What are the Cheapest Neighborhoods in NYC? 

The competition for apartments in New York City is incredibly high right now. With rent prices increasing in every borough, it can be difficult to find an apartment that meets your needs while also staying within your budget. However, there are some neighborhoods that can be more affordable than others. In this blog, we’ll walk you through the most affordable neighborhoods in NYC. 

What are the Cheapest Neighborhoods in Manhattan? 

In Manhattan, the more affordable neighborhood is Inwood, with the median rent of a one bedroom apartment being $1,950. When it comes to living in Manhattan, rent prices tend to drop the further away you get from the heart of the city. This is why neighborhoods such as Inwood or Washington Heights tend to have much lower rent prices in comparison to neighborhoods such as SoHo or Tribeca. 

Housing in these cheaper neighborhoods are largely co-ops, which means the process of securing a unit may be a bit more tedious. You will be required to thoroughly prove you are financially qualified, and seek the approval of the board. In addition, it is likely that these rental units will not have as many amenities, which is also a reason the rent prices tend to be lower. 

What are the Cheapest Neighborhoods in Brooklyn? 

In Brooklyn, the most affordable neighborhood is Gravesend with the median rent of a one bedroom unit being $1,695. The next most affordable are Bath Beach and Sheepshead Bay. However, what makes them affordable is not only their location, but the fact that most units will not include laundry rooms or elevators. 

While these neighborhoods may be a bit far from the heart of the city, they come with their own perks as well. For example, while parking is notoriously difficult in New York City, these neighborhoods tend to be more on-street parking friendly. Additionally, these neighborhoods tend to give more of a suburban feel, which includes houses that have driveways and garages. This means you get more space while still not being too far from the city. 

What are the Cheapest Neighborhoods in Queens? 

In Queens, the more affordable neighborhood is Woodhaven, with the median rent for a one bedroom unit being $1,700. This neighborhood is close to a number of major roads and highways, as well as a number of trains and buses, which means it is easy to move along the boroughs. Other affordable neighborhoods in Queens include Middle Village and South Ozone Park. 

These neighborhoods are full of a number of multi-family houses, so it may be more appealing to those with larger families. However, these neighborhoods typically come with a change in landscape. There is a lot more greenery in these areas than the majority of the boroughs.

However, be aware of the influx of illegal apartment units in these areas. While basement apartments can be converted into safe and liveable units, a basement flood can be deadly. For this reason, it is important that you do your research before signing a lease agreement. 

What are the Cheapest Neighborhoods in the Bronx? 

In the Bronx, the more affordable neighborhood is Allerton, with the median rent of a one bedroom unit being $1,595. Other affordable units include Parkchester and Wakefield. These neighborhoods tend to have larger units, with many of them being multi-family buildings.

Looking for an Apartment? Keep Your Head Up!

Finding an apartment in New York City isn’t easy. The NYC metro area has a shortage of over 342,000 housing units, and the competition in NYC proper is fierce. However, if you keep your eye on the rental market and are prompt with your applications, you may be able to find a good deal.