If you are up to living your best life, then you should go to New York; not only will you be provided with a lot of opportunities, the city is famously known to have many big businesses, and you are likely to find a job in New York City more than any other place.
But the crux of the matter is the cost of living in New York is high. In fact, it would be an underestimation to call New York the most expensive city in the world. Even though nearby cities will provide more affordable accommodations, you still would like to call one of the five New York boroughs home. Let’s break down the numbers and see the cost of living in Manhattan, one of the five boroughs in New York City. For anyone looking for the best Manhattan neighborhoods, check out the article by SharedEasy.
Cost of living in Manhattan
According to a survey done in 2022, living in Manhattan is 64% higher compared to the state average and 154% more than the national average. Houses in Manhattan are 432% more costly than average housing in the United States. Utility bills are also 1% more expensive than average United States housing bills. In terms of other essential items like food and clothing.
Foods are 33% more costly than in other parts of the country; clothing is also 33% higher. Regarding healthcare services, regular checkups and dentist services are 8% pricier than the United States average. In addition, other necessities like entertainment are 33% more expensive in Manhattan, New York, compared to other parts of the country.
Average monthly rent fee in Manhattan
Houses are generally expensive in Manhattan, New York; the average monthly rent fee usually starts from $4,501, while if you want to buy a home, the price is an average of $2,356,897, and the average mortgage rate is 3.41%.
Alongside owning or renting a house is paying utility bills, so the monthly cost is usually around $170.20. This cost covers essential services like energy and telecommunication. Transportation prices are based on numerous factors. However, fuel is the most essential, a gallon of gas costs about $3.12, and if you want to get your tires balanced, it will cost you around $78.48. All these listed data are published by the Council for Community and Economic Research (C2ER).
Tips for renting an apartment in Manhattan
To have the best apartments in Manhattan, you need to be persistent in your search.
1. Find a good broker if you are working with one
Don’t only see the pictures of the house; it’s best to analyze it physically. Most times, what you see in the pictures differs from what you will see after collecting the keys. Overall, ensure to work with a reputable broker and ask plenty of important questions. Also, it’s to ask for recommendations from family and friends instead of just going head-on to hire a broker.
2. Know what you want
Know the most important aspect that matters to you. Is it the location, price, or size of the house before determining the areas you can compromise?
3. Prepare your paperwork in advance
Your broker will even emphasize that you should prepare your paperwork in advance; these include your most recent tax returns and two recent bank statements; if you have a pet, prepare a letter from the vet regarding their vaccination and many other related documents.
4. Line up a guarantor if you need one
Suppose you don’t have the annual requirements your landlord is seeking, earning 40 times the rent price; you can look for a guarantor who makes 80 times the rental fee or have them in the bank or as assets. Usually, a guarantor is a close family you trust, but still, if you lack one, you can seek help from your friend to find a person who can be your guarantor in the deal. You can also look for an institutional guarantor.
5. Understand the best time to negotiate
The Real Estate market is competitive, especially in places like Manhattan, New York, where houses are always in demand, so in this case, know where and when to negotiate; areas that you can negotiate include maybe you want to rent an apartment that has been on the market longer than usual, or when there is a problem accessing the apartment or the property is in a terrible condition. In this case, you can negotiate, so they can reduce the rent fee.
6. Check the properties based on your lease
Ensure all other amenities, like a roof deck and gym, are included in your lease. You can also ask the home management to reduce the fees for you.
7. Consider short-term rentals
Short-term rentals are among the new trends widely getting recognition among renters. You can consider starting with short-term rentals to see how the apartment is and whether you can cope. Once you feel okay with the apartment, you can go for a long-term rental.
Best neighborhoods for rentals in Manhattan
- Best for families
- Upper East Side
- Upper west side
- Battery Park City
- Gramercy park
- Tribeca
- Best for young professionals
- Lower East Side
- Murray Hill
- Chelsea
- Kip’s bay
- Greenwich villa
- Best for nightlife
- Hell’s Kitchen
- Midtown
- Chelsea
- Lower East Side
- East Village
- Waterfront view
- Tribeca
- Battery Park City
- Hell’s Kitchen
- Chelsea
- Upper west side
- Parks/Nature
- Upper West Side
- Upper East Side
- Gramercy park
- Greenwich Village
- Chelsea
- Transportation hub
- Midtown
- Financial District
- Soho
- Chelsea
- Greenwich villa
Conclusion
Before choosing any neighborhood, ensure to reflect on what you are looking for and the most important amenities you are seeking.
Regardless of the area you select in Manhattan, you will find many things to consider.
If you want to make things easier for yourself, you can write down your checklist on paper, then research the apartments and thick the best three that have what or are close to what you want.
If the list of apartments that meet your criteria is more than five, you must reevaluate your priorities.
Always keep in mind if the apartment you want to choose doesn’t have all the necessities you want. Don’t compromise your comfort; Manhattan has everything for everyone, so you are likely to find the one that suits your needs best.
