Accurate cost of Manhattan Apt? (Newark, Inwood: low income, transplants, sublets)

[csweet78]

I've been reading on here that the average cost of a 2 bedroom apt. in Manhattan is anywhere betwen $2000 and $4000, yet when searching on Craigslist i find some for around $1500. What is a realistic range for 2 bedroom rentals in an average neighborhood?

[Viralmd]

There is no 'average' neighborhood. Each one is different. And you can pay MUCH more than $4000 if you really want to for a very high end, but small, apartment. You need to decide WHERE in NY you want to live and then investigate that area.

[NickL28]

Originally Posted by csweet78

I've been reading on here that the average cost of a 2 bedroom apt. in Manhattan is anywhere betwen $2000 and $4000, yet when searching on Craigslist i find some for around $1500. What is a realistic range for 2 bedroom rentals in an average neighborhood?

Unless you are talking about Washington Heights or Inwood it is very hard to find a one bedroom (let alone two beds) for less than about $2,700 in Manhattan. And for less than $3,000 a month you are talking about a badly maintained, tiny one bedroom apartment in a tenement walk up building.

According to Cnnfn -- the average rental apartment on the market in 2006 cost $2,545 not just in Manhattan but in all 5 boros combined. Rents are even surging places like Jersey City & Newark where one bedroom apartments for $1,500 are common.

Then of course you have to apply for the apartment along with 30 or more other people. That means having nearly perfect credit & income that is at least 45 times the monthly rent. And don't forget about the standard brokers fee in Manhattan (and most of Brooklyn & the trendy parts of Queens) 15% of annual rent + $100 - $500 in application fees.

[NickL28]

Originally Posted by Viralmd

There is no 'average' neighborhood. Each one is different. And you can pay MUCH more than $4000 if you really want to for a very high end, but small, apartment. You need to decide WHERE in NY you want to live and then investigate that area.

Not really these days. Everyone seems to look like Paris Hilton or some other person just off of some MTV reality TV show.

Manhattan has turned into a huge high end shopping mall where everyone looks like a clone of one another and spend thousands to look pretty & trendy and live in the right neighborhood.

And of course unless you are on a trust fund or make over $200,000 a year, your income (and credit score) will determine where you can live. Someone making a five figure salary who is self supporting is not going to qualify to rent an apartment in Manhattan south of 96th street (and most of Brooklyn as well)..

Anyone who has tried to rent an apartment in NYC in the last few years should know that it is harder than applying for and getting a mortgage in the rest of the country. Be prepared for deals to fall thru at the last minute and to have at least $10,000 - $15,000 upfront for rent & brokers fee before moving in

[Manhattan-ite]

"Anyone who has tried to rent an apartment in NYC in the last few years should know that it is harder than applying for and getting a mortgage in the rest of the country."

Geez, Nick... you gotta give us a break. I understand you got priced out of Manhattan and you now commute from Pennsylvania, which totally sucks, but you paint a scenario of doom and apocalypse that is awfully out of reality.

Manhattan is not yet a "huge high end shopping mall where everyone looks like a clone of another". What are these insults about? Wouldn't you live here if you had the chance, better than in rusty PA (home of the four-hour commute)?

There are people in Manhattan living with very little money, people living with lots of money and people living with some money.

It's impossible to give a price for a 2-bedroom because they're everywhere, as we've discussed here before many times. You could pay 7,000 for a 1-bedroom, or find a 2-bedroom for 2,000, or less. And I'm talking Midtown-Downtown Manhattan.

The possibilities are almost infinite.

Getting an apartment is not so difficult. The low rental vacancy might be the only obstacle, but landlords rent apartments to people with low income or bad credit with no problem. Look at all those young Midwest transplants.

No offense, Nick, but your Manhattan negativity is extremely annoying, unreal and misleading for somebody trying to move to our great island.

[Viralmd]

Nick, perhaps that BIG chip on your shoulder needs surgical removal. Do consider it.

[Dee62]

Sweet

Most manhattan apartments rent for under $1000 per month. However they are all rent controled. You have to go to each apartment and apply indiviually. And this process can take a very long time and waiting lists. Some rent controled buildings are very nice. Some other buildings are not rent controled per se. People get very low rent for because they know somebody important and the like. There are also many sublets too ya know.

But there are some rent controled buildings that are not as nice. Landlords do try and trick people out of these apartments. But usually they do in order to give it to a friend. Rarely is it to augment the rent as believed. Sometimes they refuse or delay to do preventative maintainance. But there are tenant associations who will stick up for your rights.

Manhattan is not the way it was years ago but either is anywhere in the country or Europe or the world either ya know. Things always change.

This high priced development in Manhattan that you see is because the New Euro dollar is rated very high against the US dollar. Any sort of low functioning person can come here on a gyro (Government Check) and flop in one of these apartments. So don't be intimidated by any of these so-caled high rent payers. They can say they do this and they do that. And how accomblished they are. Bull-Shail.

[Viralmd]

Dee, with all due respect, are you talking about NYC in 2007? Most Manhattan apartments are NOT available for less than $1000. If that were the case, then everyone would be in wonderful, huge, cheap housing. Reality testing is in order! Most Manhattan apartments are NOT rent controlled. It's not a cheap city, but it's worth the added expense.

[Dee62]

[B]Yes Viralmd Reality testing is in order![/b]
Most people do not pay those high rents in Manhattan. Because they are just tourists who rent out the apartments for a few weeks as hostels and then go home.

[Manhattan-ite]

This guy must be kidding.

So we Manhattanites are but mere tourists in our own city.