New York City is one of the most expensive cities in the world to live in. New to New York? This might disturb you at first, especially when your friends move to Atlanta and give you the details on their monthly budget, which somehow allows them to spend less than $1500 per month in rent. No joke! This really happens in the South. Alas, there is no place on Earth like this concrete jungle, perfectly nestled along the Hudson River. To call New York City your home is an honor, privilege, and quite the soft spot of many Generation X professionals moving around the East Coast in search of affordable housing.
In Manhattan right now, rental prices are at all time highs, and some sources say they have hit a ceiling. Prices to buy are also at all time highs but are expected to continue to climb due to foreign demand. So what’s so great about buying a home? The benefit to home ownership is clearly financial security. However, if one can obtain financial security through other means; such as growing one’s business, then that individual might not be so foolish after all for renting! Let’s explore the benefits of renting an apartment in New York City!
- Simple transactions; a security deposit equal to one months rent is a small sum of money compared to a 20% down payment on a house for sale.
- Help! There is usually a maintenance man or building “super” on call 24/7 for emergencies. This man is not your husband or father, and he will gladly come and fix your heat at 1AM during a devilish East coast polar vortex.
- You are almost never responsible for repairing or replacing appliances as needed.
- Many private homes allow subletting, perfect for someone that hasn’t planted roots just yet. Ditch The Space has a slew of available and affordable spaces you can rent short and long term.
- There is no lawn to mow, or driveway to plow in NYC! Which is a beautiful thing, especially if you’re coming from the suburbs.
- At Ditch The Space, we encourage listing rentals with incentives. Incentives can be anything from nice furniture and flat screen TV’s, to actual discounts on the rent payment or security deposit!
- Getting in and out of lease agreements is easier than selling a house. If you are not concrete on a location to spend the next 30 years, don’t waste your time and money.
What’s interesting is that the annual price to rent an apartment in Manhattan in many cases equals the landlord’s annual cost just to maintain the taxes and common charges on the apartment.
If you are a smart shopper, you should absolutely consider renting a sublet!
“Unique New York, you need New York!”