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Where exactly in the Bronx are you renting, if you don't mind me asking? Because for $800(less in some cases,) I think you would be able to get a studio somewhere in Sunnyside, Woodside, Jackson Heights. All 3 Queens neighborhoods are better than most Bronx neighborhoods. Just my two cents.
Rents are not declining. Yes, there was a dip in rents these past few months, but that is most likely due to weather preventing many people from going out and viewing apartments. This happens every few years during the winter, but overall trend of rents is still increasing. That being said, what happens in Manhattan and in other popular neighborhoods in terms of rent, shouldn't affect you too much, so don't worry about it unless your neighborhood beings to gentrify quickly. If you're landlord tries to raise your rent dramatically, walk away as they are most likely trying to rip you off. If you live in a rent stabilized building, you can call the city and see if your rent increase falls under the legal limits.
Take the 1 year lease if you want to stay in your current studio but are considering moving sometime in the near future. You can use the year to explore other neighborhoods around the city. If you're happy where you are, take the two year lease. If you're not happy where you are and you don't like the increase, start looking at studio listings in other parts of the city now. The 3 neighborhoods I mentioned at the beginning of this post would be a good start.
Where exactly in the Bronx are you renting, if you don't mind me asking? Because for $800(less in some cases,) I think you would be able to get a studio somewhere in Sunnyside, Woodside, Jackson Heights. All 3 Queens neighborhoods are better than most Bronx neighborhoods. Just my two cents.
Rents are not declining. Yes, there was a dip in rents these past few months, but that is most likely due to weather preventing many people from going out and viewing apartments. This happens every few years during the winter, but overall trend of rents is still increasing. That being said, what happens in Manhattan and in other popular neighborhoods in terms of rent, shouldn't affect you too much, so don't worry about it unless your neighborhood beings to gentrify quickly. If you're landlord tries to raise your rent dramatically, walk away as they are most likely trying to rip you off. If you live in a rent stabilized building, you can call the city and see if your rent increase falls under the legal limits.
Take the 1 year lease if you want to stay in your current studio but are considering moving sometime in the near future. You can use the year to explore other neighborhoods around the city. If you're happy where you are, take the two year lease. If you're not happy where you are and you don't like the increase, start looking at studio listings in other parts of the city now. The 3 neighborhoods I mentioned at the beginning of this post would be a good start.
I know the rents pretty well in Jackson Heights. The going rate is around $1350 to $1400 for a studio now. This would be a studio in a rental building. There may be ways to get a $1100 studio if you go further outside the historic district, into East Elmhurst, or are willing to live in the basement of a house. But I have not seen a rent under $1000 in a few years.
My understanding is that Sunnyside rents are even higher than Jackson Heights, and not sure about Woodside, but guessing they are on par with Jackson Heights.
I know the rents pretty well in Jackson Heights. The going rate is around $1350 to $1400 for a studio now. This would be a studio in a rental building. There may be ways to get a $1100 studio if you go further outside the historic district, into East Elmhurst, or are willing to live in the basement of a house. But I have not seen a rent under $1000 in a few years.
My understanding is that Sunnyside rents are even higher than Jackson Heights, and not sure about Woodside, but guessing they are on par with Jackson Heights.
Sunnyside, or at least South Sunnyside still offers really good rents. The North side tends to be more expensive. Don't really only on craigslist for your rent searches, take a look around the neighborhood. Talk to different real estate agents in the area, look at all the rental sites. As long as you stay out of the historic buildings in the area, you should be able to find a studio for around $800 in those areas. Heck, the parts of Astoria farther from the train also offer studios for $800/$900. If you do your leg work, deals can be found in those neighborhoods.
A quick search on my trulia app already gave me a few studios for under $850 in those three neighborhoods. I'm sure that if anyone truly interested searched some more sites and did some leg work, they could find a studio in their price range.
Sunnyside, or at least South Sunnyside still offers really good rents. The North side tends to be more expensive. Don't really only on craigslist for your rent searches, take a look around the neighborhood. Talk to different real estate agents in the area, look at all the rental sites. As long as you stay out of the historic buildings in the area, you should be able to find a studio for around $800 in those areas. Heck, the parts of Astoria farther from the train also offer studios for $800/$900. If you do your leg work, deals can be found in those neighborhoods.
I'm not relying just on craigslist, but it was the easiest way I could illustrate my point for the purposes of this thread. I'm sorry, I believe you are wrong about rent prices in this area. But if OP or anyone else wants to investigate for themselves, then they should go ahead (of course).
A quick search on my trulia app already gave me a few studios for under $850 in those three neighborhoods. I'm sure that if anyone truly interested searched some more sites and did some leg work, they could find a studio in their price range.
I didn't see this part of your reply before.
I'm not sure why the Trulia website provides different from the app, but I looked on Trulia and the lowest one in Woodside is $1220. The lowest in JH is $1100, and there's only one of those; the rest are $1200 and up.
There is a fake listing in Sunnyside for $800 (I know it's fake because the floor plan is stolen from a condo that sold in Greenwich NY a year ago) and the rest in Sunnyside start at $1120.
I also have a personal friend (current Woodside resident living with family) who was looking in the $900 range for a studio more than a year ago and he found nothing in his range except for a basement rental in a house in Oakland Gardens. He did an actual search, in person, and not only on craigslist but also asking around since he grew up in the area. Keep in mind this was more than a year ago and prices have been climbing.
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