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Manhattan Short on $1000/month Rentals June 5, 2006

This Saturday’s NY Times had an article about $1000 rental apartments in New York. While in most of the US, $1000 per month rent will get you quite a bit, it won’t get you much more than a studio in NYC. For example, a quick search on apartments.com in the city of Chicago returns 155 listings, a search for the same criteria returned 3 listings in Manhattan.

So the article mentions that it is possible to find $1000 apartments:

The good news is that there are plenty of one-bedrooms renting for $1,000 to about $1,150, and they are better than decent. No, they aren’t on every street corner in Manhattan, where the average one-bedroom in a non-doorman building ranges from about $1,850 in Hell’s Kitchen to $2,850 in SoHo or TriBeCa, according to Citi Habitats’ Black & White Report on rentals in the borough.

But once you get out of Manhattan, where the vacancy rate for rentals is a slender 0.89 percent, according to the Citi Habitats’ survey, there are apartments to be had — and they can be found without even looking very hard — as long as you act fast when you find one you like.

It’s not easy living in NYC when you’re not on a Wall Street salary. But there are other affordable locations nearby in NJ or Long Island. This makes it tough to save up for retirement.

Source:
What You Can Rent for $1,000,
NY Times, published June 4, 2006

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