Finding an affordable 1-bedroom in New York City can be challenging. But, if you enter into your search knowing what to expect, it gives you leverage to negotiate the best possible rent.
Different areas of NYC have different rental rates with Central Park, Tribeca, and Carnegie Hills being some of the most expensive areas while Port Richmond, Sunnyside and Bushwick are areas for the bet value. Chelsea, Downtown Brooklyn, the Financial district, Williamsburg, and the East Village fall in the mid-range.
As of Spring 2017, here’s what to expect for an average rent of 1-bedroom apartments in these areas:
Chelsea: Chelsea boasts a vibrant energy of artists and art galleries, famous clubs and restaurants, and fascinating boutiques and markets. Located on the western side of the Manhattan, Chelsea primarily is a residential district and one of the most coveted areas of Manhattan. The average cost of 1-bedroom apartment is approximately $3,850 per month.
Downtown Brooklyn: It is the third largest business and financial district in NYC. This neighborhood is specifically known for its office and residential buildings; where a 1-bedroom will run you just under three-grand ($2,980 to be exact).
The Financial District: The Financial District (also known as FiDi) comprises a number of major financial institutes of NYC including the Federal Reserve Bank and Stock Exchange of New York. The former World trade center was also located in this District prior to September 11. The area is predominantly a destination for office workers and day traders from NYC and surrounding areas but has had a renaissance of young families moving to the area. Monthly average rental cost of in this financial hub is approximately $2,500.
Williamsburg: This part of the city was initially incorporated as the Village of Williamsburg in 1827 in Brooklyn. In year 1898, when Brooklyn was made one of the boroughs, Williamsburg became part of NYC. In recent years, the neighborhood has developed as a center of the hipster community, with a considerably large and independent art and music community. The average 1-bedroom apartment in Williamsburg is around $3,100 per month.
East Village: Situated in eastern Manhattan, the East Village has been the hub of counter-cultural movements since 1960’s. Like many neighborhoods of Manhattan, the East Village has seen rental prices driven up considerably over the last decade. A one-bedroom in the village costs around $2,840 per month, on average.