Ahh, Manhattan! A dream place to live in with raging rental prices that are no less than a nightmare. Folks, this is that place where money flies right outta your pocket. With rental prices as high as $12,000, most people moving to NYC, don’t prefer to stay in Manhattan. But contrary to popular belief, living in NYC is expensive but not unaffordable. The trick is to manage your finances, learn to budget, and use our tips ??
1. You need roommates while living in NYC!
Many people living in NYC save tons of money by staying with roommates. Even more so in Manhattan where rentals start from $1000 for a 1BHK or a studio apartment! Getting a roommate not only means cheap rental, but it also helps you cut down costs like:
- 50% of brokerage + Security deposit (which is a LOT!)
- Utility bills: water, electricity, maintenance, etc
- 50% of additional costs like wear-&-tear, home improvement, furnishings, etc.
If it’s your first time moving to NYC, we recommend roommates or a coliving. They will not only help you get acquainted with the city but also help you save tons of money for the fun stuff! Peeps living in NYC swear by this tip.
Related: How To Find Roommates In NYC
2. Winter is the best time to find cheap apartments in New York!
Summer is the most preferred season by peeps living in NYC. It is all about pleasant weather, busy streets, and the opening of college admissions. Hence, students from around the world come to NYC for internships and college programs. Resulting in super competitive rentals and difficulty in finding your dream apartment. However, in winter most of the students move out, leaving an array of options for a renter like you. You will also find landlords willing to negotiate and cut you a better deal.
Related: Guide To Renting Affordable Housing In New York Amid The Pandemic
3. Know thy neighborhood! (The Most important tip on how to find cheap apartments in New York!)
So you’ve made up your mind that you won’t settle for an apartment anywhere but in Manhattan. However, you can’t seem to ignore the glaring budget that you’ve set for yourself. Sooo to make your job easier, we have compartmentalized neighborhoods to rent in and ones to avoid at all cost!
Roomi tip: Living in NYC is all about being reasonable and finding ways to cut corners while budgeting. Also, research as much as you can before finalizing your dream apartment.
|Affordable Neighborhoods||Expensive Neighborhoods (Avoid these!)|
|Washington Heights||Flatiron District|
? Why is living in NYC so darn expensive, anyway?
“Housing costs in New York City are among the costliest in the United States. A scarcity of land and strict zoning laws have contributed to the lack of affordable housing. Rent control and rent stabilization laws instituted after World War II, and still in effect today, discouraged rental housing development and significantly contributed to the lack of affordable housing.”– Metro Manhattan Space
Watch this to know more about why NYC is so expensive!
?How to navigate when living in NYC?
So you were successful in your search to find cheap apartments in New York. And, hopefully, you were able to finalize your dream apartment too!
But what about traveling and navigating in Manhattan? It can be quite overwhelming & confusing for first-timers. So watch this video below, which explains the best way to navigate in Manhattan without getting lost.
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