Have you finally decided to bite the bullet and move to New York City? Have you just about had it with your annoying landlord?
Before you decide to sign a lease on that apartment you’re not totally sure of, maybe start thinking about if renting in your favorite neighborhood is still worth it for you.
StreetEasy released a report this month highlighting their findings in rental and sales in Manhattan, Brooklyn, and Queens.
If you’re looking in Manhattan:
Manhattan rental prices rose 3%, reaching $3,309 a record high for Manhattan.
Even though rats are overtaking this borough (thank god this borough is on an island), rental prices here have seen the largest increase since February 2016.
If you’re looking to rent a 1 bedroom apartment in Manhattan, you’re gonna be out an average of $3,350 a month.
You might have better luck if you’re looking to buy an apartment. According to Streeteasy, the Manhattan Price Index fell 4.9%.
Manhattan is seeing April 2015 prices with an average sales price of $1,098,104.
5 most expensive neighborhoods to rent in Manhattan; Central Park South ($6,900), Tribeca ($6,673), SoHo ($5,373), Flatiron ($5,200), and Battery Park City ($4,798)
If you’re looking in Brooklyn:
Brooklyn is also breaking records and taking names. Rent prices have reached $2,695, up 3.5% from last year.
If you plan on staying/moving to North Brooklyn (Greenpoint, Williamsburg, East Williamsburg) you can expect to pay roughly 15.9% more rent than this time last year.
1 bedroom rentals haven’t jumped over $3,000 since January 2016 but in August, you’ll be hard-pressed to find a 1 bedroom apartment in North Brooklyn under $3,200. So have fun paying those prices and having to rely on the G and L trains.
Average prices for homes in this area dropped 2.8% to a much more “affordable” $1,339,000.
The average sales price in all of Brooklyn fell to $691,224 according to StreetEasy.
5 most expensive neighborhoods to rent in Brooklyn; DUMBO ($5,183), Cobble Hill ($3,800), Brooklyn Heights ($3,637), Boerum Hill ($3,500), and Williamsburg ($3,485)
If you’re looking in Queens:
Queens rental prices rose 3.5% from prices last year, going from $2,124 to $2,198.
1 bedroom rentals in Northwest Queens (Astoria, Long Island City, Sunnyside, and Ditmars-Steinway) rose 7.1% from where they were last year to $2,195.
Some great alternatives to Northwest Queens are Jackson Heights with average rental prices of $1,975 or Woodside where average rental prices are $1,988,
But you might end up spending all the money you saved in rent on food.
Prices for sales in Queens have stayed pretty stable the last 2 months, around $514,233.
5 most expensive neighborhoods to rent in Queens; Long Island City ($3,450), Ridgewood ($2,700), Astoria ($2,350), Whitestone ($2,300), and Forest Hills ($2,300)
So what do you think? Is it still worth it to rent in your favorite neighborhood? Considering saving all those pennies for a down payment?
Let us know, email us at ThroughTheBoros@gmail.com with your take!