The New York City rental market is on the mend. Our most recent market report found that the rock-bottom rent prices have begun to slowly rebound, and renter activity is up significantly. In fact, the number of rental listing views on StreetEasy was up 110% compared to April 2019 (pre-pandemic). Of those signing new leases, many are NYC renters looking to trade up their apartment for a bigger one.
Manhattan 1-2BRs Under $2,800 on StreetEasy Article continues below
What Tenants Want Now: NYC Renters Trade Up
In a recent survey conducted by StreetEasy, 54% of New York City renters noted that more space has become a bigger priority in their rental search because of the pandemic. Trading up to a larger apartment is something NYC renters are after, but so is a reasonable price. 61% of respondents indicated that one of their biggest pain points in an apartment search is finding one that they can afford. Part of affording a new place are upfront costs, like a broker’s fee, security deposit, and first/last month’s rent. 44% of renters said paying broker’s fees was a major pain point, and 35% said that understanding the true monthly cost of an apartment was as well.
Whether you’re an NYC renter hoping to trade up your space, need to make a change, or are thinking about moving in with roommates, there’s something out there for every rental budget. We analyzed our Q1 2021 data to determine where in the city renters can consider an apartment with more bedrooms for the lowest monthly cost.
Gaining a Bedroom Is Most Affordable in Brooklyn
Renters hoping to secure an extra room for a home office or workout space should look to Brooklyn. That is where they’ll be able to trade up from a studio to a 1-bedroom for $198, the lowest increase in monthly rent of all the boroughs we analyzed. Conversely, upgrading to a 1-bedroom in Manhattan costs $695, the most expensive of the boroughs analyzed.
Brooklyn 1-2BRs Under $2,800 on StreetEasy Article continues below
“Renters are not only prioritizing space, they’re prioritizing privacy, too,” says Joyce Liendo, a licensed associate broker at Oxford Property Group. “Many clients tell me they’re willing to splurge for a 1- or 2-bedroom apartment, but are still seeking affordability. This has caused a major reshuffling to Brooklyn and Queens, where there’s more square footage for their dollar.”
Use the chart below to see about how much it costs to add a bedroom in Manhattan, Brooklyn, and Queens.
A 1-Bedroom in North Brooklyn Costs $95 a Month LESS Than a Studio!
For renters considering a move to the North Brooklyn neighborhoods of Williamsburg and Greenpoint, here’s a fact to keep in mind. During Q1 2021, studios in the area actually had a higher median asking rent than 1-bedroom apartments.
According to StreetEasy economist Nancy Wu, this is due to the fact that waterfront neighborhoods like these are home to many new high rise rental buildings. These buildings are loaded with luxury amenities, and contain lots of studios.
“The most affordable upgrades are paradoxically in some of the most expensive submarkets of the city,” says Wu. “It’s not uncommon for a studio on a higher floor in a new high rise to have a higher rent price than a 1-bedroom on a lower floor. Moreover, months of free rent offered in new rental buildings can make the price difference between a studio and a 1-bedroom less significant.”
A Second Bedroom for Less Than $200 Per Month
North Brooklyn is not only the least expensive area for NYC renters to trade up from a studio to a 1-bedroom. It’s also where you can move from a 1-bedroom to a 2-bedroom apartment for $191, the lowest monthly cost of all boroughs analyzed.
Interestingly, Downtown Manhattan — the most expensive area in the entire city — is the least expensive area in Manhattan overall in terms of how much more a 2-bedroom costs compared to a 1-bedroom at an additional $395 per month.
Where 3 or More Bedrooms Won’t Break the Bank
For renters sharing space with others or craving some extra breathing room, the jump from a 2-bedroom to a 3 (or more) bedroom apartment is the most affordable in Upper Manhattan for an increase of $451, East Brooklyn for an additional $378, and Central Queens for an increase of $300 per month.
How We Did It
We used median asking rents from Q1 2021 in Manhattan, Brooklyn, and Queens for this analysis. Because of insufficient data, we did not analyze asking rent prices in the Bronx or Staten Island. But we encourage renters interested in either of those boroughs to check out neighborhood data on the StreetEasy Data Dashboard. For the survey data, StreetEasy conducted a representative survey that was fielded online in April 2021. The survey gathered information from just under 900 NYC renters.
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Whether you’re looking to rent or to buy, find your next NYC apartment on StreetEasy.
