Recent estimates from local real estate brokers are that Manhattan apartments are going for roughly $3 per square foot. Luxury amenities such as furnishings, a prime neighborhood (The Village is prime), a 24-hour doorman, proximity to a subway station, a pool or health club in the building, etc., can add to the rent amount.
If a Manhattan apartment is less than $3 per square foot it may be because:
- It is far away from a subway station
- It is on the upper floor of a walk-up/brownstone
- There is no doorman or resident superintendent
- It is in a fringe/transitional (less safe) neighborhood
You can economize to some extent if you are willing to live in a non-doorman building without an elevator that is a hike from a subway station. It is tougher to economize by living in a transitional neighborhood, especially if you expect to come home late at night or if you don’t want to deal with noisy nightlife or other hassles on the street.
Before you sign a lease, visit the neighborhood at various times of the day/night. If you are uncertain we will, insofar as we know, tell you whether a particular address is risky so that you can make an informed decision.
Rental rates for apartments in nearby Brooklyn (Brooklyn Heights, Park Slope, Cobble Hill, Boerum Hill) and New Jersey (Hoboken, Jersey City, Weehawken) can be anywhere from 10-50% less than Manhattan rates. These neighborhoods may also have a greater number of listings that are suitable for couples or families. Brooklyn Heights, Park Slope and Hoboken have become very desirable, so the rentals there are not always a bargain, but you will find nice apartments for your money. We will try to keep an assortment of Brooklyn and New Jersey newspapers available. Stop by the office periodically.
Expect to pay anywhere from $850 – $1,500 for a share in a two bedroom apartment.