How much should I expect to spend on a 1-BR apt in NYC?
Likely moving up in a few months and looking for a decent quality 1 bedroom apartment (and maybe buying something later on). Ideally I’d like to be in a trendier area like Soho or West Village but how would that compare to something like Midtown or FiDi? I’m from the south, so I’m used to living in nice, new buildings for ~$2k but understand that won’t be happening in NYC so trying to understand how much I’d have to pay for the same experience / what I’d have to compromise on. Thanks!
a decent 1bdr in soho/west village would run you around $3,000. Midtown & Fidi much cheaper.
Good news is that you can find deals right now, especially on 1 bedroom apartments.
Everyone has their own definition of “nice” but in that area I would say you’ll have to be around the ~$4k range for a decent 1 bedroom and closer to $5k in the prime locations. The thing about those areas (soho especially) is that the buildings are a bit older, so finding “nice” in that area (newer, any amenities, etc) is usually a large premium.
But you can easily get 1m free (probably 2) right now. Again, you can probably find stuff cheaper (west village easier than soho in my experience) but just depends what you are looking for.
Edit: and if you are thinking of buying I would go cheaper (or different area) and save up as buying a place in nyc is expensive (outside of the purchase price, all the other costs are high).
before covid, a nice 1-bed in any nice part of manhatten would cost you 4k / month
a shithole 1-bed would cost 3k / month
those numbers are lower now...probably $800 cheaper each
https://streeteasy.com/1-bedroom-apartments-for-rent/manhattan/price:-4000
$2,200 will get you a walk-up, 1970s studio in a decent Manhattan neighborhood.
Probably about $1,000 by 2023
Sorry monkey shit assholes... I actually meant per YEAR
From the South too and need to add that when OP means "nice" he means the following:
large pool/pool deck area/grilling
spacious gym with almost brand new equipment (weights + cardio)
game room/ lounge social area/billiards
near new appliances
Ha! Reminds me of my college living, then a slap in the face when I moved to NY. Lmk if you can find a place with all that!
Lol I’m probably just going to stay in the south after I graduate. I used to have the NYC hype but I didn’t realize what I’d be giving up to make the move until after reading threads on this site.
Anyone saying that prices have went down due to COVID is feeding false info. Building owners/management companies aren’t really decreasing gross rents, they’re more so offering “concessions” like 2-3 months free rent, offering free access to amenities for a prolonged period, or giving a rebate like a gift card. In the end, when you do the math, owners are still getting their money. They’re just dealing with more vacancies than usual. One downside of looking for an apartment in NYC is all the deceitful tactics that agents/owners use to market their units. The landlords who are suffering right now are in the luxury space because those tenants typically own second homes elsewhere, never stay in one unit for too long anyways and their leases ended in the summer, or are not originally from NYC.
How is what you described not the same as "prices going down". If concessions get larger, that just means that gross rents no longer accurately reflect the landlords' financial reality.
Even if rents rebound next year, the landlords will still have taken a hit. If rents stay down longer, they'll have to offer concessions again next year or drop gross rents.
Super dependent on area. My area (tribeca) didn't see a whole lot of this since it's a premium neighborhood but if you look at places like midtown east or chelsea you'll actually see pretty material drops in "ordinary" rentals. Agree tho that luxury rentals are getting boned right now. Can find some amazing deals in those buildings right now if renters are okay with living midtown / UES / UWS / HK
Aliquid quaerat nam aut hic repudiandae. Necessitatibus vero velit possimus omnis modi maiores voluptatem. Enim ut odit quaerat consectetur quam molestiae qui aut. Soluta aut quidem et qui hic neque consequatur ut. Odio itaque autem eos harum. Aperiam deleniti et deleniti officia nihil nam quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...