New York City Rental Prices for 2020

Aside from being the most populous city in the United States, New York City is also one of the most fascinating places in the world. No matter the time of the year you visit NYC, the city never sleeps. It is filled with fun, amazing events, thrilling shows and activities, stunning scenery, world-class restaurants, outstanding museums, and lots more. There is a slew of incredible places to visit in New York City. Some of these places include the Central Park, Empire State Building, Brooklyn Bridge, Times Square, Statue of Liberty, and many more.

There is no general price for renting an apartment in New York City. This is because there have been rapidly rising costs of renting the region over the years as a result of globalization, technology, and other changes around the world. Also, the cost of renting an apartment varies from the quality of the building as well as the number of rooms to be leased out. The average cost of renting in NYCas early this year is $3450. The cost is about a 0.46% increase from the previous month where the average rent coast was $3584. Whereas, the median cost of rent in New York is $3500 for a month.

Generally, it is important to know that having a couple of rooms or more means paying twice the rental price. For instance, the average cost of renting one-bedroom apartments in New York City for a month is $2940. While two-bedroom apartments in NYC rent for $3693 a month on average and all beds rent for $3450 a month on average. Meanwhile, the cost of rent in NYC also varies in the neighborhood the apartment is situated. In New York City, neighborhoods such as Carnegie Hill, Garment District, Chelsea, Tribeca, and lots more are the most expensive. Of all these neighborhoods, Tribeca is the most expensive with an average rent of $6243. Whereas, the affordable neighborhoods include Williams Bridge, High Bridge, Tremont, South Bronx, Bedford Park, East Brooklyn, and others. Of these neighborhoods, Brooklyn is the most affordable. The average cost of apartments to rent in Brooklyn is $1323.

Renting the whole apartment vs Coliving

Unlike other cities in the US, NYC is notorious for higher rent prices. Aside from these monthly payments, some renting systems also require to pay the additional amount which sometimes includes maintenance fees, electricity bills, water, security, and others. Coliving is a modern living space system that offers you a conducive community with people from different spheres of the world. This shared living space is much more affordable to acquire than the traditional housing system.

The monthly cost for a shared room in New York City is $1500 for members and $1800 for non-members. Also, a private room in the commune costs about $2,300 a month for a member and $2,800 for a non-member. So, you tend to incur twice the payment for a shared room on payment for apartment rentals in NYC. Coliving is the answer to a lot of problems faced by the millennial generations as well as the nomads.

A shared living system is the future of the housing system in the world. This system revolves around the changes and development on the planet. With coliving, it is easy to start a new business, friendship as well as a lifestyle. People in these communes also enjoy group activities, community support, reduction in a financial burden, and many more benefits.