Don’t resign yourself to the suburbs or moving back in with mom and dad. Here we’ve selected the best neighborhoods for renters looking for a bargain right now. To find the best bargain neighborhoods, we looked at three key market trends that were in renters’ favor:
- Median asking rent around $2,750 per month
- High share of rental concessions
- High share of rental discounts
Best Neighborhoods for Renters Looking for a Bargain
The final list is an interesting mix of Brooklyn, Queens and even Manhattan neighborhoods. Many that topped the list are in desirable areas that command high prices and offer limited inventory, such as Long Island City and Greenpoint. Our findings suggest that if you’re on the hunt for a bargain-friendly neighborhood, many are the staples of NYC’s hottest neighborhoods.
Long Island City
- Median Asking Rent: $2,657
- Share of Rental Concessions: 39.86%
- Share of Rental Discounts: 36%
Although the median asking rent in Long Island City is 17 percent higher than the rest of Queens, the new development-dense neighborhood still offers a five percent savings when compared to the median asking rent of New York City, which clocks in at $2,800 per month. Couple this with a 40 percent chance of signing a lease with a concession and a high rate of discounted listings and chances are you will find a real deal in LIC.
Long Island City Rentals Under $2,500 Article continues below
Inwood
- Median Asking Rent: $1,850
- Share of Rental Concessions: 23.29%
- Share of Rental Discounts: 16%
For renters trying to land a bargain, look no further than Inwood. Sure, it’s a hike from Downtown, but with median asking rents under $2,000/month, Inwood is one of the best deals you’ll find in Manhattan. Borough-wide the median asking rent clocks in at $3,300/month, which means a discount of nearly 78 percent from the rest of Manhattan. With nearly 24 percent of all rentals offering a concession, you might even be able to sign a lease with a net effective rent below $1,850 per month, which by Manhattan standards is an insanely good deal.
Bushwick
- Median Asking Rent: $2,500
- Share of Rental Concessions: 18.72%
- Share of Rental Discounts: 26%
If you’re hunting for a bargain neighborhood in Brooklyn, one of your best bets is Bushwick. A perennial favorite among the trendy, concert-seeking set, Bushwick remains relatively affordable. Its median asking rent of $2,500 is two percent less than the borough-wide median and 12 percent less than the city-wide median rent. Another positive sign for renters is that median asking rents have remained stagnant since last year. Couple that with one in four rental listings getting a price chop and you’ve got the makings of budget-friendly neighborhood.
Ridgewood
- Median Asking Rent: $2,300
- Share of Rental Concessions: 11%
- Share of Rental Discounts: 29%
If Bushwick’s median asking rents are too steep for you, then consider Ridgewood, an adjacent neighborhood where rents are slightly less expensive. Not only will you get lower rents, but a higher likelihood of landing an apartment with a price cut. That’s because nearly one in three rental listings were discounted last month!
Yorkville
- Median Asking Rent: $2,735
- Share of Rental Concessions: 18.20%
- Share of Rental Discounts: 29%
The opening of the Second Avenue subway line has improved train access in Yorkville, but so far its impact on the neighborhood’s rental market has yet to be seen. This far eastern enclave of the UES has always been a bit of a sleeper neighborhood and an area where renters can bank on long walks to the subway in exchange for lower rents. Yorkville renters now have shorter walks to the subway, but still enjoy low rents. The median asking price in Yorkville is 21 percent less than the median asking rent in Manhattan and has remained flat in terms of year-over-year growth, up only 1 percent. Stagnant prices coupled with a high share of price chops makes Yorkville one of Manhattan’s best bargain finds.
Yorkville Rentals Under $2,500 Article continues below
Windsor Terrace
The eponymous terraces of Windsor Terrace (Source: Pat M2007 via Flickr Creative Commons)
- Median Asking Rent: $2,500
- Share of Rental Concessions: 13.73%
- Share of Rental Discounts: 34%
Close to Prospect Park and the F train, Windsor Terrace has a lot to offer in terms of convenience and local amenities. The neighborhood has long been considered a more affordable alternative to neighboring Park Slope. That still holds true despite slowly increasing rents across the borough. Geographically small and touting just one main commercial strip, the neighborhood has a small-town feel full of locally owned shops and restaurants. With median asking rents at $2,500/month and over a third of all listings getting a price cut, Windsor Terrace could offer a great deal for renters looking for a laid-back Brooklyn community.
Greenpoint
- Median Asking Rent: $2,750
- Share of Rental Concessions: 12%
- Share of Rental Discounts: 34%
Greenpoint’s mix of industrial architecture, waterfront views and bespoke hipster meets old school Brooklyn vibe has made it a favorite among trendy renters, but rents are actually down four percent since last year. Although this decrease is a modest one, it’s worth noting, especially when paired with the high rate of rental discounts. Over a third of all rental listings got a price cut last month.
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