Many New Yorkers have become accustomed to sacrificing space in order to save money, but a recent report suggests that you can get more space for your cash.
According to StreetEasy.com, 54% of New Yorkers they surveyed stated that more space has become more of a priority in their rental search due to the COVID-19 pandemic. However, 61% of those New Yorkers are having a hard time finding a more spacious apartment that is within their price range, with 44% citing the broker’s fee as a major pain point.
StreetEasy found that Brooklyn offered the lowest price increase for those who are looking to upgrade their space. According to their data, in the first quarter of 2021 the median price of a studio apartment in Brooklyn was $1,900 — an upgrade to a one-bedroom would increase the price to $2,098, a $198 increase. To upgrade to a two-bedroom in Brooklyn would cost $2,378 (+$280) and a three-bedroom would cost $2,750 ($372).
In comparison, the median price for a studio apartment in Manhattan during this time period cost $2,000 per month. To upgrade to a one-bedroom would hike the price up to $2,695, a $695 increase. A two-bedroom would increase the price to $3,200 (+$505) and a three-bedroom would bring the price up to $4,000 per month (+$800).
StreetEasy’s findings say that North Brooklyn offers a $50 decrease when upgrading from a studio to a one-bedroom apartment. Northwest Queens had a %150 increase, with studios priced at $1,650 and one-bedrooms at $1,800, and Upper Manhattan had a $201 increase, with studios priced at $1,649 and one-bedrooms at $1,850.
North Brooklyn also saw the lowest price for a two-bedroom upgrade as well. According to the report, New Yorkers can move from a 1-bedroom to a 2-bedroom apartment in the neighborhood for $191, making rent $2,500 per month. South Queens saw a $325 increase, jumping from $1,775 for a one-bedroom to $2,100 for a two-bedroom, and Downtown Manhattan, one of the city’s most expensive neighborhoods, saw a $395 increase, with $3,100 for a one-bedroom to $3,495 for a two-bedroom.
Affording a three-bedroom apartment in New York City might seem like a longshot, but StreetEasy found that some neighborhoods won’t have you breaking the bank. Moving from a two-bedroom to a three-bedroom will cost you an additional $300 in Central Queens, jumping from $2,200 to $2,500. In East Brooklyn, the price increases from $2,220 for a two-bedroom to $2,578 for a three-bedroom ($378), and in Upper Manhattan, the price increases from $2,229 for a two-bedroom to $2,750 for a three-bedroom ($451).
Read the full report on streeteasy.com.
