NYC Rent - February 2021
Moving to NYC next month and have been reading through covid content and older content and thought it would be good to get updated insight.
I'm between two options:
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West Village (walkable to the office - won't be going in for a while)
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Upper West Side - taking the 123 would be a ~25 min commute
With a base of $150k, I'm looking to spend $3k (30-50% bonus that I don't want to include)
Spending a lot of time on StreetEasy and it looks like obviously UWS grants you significantly more room/slightly nicer space. Easy access to the park would be great especially with covid but also could get there pretty easily on the 123 or AC. Seems like for $3k I could get a building with a gym on UWS which would be great for me but less likely in WV. It seems like things could be a lot better with covid in the next 6 months, so maybe WV would be more worth it now versus 10 months ago?
Any insight anyone has would be super appreciated!
Personal opinion but anyone I know in NYC would take West Village over UWS in a heartbeat. It's also good to live close to work given you're going to want to be there for a few years and could be coming back to the office some time later this year, also dining/nightlife is basically all downtown and WV is just a beautiful neighborhood. There are some nice parks down there (Union/Madison Sq) too so I wouldn't get too caught up about being close to CP (also given you're in IB I doubt you'll see it much). Best of luck with the move and definitely a good time to rent given prices are at least 30-50% lower y/y due to covid.
In these times you def don't need to spend 3k for a decent apartment in the city.
UWS is one of the most affordable areas in Manhattan, and with COVID you can probably get a pimped out apartment for around 2k. However, it's far from everything and the area is not the most exciting one to live in, with exception to the area around Columbia University.
West Village is extremely lively, even during covid. I;ve gone out to west village recently and it was packed. Now that indoor dining has returned, I think it'll get even more lively. I would strongly recommend taking advantage of COVID prices and get yourself a good quality apartment in West Village for a fraction of its pre-covid cost. If prices rise to the astronomical levels seen pre-covid, UWS will always be available for you and prices don't fluctuate is much in that area.
Tips:
On StreetEast turn off broker fee (you def dont need one).
Gyms within buildings are overpriced, overcrowded, and have shitty equipment in them. A Crunch fitness membership for around 90 a month can give you access to every single crunch gym in NYC, super convenient if you need to take a dump and are far away from home.
Define your view of a “nice apartment.” Even with Covid you’re certainly not going to get a real 1BR (that isnt a shithole) for $2k. Maybe a 500sqft studio, but the nice ones with an alcove in a decent building still cost more than that.
OP I support the splurge if you insist on moving back now. You’ll be spending more time at home anyways so dont cheap out and get some small shoebox apartment. You’ll regret that quickly.
In Upper West it's much much easier to find a true 1 bedroom for 2k, especially during covid. I never had issues finding affordable true 1bedroom apartments in Upper West, but I simply hated how far it is from everything.
West Village on the other hand is super expensive, and what you get for the money you pay is absolutely pathetic. However, with covid, a decent quality apartment is now a lot more affordable compared to before.
Thank you both for all of that! I think I'll definitely be going for West Village. One thing I'm confused about is when viewing streeteasy, it doesn't seem like prices in West Village are down as much as some people are saying? I've had so many people tell me I could get a nice place under 3k. The below is $3.2k gross rent - is this just extra nice for West Village standards? I'm going from a tier 2 market, so gauging these apartments in nyc standards is still new to me.
https://streeteasy.com/building/101-charles-street-new_york/3fe
If you’re coming from Atlanta, nothing will look nice in Manhattan. That apartment looks very nice for NYC. And it has an incredible location.
It’s $2.9k after the free months rent. I bet you could knock more off if it. I know someone who leased in Manhattan during COVID, and he negotiated lower than the listing price.
Go for two months free rent. If landlord says no, who cares? It’s a renters market, there will be dozens of other apartments just like it at similar price points
West Village is not my favorite area, but I would choose that over UWS. I like new buildings and want the apartments around me to be the same, so West Village doesn't really fit that. The best deals I see are around Financial District but to each their own. Obviously a very different vibe than WV.
West Village
If you’re going to be working in downtown Manhattan (FiDi / Battery Place / Tribeca), then why not look at Brooklyn? You can get excellent deals now in Downtown Brooklyn since there’s been a lot of new luxury buildings developed over the past 5-10 years. You’ll be near the trains to get to work in 15-20 minutes, have more space / better apartment for the $$ compared to WV, still have more nearby excitement compared to UWS, Prospect Park is a 15-20 minute walk away, etc.
How much do you all think landlords will/could raise rents in a year? So for example, one of the places I'm looking at is $3,200 and after 1 month rent concession about $2,933 net. It looks like before covid the unit rented for $3,800. Do you all see a mass bumping up of rents in a year? I think the place is worth it at $3,200 but not at $3,800 and wouldn't want to move after one year because of it. I guess the conservative bet would be to get a place that's $2,700 now expecting it to get bumped up $500 in a year? Obviously no one knows what will happen in that regard, but does anyone else have any expectations?
I think NYC landlords are going to have to wait a long time to be back in the drivers seat. I wouldn’t expect 20% YoY increases from here. Going to take a long time to fill inventory even at current prices. Just my .02.
@Freezingcoldtakes
Try to pre-negotiate the renewal increase now if you see yourself there for more than 1 year. Some landlords (particularly condos / for-rent-by-owner properties) will allow this, especially now. I did it it November of 2020. High volume rental buildings probably wont, but its worth a shot.
That said if gross rent is $3,200 its highly unlikely to be raised to $3,800 next year. Upon renewal you can always negotiate free months, but that will depend on market conditions hence most renter-friendly / safe option to box this risk it to pre-negotiate renewal increase now if possible.
Anyone have any thoughts in living in fidi with an office around Tribeca? Cons are obvious but I've been looking at apartments down there for the first time and it's actually insane how much nicer/larger of a place you can get versus the same price in west village/tribeca/soho and even UWS. Like remarkably so. And with all of these variants, I honestly don't see banks going back this year.
Anyone have any experience living in fidi? Is the train ride to restaurants and bars in the villages actually that significant? Would you feel equally "away" from things being in fidi vs UWS?
Lived there for a while really liked it. A lot of places to eat/hang out in tribeca which is in most cases a short walk from fidi. The 2,3,6,F,J and a few other trains are in the area.
You’re 100% right about the value, I lived in a very nice 1br for $3500 pre Covid. Not many comparable buildings I. west village or whatever but if so it would have been 3x the price. Highly recommend.
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