Apartment Renting in NYC: Where Are the Deals?

When it comes to apartment renting in NYC, most people wish to live in an area that gives them the most bang for their buck. The following three neighborhoods are perfect for people who don’t want to sacrifice quality for an affordable space.

When it comes to apartment renting in NYC, most renters want to know one thing: Where can you find the best deals? As expensive as the NYC housing market is, there are deals to be had for savvy hunters who know where to look. While some areas like Tribeca have blown past the average renter’s budget, there are still areas that offer comparative bargains.

Upper East Side

No, this is not a typo, and yes, we’re talking about the Upper East Side. Most people hear the neighborhood name and immediately picture kids being dropped off at private schools in limos, wives heading to oyster lunches dripping in pearls and La Perla, and hedge fund managers managing multibillion-dollar transactions from smartphones in between tennis matches. While that world still exists in one way or another, it tends to exist in the “Gold Coast” sections of Park, Madison, and Fifth Avenues. But the Upper East Side also offers amazing value to apartment hunters looking for a deal — in fact, people looking for apartments in hip Brooklyn nabes like Williamsburg often find that better bargains are to be had here instead. You’ll find the best deals past Third Avenue, heading toward the river, presumably since those apartments are a bit of a hike from the 4 and 6 trains. Housing stock ranges from affordable one-bedrooms in walkup buildings to studios in fully equipped doormen buildings. The average rent in the area is currently about $1834 for a one-bedroom. The area is perfect for young renters who don’t mind having to hop a train to get where all the action is.

Lower East Side

Although the Lower East Side is not as cheap as it used to be, there are still quite a few deals to be had in this history-infused downtown NYC neighborhood. Savvy apartment hunters and their agents can find decent studios for as little as $1700 per month, while one-bedrooms can go for as little as $2100 to $2400 per month. The brilliantly diverse neighborhood has always been a draw for people in search of space and affordability. The newest residents are young people priced out of the nearby East Village who still wish to remain in the relative area. Apartment renting on streets like Rivington are ideal for people who don’t mind living right in the midst of the area’s thriving nightlife, while streets like Grand are perfect for folks seeking peace and quiet.

East Harlem

Harlem has experienced a major boom when it comes to real estate. While rents have exploded right alongside sales, there are still relative deals to be found in the area’s east side, between 96th Street and 142nd Street on the East and Harlem Rivers. Many residents of the area live in rent-regulated apartments, but there are new apartment complexes that bring with them many of the amenities that discerning renters are looking for. Many of these newer buildings have been built by developers who’ve taken advantage of government subsidies. The average price for a one-bedroom in East Harlem is roughly $1500 per month; and if you’re looking to splash out a bit more, two roommates can share a really nice two-bedroom for around $1800 each.

Image Source: Flickr

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