifically in NYC as I’m based here so I can give you guys more of my personal insight.
First things first let’s talk space. So I’m sure most of you guys might guess space is actually a big issue in NYC. You will be lucky if you get a place that is bigger than a shoebox. I’m not kidding. Therefore people generally get either a studio or 1 bedroom if they can afford it. You’re going to be shocked when you see the prices for these kinds of units. So on average, studios are about $2,674 and 1 bedroom units are $3,215 as of 2021. I’m going to explain why they cost so much in the area section next.
So unlike most places in the US, New York seems to be one of the very few places that people rarely drive or yet even own a car. I mean there are definitely other cities in the US you can get away with no car, but in New York City you definitely don’t need a car because it is such a hassle and not to mention it ain’t cheap. It will probably cost as much as your rent. Again I’m not kidding. So long story short what I’m trying to explain is it is important to choose an area that is walkable to the nearest subway station. That’s what explains the outrageous prices on these tiny apartments.
So having an apartment that is close to the subway is one thing, but also being in a neighborhood that is lively and has things to do is another thing. So those two things essentially justify the price. I mean there are various other things but in NYC that is the most expensive amenity, you can have.
Let me start with some of my favorite neighborhoods. If you’re in your 20’s or even early 30’s most likely you don’t want to be in anywhere above 14th st. The life in 14st and below is seriously what you missing. There is so much to do in Lower Manhattan neighborhoods like Nolita, NoHo, Financial District, East Village, SoHo just to name a few. These neighborhoods are always popping. So many cute restaurants, coffee shops, and supermarkets so you don’t need to walk more than 2 blocks.
The last thing you need to consider when it comes to your search for an apartment in NYC is deciding either on a walk-up or an elevator access building. Let me get this straight I have lived in both and I still would choose an elevator access building over any walk-up. Even if the apartment is nice unless you’re on the first or maybe the second floor don’t consider a walk-up. You might think in your head “Well, I could rough it” I assure you that will get old. First, you’re going to pay a lot more for moving your furniture because it is going to be very complicated, and second carrying heavy groceries or packages that you ordered online from the lobby is going to get real old real fast. Unlike houses, you don’t get your packages in your front door so you will be carrying things on your own quite a bit.
These were some of my thoughts on renting in NYC. This city has so much to offer, but apartment hunting is a real headache so make sure to do your own research and use these tips before you make your final decision.