How to Find an Affordable Apartment in NYC [2024]

Ready to move to New York and soak up the city life? The Big Apple is filled with eclectic neighborhoods, restaurants, pubs, shopping, and museums that offer something for everyone. It’s easy to get overwhelmed in a city that never sleeps. But don’t worry, we did all the research of where to live to point you in the right direction. Here’s a round-up of the best neighborhoods in New York and learn which one is right for you!

How to Find an Affordable Apartment in New York City

How Much Is Rent in NYC?

As of May 2024, the overall median rent in NYC is $2,302 a month, making New York City the tenth most expensive large city in the United States for renters. For a one-bedroom, expect to pay a median rate of $2,197, and for a two-bedroom, most renters will shell out around $2,317 a month.

How to Find Affordable Neighborhoods in NYC

Finding affordable apartments in NYC is mainly about balancing safety and commuter access with budget-friendly neighborhoods. The approach we suggest is to use tools like Apartment List to search within your budget first, and then look within those results for more information about the neighborhood. Specifically, it helps to have information about crime rates and location. Most apartment listing sites have maps as well as things like crime and school data if you look further down the page. In our case you click on "city guide" on our apartment listings for that information. You can also use the crime data posted by the city or websites like Area Vibes.

Luckily, we already did some of that work for you! Here are the top five neighborhoods we found with low rental averages in safe areas. For each neighborhood, we provided context about location within the city and features of the area you should be aware of.

Looking for a broader selection? We have even more to choose from in our longer guide to the best NYC neighborhoods.

Note: All of the rental data included here comes from our internal database of rent estimates, which is available for download.

1. City Island

• Average one-bedroom rent: $1,850
• Crime rate: 25% below the national average
• Map of City Island

City Island is a true hidden gem. Nestled in the Bronx, it offers a unique island escape right in the heart of New York City. Known for its nautical charm, seafood restaurants, and idyllic setting, City Island provides a reprieve from the bustling atmosphere of the mainland Bronx. It also boasts super affordable rent prices and a low crime rate. Renters seeking a calmer pace of life and a strong sense of community will find City Island appealing.

While the island offers limited amenities compared to other neighborhoods, its laid-back vibe and proximity to nature more than make up for it.

2. Ridgewood

• Average one-bedroom rent: $1,981
• Crime rate: 4% above the national average
• Map of Ridgewood

Ridgewood is a vibrant neighborhood in Queens experiencing a surge in popularity. Once a predominantly industrial area, Ridgewood is now known for its art scene, trendy bars, and diverse restaurants. Renters in Ridgewood will enjoy a mix of affordability and access to trendy new shops and eateries. The neighborhood boasts a strong sense of community and a multicultural atmosphere. While the crime rate is slightly above the national average, it remains considerably lower than many other parts of New York City.

3. Bay Terrace

• Starting rent: $2,000
• Crime rate: 1% below the national average
• Map of Bay Terrace

Bay Terrace offers a suburban feel within New York City. Known for its tree-lined streets, family-friendly atmosphere, and excellent schools, Bay Terrace is a popular choice for renters seeking a peaceful and secure environment. The neighborhood boasts a variety of parks and green spaces, perfect for spending time outdoors. While nightlife options are limited, residents enjoy a close-knit, friendly community and convenient access to shopping centers and restaurants.

4. Annadale

• Starting rent: $1,500
• Crime rate: 62% below national average
• Map of Annadale

Annadale is a charming Staten Island neighborhood known for its affordability and safety. This quiet community offers a mix of residential streets and green spaces, perfect for renters seeking a peaceful escape from the hustle and bustle of the city. While public transportation options are limited, Annadale boasts a variety of mom-and-pop shops and restaurants, creating a strong sense of community. Budget-conscious renters looking for a safe and friendly neighborhood will find Annadale appealing.

5. Laurelton

• Starting rent: $2,000
• Crime rate: 29% below national average
• Map of Laurelton

Laurelton is a vibrant and diverse neighborhood in Queens known primarily for its delicious Caribbean cuisine and rich history. Renters will find a mix of single-family homes and apartment buildings, catering to a variety of lifestyles. The neighborhood boasts several parks and green spaces, along with convenient access to major highways and public transportation. While Laurelton offers a lively atmosphere, it also maintains a slower pace of life compared to other parts of Queens.

2. What’s the Best Time to Find an Apartment in NYC?

According to the rental pricing data that Apartment List has collected over the past few years, New York City rents have historically been lowest in January and February. That is consistent with national trends that show rental prices dip across the country in the winter months. Conversely, rents have been highest in NYC in August and September.

Many renters choose not to move in winter because of the chance of inclement weather and also because it's mid school-year. However, the winter months are your best time to find deals on rent. The summer, by contrast, will generally see more availability. So the "best time" to rent depends on whether you're looking for better deals or more selection.

