New York City continues to attract thousands of tourists and new residents every year. With so many things to do, from visiting the Statue of Liberty to paying respects at the 9/11 Memorial and Museum, the big city offers countless attractions, events, and dining. With that in mind, it is important to understand how a city of this size can have an adverse effect on the cost of living. With rent only expected to increase in the coming years, let’s examine what a rental property would like at different price points.
While the concept of high prices is common in New York City, the significantly high prices can come as a surprise to individuals who were not raised in a large city like the big apple. For example, Zumper recently put together an overview of properties that are listed at $2,500 per month, to see what that individual could get at that price point. Their first example comes from the Park Slope-Gowanus area. The one bedroom, one bathroom apartment comes with wood floors, a fireplace, and direct access to the neighborhood it is in. Those who are living with another person or have animals may not find that space is large enough.
Located in the Myrtle Avenue area, the beautiful property includes a spacious living room and comes with a washer and dryer in the apartment. In addition to having a great view and floor-to-ceiling windows, the apartment complex also has a fitness center and a sun deck with cabanas for its residents.
While the properties above offer a spacious layout, they may not be affordable for everyone. Using $1,500 as the price point, let’s look more deeply into the properties that are available, to get a better understanding of the options. To begin, an apartment in Hamilton Heights with an approximate size of 450 square feet would cost $1,500 each month. The apartment does come equipped with hardwood floors and large windows but does not include the same space that the higher properties had.
While the property above did not include the same amount of space as the properties listed at $2,500, there are apartments that include a spacious layout. One example of this comes from a one-bedroom apartment in Midwood, with a monthly rental price of $1,475 per month. The apartment is 760 square feet and includes hardwood floors and additional closet space.
It can be difficult to find a place to rent when living in New York City, so it is important to understand what various price points can get you. This is a great way to start your search in the future.