How much should I expect to spend on a 1-BR apt in NYC?

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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!

Comments (13)

 
Sep 14, 2020 - 4:53pm

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). 

Array
 
  • Prospect in IB-M&A
Sep 15, 2020 - 10:58am

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

 

Array
 
  • Prospect in IB-M&A
Sep 15, 2020 - 12:23pm

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.

Array
 
Sep 15, 2020 - 3:37pm

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. 

Array
 
Sep 15, 2020 - 7:24pm

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.

 
Sep 16, 2020 - 5:16am

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

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