3. How to Budget for Your NYC Apartment

As you surely have figured out, where you live in NYC is going to be largely determined by your rental budget. The recommended 30% rule is one method you can use to calculate your rental budget. According to the 30% rule, your rent should not take up more than 30% of your gross income or pre-taxed monthly take-home pay.

An example of the 30% rule would be looking for a one-bedroom apartment in NYC with an median rent price of $2,302. Based on this rule, your gross income should be about about $90,000 annually to afford an apartment in the city.

The 30% rule is designed to help you cover your necessary expenses and set aside some savings. These typical expenses tend to include:

• Rent
• Cable/internet
• Heating and gas
• Electricity
• Car payments
• Groceries
• Savings

As you begin putting your expenses together, you might start feeling a bit overwhelmed. However, there are plenty of ways to reduce your expense. Consider taking advantage of some cost-saving tricks like continually seeking out different move-in specials or being mindful of seasonality when renting.

Understand the Trust Cost of Renting

It’s important to remember that the 30% rule works best as a baseline rather than an exact picture of what your rental budget should look like. The 30% rule does not account for the hidden costs of renting when forming your complete budget for your NYC move. Take a closer look at some of the hidden apartment expenses if you’re wondering how much apartment rent you can afford. Some of the everyday hidden apartment expenses include:

• Move-in fees
• Pet deposit
• Apartment application fees
• Security deposit
• Moving costs

Your specific financial circumstance will also play a factor in determining how much rent you can afford. Additional financial needs, including medical expenses, student debt repayment, etc., may impact your budget drastically, proving that the 30% rule might not quite fit your budget. If this is the case, you’ll have to adjust your budget accordingly.

You can also utilize other helpful tools, such as the Rent Calculator, to determine how much you can afford to pay, including additional expenses. This tool will help you better understand what type of rental budget you are working with for your move to NYC. Best of all, this beneficial tool has been put together with renters like you in mind.

4. Consider Your Commute Time

One of the undeniable advantages of living in NYC is the world class public transit system. The downside to that, however, is the costs of parking are sky high, and availability is low. If you plan to commute to work, you need to carefully plan where you'll live according to whether you'll need a car or public transit. Check out the MTA's Metro Map in order to get an idea of which subway lines are closest to the neighborhoods you're considering.

5. Prepare for Apartment Tours

Before signing a lease for your new NYC apartment, you’ll want to take part in an apartment tour. While it might not seem that important to see a space if you've viewed pictures online, you should be aware that there may challenges (or benefits) that go along with living in a specific location. For instance, you will learn about the neighborhood, the ease of access to the building, and other aspects of the apartment that won't be in pictures but will impact your quality of life. Plus, you can make sure that the apartment matches the description.

Find out how the application process works before going on your apartment tour. You’ll have a better idea of what to expect and know how to prepare yourself this way.

Never feel rushed during your tour and remember to enjoy yourself. Take your time and ensure all the amenities in the listing are functioning correctly. Additional questions you may have about the property that comes up when reviewing the listing can be jotted down and brought with you. Crucial questions about the apartment should include things like painting, pets, and other building rules.

Check out our list of 20 questions to ask when renting an apartment to get a better idea of what you should be asking the property manager during your apartment tour.

6. Applying for Your NYC Apartment

The application process should come relatively easy, considering you already have the necessary materials gathered from your tour. But, in addition to those materials, other things such as rental references may be required for your application.

For rental references, most landlords will want to see previous landlords listed. However, it shouldn’t be an issue if you don’t have any previous rental history. Be sure to clarify ahead of time so you can get your contacts in order since property managers may also accept personal references in some instances.

Either way, make sure you reach out to your rental references ahead of time so that they can anticipate the call. Speed up the application process by giving them a heads-up and allowing them to respond more quickly on your behalf.

7. Protect Yourself from Rental Scams

According to a rental fraud report by Apartment List, 37.2% of renters in NYC have encountered an apartment listing they suspected was fraudulent. Unfortunately, 7.1% of these New York renters have lost money from one rental scam.

Follow these tips for avoiding rental scams to stay on the safe side and keep yourself protected by ensuring you are always cautious.

Finding Your New York Neighborhood

Each area comes with its own character and history. Once you've decided on the best New York neighborhood for you, it’s time to start comparing average rent prices, and examine the cost of living.

Ready to start your apartment hunt? Take our quiz and start narrowing down your wish list of amenities, New York neighborhoods, and rental prices to fit your budget.

FAQs about Finding an Affordable NYC Apartment

What is the most affordable neighborhood in NYC?

With starting rents as low as $1,500 for a one bedroom, Annadale in Staten Island is the most affordable NYC neighborhood for renters on our list.

Are there any affordable neighborhoods in Manhattan?

With studios starting at $2,250, Murray Hill is one of the most affordable places in Manhattan for renters. Harlem is an even better deal, with a current average rate of $2,200 for one-bedrooms.