What is the average rent in New York City?
Moving to another area can be pretty daunting. If you’ve never been to New York City before, then you might find it challenging to find your new abode, especially if you have no clue about what the average rent is.
Unfortunately, pinning down the average rent in Manhattan, Brooklyn or other neighborhoods can be tricky as well. After all, there is no fixed value, and the amount varies depending on the location, the size of the apartment, and the amenities included, among other factors.
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But don’t fret! In this post, I’ll give you a quick rundown so that you’ll have a rough idea about the average rent in New York City based on size of the apartment you are looking for.
Although I’ll only be focusing primarily on Manhattan—and a bit of Brooklyn—this guide can still help you determine whether or not New York City has affordable rentals that will fit snugly into your budget.
What is the average rent in Manhattan?
If you’re seeking a sublet in Manhattan, then you first want to think about what size space you need. We will just focus on the four main options in this post: rooms for rent (i.e. aka “apartment shares”), studio apartments, one bedroom apartments, and two bedroom apartments. I’ll be discussing each of them in detail.
Average Rent for Rooms for Rent ($1000-$1500)
At the lowest end of the market are apartments where you could share the space with other roommates. These apartment situations are known as “shares” or “rooms for rent”. When young graduates first flock to New York City, they often wind up in a room for rent because they are the most affordable apartments.
Rooms for rent usually wind up being priced between $1000-$1500 per room. It is a fairly wide range. The rooms under $1000 are usually in Upper Manhattan or parts of Brooklyn, and the ones above $1000 (usually starting at $1200ish) are in more popular sections of Manhattan. Sometimes if these “rooms” are the result of a wall or walls being put up in a really nice apartment in a doorman building, then the price could be as high as $1500-$2500.
Average Rent for Studios ($1800-$2500)
In New York City, studios are one of the most popular types of apartment. They bring together multiple rooms—such as a bedroom, living area, and kitchen—into a single space. This allows you to execute your day-to-day activities in an area without partition walls. It is the cheapest way to get an apartment in New York City without “sharing” (i.e. getting a “room for rent”)
And when renting studios, it is vital to consider whether or not you’ll opt for a building that has a doorman.
An apartment doorman performs myriads of tasks that can help ease your life in your new dwelling. Some of the crucial roles that a doorman plays include: ensuring that the premises are safe, receiving packages, and assisting you with a bevy of tasks, such as carrying your baggage to and from the building or hailing taxis. The list goes on and on.
Unsurprisingly, the average rent for studios with a doorman is slightly more expensive, ranging from $2,000 to $2,500, while those without one—usually called walkup and elevator buildings—cost less at $1,700 to $2,200.
The amount, however, can be as steep as $3,000. This rings especially true in buildings furnished with tons of amenities, or buildings nestled in popular areas like Soho or the West Village.
Lastly, size is another reason for a higher pricing. For one, there’s the “alcove studio”. Alcove studios usually have an “L” shape where the bottom part of the “L” serves as the “alcove”. Some of these alcove studios can even be converted into one bedrooms.
Average Rent for One Bedrooms ($2500-$3500)
Another appealing residential option are one bedrooms. A one bedroom apartment features discrete spaces for the bedroom, living room, and kitchen, as opposed to a single multipurpose area (as is the case with studios).
The average rent for one bedrooms in New York City (in Manhattan specifically) is between $2,500 to $3,500.
One bedrooms situated in “hot” areas, those with a doorman, or those equipped with lots of facilities are the ones that typically veer closer to the $3,500 mark.
Similar to studios, however, the price can even go beyond this figure in more upscale neighborhoods, or buildings boasting a whole slew of amenities. Some average one bedroom rents can soar as far as $4,000 or $5,000.
There are also one bedrooms that are exceedingly spacious—they are called “Junior 4’s” and they can be converted into two bedrooms.
Average Rent for Two Bedrooms ($4500-$6500)
If you feel like a one bedroom apartment is too small for your liking, then maybe two bedrooms are what you’re looking for.
In Manhattan, New York City, the average rent for two bedrooms can be split into two categories: Those with one bath and those with two baths. (Note that some buildings can also have one and a half bathrooms—which pertains to one full bathroom and another one with no shower or bathtub.)
The average rent for two bedroom, two bathroom apartments range between $4,500 to $6,500. As with the former leasing types, prices can also increase depending on the size, location, and amenities, and some shoot up to an astonishing rent of $10,000 or more.
On the other hand, the average rent of those with two bedrooms and only a single bath is usually between $3,500 to $5,000. Note that many of these apartments, however, are merely glorified one bedrooms.
If you’re more on the economical side but really require two bedrooms, then your best bet would be to rent a two bedroom with only a single bathroom. This will allow you to save up to $1,000 a month.
What are the average rents in Brooklyn?
Over the past decade, Brooklyn has transformed drastically. It has now become a trendy and bustling borough, enticing hordes of individuals to enter its midst. More and more families and young professionals are setting their eyes on Brooklyn as their new home.
Because of these massive changes, the average rent in Brooklyn has started to rival the pricing in Manhattan. In fact, the cost of living in some areas of Brooklyn are considerably steeper than some parts of Manhattan. Do take note, however, that this only applies to some areas, and generally, Manhattan is still more expensive.
To give you a clearer picture, the main neighborhoods in Brooklyn are typically 10% to 30% below the rent of its more upscale neighbor. This large disparity is because the neighborhoods in Brooklyn are vastly different. While Manhattan is marked by its soaring skyscrapers, vibrant flashing lights, and dense population, Brooklyn is incredibly diverse—some bustling neighborhoods, and some closer to the suburban way of life.
Conclusion
If you’re new to New York City, then one of the first questions that you’ll probably ask yourself is whether you can afford its lifestyle. In particular, does the monthly cost of the apartment fit within your budget?
Since there is no fixed amount for the average rent in Manhattan, it is essential that you familiarize yourself with the factors that can potentially increase its pricing. This is usually brought about by the size, amenities, and the locale the building is situated in.
Once armed with this knowledge, assess your needs to determine which leasing option suits you—and your finances—best.
For more NYC rental tips, please go to frele.com/learn.
This article was written by:
Phil Horigan, NYC Real Estate Veteran
Founder, Frēlē, the free and honest NYC rental marketplace
Producer, Phil’s NYC Rental Tips [YouTube Channel]
Blogger: flowfreely.com
Instagram: @philiphorigan
Phil has been a licensed NYC real estate agent since 2004 working for some of the top real estate brokerage firms in the industry. He founded Leasebreak.com in 2013, and Frēlē in 2017. Frēlē and Leasebreak are free and transparent rental marketplaces to search for or post apartments for rent in NYC
Go to frele.com to search for NYC apartments (free service).