Here’s a financial reality to consider for New Yorkers on the fence about whether to move in with a significant other this Valentine’s Day. Can two live as cheaply as one? When it comes to housing in NYC, yes.
Couples who dwell together in New York City can save big — a whopping $14,400 per year, per person by renting a 1-bedroom. The math is based on the median citywide 1-bedroom rental price, $2,400 as of Q4 2021, according to new research from StreetEasy. The typical couple citywide would save $28,800 every year by sharing a 1-bedroom apartment.
How does this breakdown by borough? In Manhattan, cohabitation savings rise to $19,500; in Queens, it’s $11,700; in Brooklyn, the figure is $13,200 per person. All of the above is a hefty chunk of change for paying back student loans, saving for a future down payment, or funding that trip around the world. And in a time when many renters are facing expiring concessions and mourning the loss of the good deals during 2020-2021, cohabitation can help renters live with all of their desired amenities without trading for a second choice neighborhood.
Hover over the map below to find how much couples would save by splitting the median rent of a 1-bedroom apartment in each NYC neighborhood. You can also refer to the StreetEasy Data Dashboard for monthly updates on the rentals market in any neighborhood.
Benefits of Cohabitation Include More Options for Renters
Concessions are expiring at record levels. Many renters who got great deals on their dream apartments during the height of the pandemic will face high gross rents if their leases expire in the next couple of months. With median asking rents of at least $2,400 for a 1-bedroom in any borough, and up to $3,250 in Manhattan, living alone can be out of reach for many. Moving in with a significant other is one way to save on rent without sacrificing amenities, location, or square footage. It is also a great way to go if you don’t want to deal with the headaches of wrangling several roommates to live in a larger apartment.
Another benefit: by moving in with a partner, a renter’s choice of location expands even if their budget stays the same. For instance, if you’re looking for a wide range of neighborhoods to choose from or want to live closer to Midtown, a combined rental budget of $1,600 each will get you there. You’ll also get more square footage for your money the further you live away from central areas. An example, you can find a typical 1-bedroom in the Bronx for $850 a person.
However, as you might be thinking, a 1-bedroom for a work-from-home couple could be a tight squeeze. StreetEasy crunched the numbers last year and found that trading up to a 2-bedroom costs $2,050 per person in Manhattan, $1,300 in Brooklyn, and $1,200 in Queens.
NYC Rentals Under $2,500 on StreetEasy Article continues below
What Could You Do With Your Cohabitation Savings?
The savings generated by a New York couple who moves into a market-rate apartment could be used for any number of things, but it would go a meaningful distance toward saving for a down payment on a home.
The median asking price of a home in New York City in Q4 2021 was $950,000. A couple who banked their $28,800 in annual savings from living together could amass a 20% down payment on a home at that price in 6.6 years. For a little inspiration, see what’s available for sale now on StreetEasy.
NYC Homes Under $650K on StreetEasy Article continues below
How To Find That Perfect 1-Bedroom
One downside of moving in with someone is that it requires you to make tradeoffs based on the priorities of another person. Luckily StreetEasy helps you make fair compromises on your apartment by filtering by “must-have” and “nice to have” amenities. Regardless of the financial benefits of cohabitation, moving in with a significant other is a big decision that no one should take lightly. The rent savings may be tempting, but if you turn out not to be right for one another, backing out — and breaking that lease — can be hard on both the heart and the wallet.
How We Did It
StreetEasy used data on rents and asking prices from 2021. The annual couple’s discount per person is the monthly median rent of a one-bedroom divided by two and multiplied by 12 to capture the rent for a year-long lease. The Couple’s Discount per couple is twice that number.
