It is a well-known fact that NYC is the most expensive city in the USA (and in the world). Housing is one of the major costs residents have here. What to know about the rental market in NYC and what are the prices now, where you can get the best deal? There are many questions to answer before renting home here and to research.
The real estate market is booming every year in NYC. If you want to invest money, you cal earn a lot because prices are just growing, but you need to invest a lot. The median rent in NYC is about $3,000, as you can see, not cheap.
To find a good real estate for you, you should first find a realtor in NYC to help you no matter do you want to rent or you are looking for a property to invest in it.
Facts to know about the rental market in NYC
There are some facts to know when renting an apartment in NYC. The real estate market in NYC is changing all the time, but it remains hot and it is growing. Living in the most popular city will cost you, but on the other hand, it has a lot to offer and it is a center of events.
- More people are renting in NY than owning a home, 68% are renting.
- Homes in Manhattan are about 4 months on the market and after that, they are all sold out or rented. 4 months is not a short period for a vibrant city.
- Manhattan is the most expensive place in NYC, and rent for the cheapest apartment here is $1,700 and it is a very small apartment.
- North Brooklyn is the only place in NYC where rent is going down, not up (for about 0.5%). Prices of the rental market in NYC (in the rest neighborhoods) are growing.
Best neighborhoods in NYC for renting an apartment
If you are looking for apartments to rent, you should look in these neighborhoods. Here you can get the best deals. If your budget is not that big, there are some solutions for you. of course, you should always consider finding a roommate in NYC. Your decision will depend on your budget and lifestyle. It is not the same if you have a family or you are looking for NYC neighborhoods for millennials.
- Fieldson, Bronx
- Kew Gardens, Queens
- Sunnyside, Queens
- Spuyten Duyvil, Bronx
- Bay Ridge, Brooklyn
- Sunset Park, Brooklyn
- Washington Heights, Manhattan
- Crown Heights, Brooklyn
Exploring the rental market in NYC takes time and a lot of research. Consult local real estate agents and professionals before moving to NYC to live there for good. NYC has neighborhoods for everyone, families, singles, people with pets, etc. Good luck.