New York is one of the biggest metropolises in the world and many people look to move for various reasons; whether a spur-of-the-moment decision or a life goal that has been in the making for a long time.
A ton of people want to be a part of this ‘City That Never Sleeps’ and because of this, finding a house or an apartment to rent can be quite difficult.
The city has a long history of having high rents for small amounts of space that not everyone can afford, resulting in many staying in the parts of the city with cheaper rent, but that may have higher crime rates and be further away from the city center and other important landmarks.
Not everyone can lead a life in The Big Apple and so many are forced to move to the outskirts of neighborhoods like Brooklyn or Manhattan.
Knowing which part of the city is more suitable for your budget and needs is one of the most informative parts of relocation, and being on top of these things is no small feat, as the market changes daily and rent can vary from very expensive to very cheap depending on where you are staying.
If you want more information regarding this topic, this SharedEasy’s page with weekly pay rooms for rent in Brooklyn is a safe bet to find the best-suited apartment and rent for you.
1. Average rent and apartment size in Brooklyn
Brooklyn is a major part of NYC, with roughly 6 million inhabitants so you can expect the rent price to be through the roof.
The average rent in this borough is roughly $3000 per month and the average apartment size is 650 square feet, pretty small for even a normal studio.
It’s easy to see why a budget is so important in these bustling trade centers and competition is fierce in these boroughs.
The cheaper apartments (ranging from $1000-$1500) make up only 7% of the market in this area, followed by 15% of the apartments being in the $1501-$2000 price range and the majority being > $2001 per month, with 78% of all the apartments in the area falling into this price range.
What does rent depend on?
Rent is also very dependent on the neighborhood you’re staying in and to show this further we can look at some reference prices.
Greenpoint comes in at number one with an average monthly rent of $4,852 which offers minimal space and can deter a lot of people from staying there.
In second place is Carroll Gardens with an average monthly rent of $3,839, followed by Red Hook with average monthly rents of $3,839, Brooklyn Heights with monthly rents of $3,790, Cobble Hill at $3,790, Columbia Street Waterfront District at $3,790, Downtown Brooklyn at $3,790, DUMBO (Down Under the Manhattan Bridge Overpass) at $3,790, Vinegar Hill at $3,790, and Boerum Hill at $3,789 to name a few.
As you can see all of these neighborhoods can be quite expensive so if you don’t have a high-paying job or some other form of income, you should probably steer clear of these expensive apartments and look for some other borough or neighborhood that offers more affordable price ranges for bigger spaces and amenities.
2. Different rents in different cities and boroughs
Although Brooklyn may seem quite expensive and out of your budget at first, be sure to look at some other areas and nearby cities to get a better grasp on housing market trends and where you can make the most out of your budget.
Let’s take a look at the average monthly rent of some other boroughs and cities.
- Manhattan: $4,140
- Hoboken: $3,611
- Brooklyn: $3,080
- Jersey City: $2,998
- Queens: $2,683
- Hudson Valley: $2,062
- Bronx: $1,628
- Newark: $1,304
- Rochester: $1,169
- Irvington: $1,122
Comparison between cities
As the list shows, Manhattan stands at the top with an average monthly rent of $4140, which puts Brooklyn in third place which may come as a shock to those who thought Brooklyn was expensive as two areas have a much higher average monthly rent compared to Brooklyn.
Fortunately, there are also cities and boroughs which have a much lower average monthly rent like Queens, Hudson Valley or the Bronx.
The question is: Do you want to stay near the city center and pay a high rent with a limited budget for other activities or be somewhat in a rural area or outside the city and pay a lot less, but have to travel a lot more to get where you need to be?
All of these places offer different lifestyles and the choice you make is dependent on your budget and what you want to experience during your stay in New York City neighboring cities.
As always with rent being one of the biggest obstacles, but also motivators to help you make a choice.
As you’ve probably realized by looking at the list, you will probably have to make some sacrifices regarding your experience and lifestyle if you want to be able to pay rent and live in or around the city.
Different areas have different monthly rents and to get a better grasp on how the market works, you need to weigh all the options and possibilities to make the best possible decision regarding your budget and lifestyle.
As shown with the list, you can go for the most expensive neighborhoods and cities, sacrificing a lot of money to be closer to major hubs or trade centers with minimal living space or you can choose an area further away that has minimal rent and offers more space, but that entails spending more time and money on the commute which can become somewhat stressful.
Living in New York City can be difficult because of these high rent prices, but with enough sacrifices and a good budget, one of these boroughs or nearby cities may be just right for you and your lifestyle.