As appealing as moving to NYC can be, it can also be an expensive endeavor. New York is notorious for being one of the costliest cities for people to live in. You’ll likely spend at least $2,200 a month on rent, a total significantly higher than what you’d find in cities like Philadelphia or Boston.
You’d also have to spend hundreds of dollars to park a car anywhere in the NYC area. You could always use mass transit, but even that could cost hundreds a month for unlimited access.
The vast and diverse economy of the NYC area makes it one of the most viable places for business and work operations. It’s also part of why it costs so much for people to live here. The expenses associated with running operations that serve millions of people also make living in the NYC area more expensive.
But it is possible for you to keep your expenses for moving to NYC down. The goal is to find a property that fits you and is suitable for your budget.
How Can You Keep Your Costs Down When Moving to NYC?
Living in NYC can be a challenge, but you can use a few tips if you want to keep your cost of moving here down:
1. Look around in different neighborhoods to see what the prices of things might be.
The cost of different items can vary based on where you are in the city. The prices of items in the Tribeca or Greenwich Village neighborhoods may be higher than what you’d spend in the Ansonia or Sugar Hill areas, for example. This consideration could be useful if you’re looking to buy a new car or any other high-ticket item.
But this consideration is critical when looking for a new property. Every borough has different apartments and other properties available for rent. Be sure you check around online to see what apartments are open, and look at how these prices will compare with what you might find in other neighborhoods.
2. Look for rent stabilization when finding a property for living.
Rent stabilization is an agreement you can establish with your landlord. Stabilization is an agreement where the rent can only be increased based on a specific limit. The Rent Guidelines Board will establish a percentage limit over how much the rent can increase each year.
These limits ensure you know what you could potentially spend on rent. But the rent hikes can vary surrounding how often people have re-rented properties and if any fixes or renovations have been made to the property.
3. Consider one of the less expensive boroughs for living.
Many people live in Manhattan because it is convenient and near most of New York’s businesses. But other boroughs like Brooklyn and Queens will cost less for living. Bungalow.com reports that as of 2020, the average rent in Brooklyn is about $2,900, while that total goes down to $2,400 in Queens. These totals are high, but they are dramatically less than the $4,200 average in Manhattan.
Brooklyn and Queens are popular among young professionals and students. They can find more affordable accommodations in these boroughs.
4. Explore whatever neighborhoods you might be interested in the most.
Every New York neighborhood has a unique culture and atmosphere. The best one for you is a place that offers everything that interests you and makes you feel comfortable. Walk around whatever neighborhood interests you to see if a place is worthwhile. You can always take a bicycle around the area to go around and see everything a little faster.
5. Consider whether you want to hire an agency to help you find an apartment.
You can find many agencies that will support you with your property search in NYC. An agency can help you identify the best rental option based on your work needs, your budget, and your living demands.
But an agency will charge a one-month fee for the six months you when renting a property. It may also charge a percentage of 10 to 15% of a one-year rental.
6. Review all the features surrounding whatever place you want to rent.
Talk with the superintendent or other party at your property about whether any repairs are necessary for your property. Talk about possible gas, electric, and lighting costs as well. You should get a decent discount on your rent if there are any problems that need resolving.
The challenge of moving to NYC can be daunting, what with the place costing so much to live. But you can prepare well when you look at what you’re doing when moving to this outstanding city. Be sure to also check with the best movers in NYC for further help when looking for the best solution you can trust.
