Janel Martin…, Other/Just Looking in New York, NY

How much is it to buy or rent an apartment or a home?

Asked by Janel Martinez, New York, NY Thu Dec 5, 2013

I am doing a research paper for my english class for my final and I have to talk about the average price to rent/buy a home or an apartment. I would really appreciate it if you can provide this information as well as your name and occupation status so i can cite you in my paper if you are an expert.

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7
New York market is growing every year! On a year-over-year basis overall Manhattan rents have climbed 1.9% from $3,762 in January 2013 to $3,833 in January 2014. The most significant increase during this period has occurred in Harlem as average prices in the neighborhood increased 9.4% from $2,191 to $2,397.
12 votes Thank Flag Link Mon Feb 24, 2014
Keep in mind that prices regardless the type of sale, purchase/rental, vary based on exact location, pricing, size, condition, amenities, etc.
1 vote Thank Flag Link Thu Dec 5, 2013
An average NYC apartment is around $3400 in Manhattan and around $3000 in Brooklyn. This depends on location and size, of course. In October, rental prices for a Manhattan studio were around $2,039, $2,842 for a 1 bed, $4,046 for 2 bed, and $5,331 for 3. Rents have since dipped slightly lower, due to seasonal market changes (rentals are often slower in winter months) and then pick up during Spring & Summer. To buy or purchase a home, it really depends on the listed property. I have seen shortsales for studios at $220,000 and other apartments go for $1.4 million. The average unit in Manhattan is typically over $1.3 million. That doesn't include closing costs, which can also be an additional $30k+. However, for rentals, when signing the lease after approval, it is 15% of 1 years rent made out to the broker used, and typically 1st months & security made out to the landlord or management of the property. If you need any help or further information, don't hesitate to shoot me an email, I'd be happy to help.

Eric Rohe
Bradbury Team
CITI HABITATS
400 E 84 St
New York, NY 10028
201-328-2758
Erohe@citihabitats.com
0 votes Thank Flag Link Thu Dec 5, 2013
Go to http://www.streeteasy.com. You'll find both sales and rental listings and that will give you a good idea of whwre the market is.
0 votes Thank Flag Link Thu Dec 5, 2013
My name is Kevin Warren - occupation: REALTOR.

Average prices greatly vary depending on where you live. It looks like you're in New York which is home to some of the highest priced real estate in the country! Here in Nashville, a high-rise loft 1 Bed 1 Bath will cost you around $1500 per month. The same loft in NYC will likely run at least double that amount.
0 votes Thank Flag Link Thu Dec 5, 2013
NYC Rentals:
Downtown Midtown Uptown Upper Mhtn Brooklyn Bronx Queens
Studios $2,312 $2,285 $1,928 $1,307 $1,540 $1,015 $2,140
One Bedrooms $3,372 $3,304 $2,593 $1,643 $1,868 $1,153 $1,518
Two Bedrooms $5,532 $5,992 $4,384 $2,155 $2,599 $1,682 $1,958
Three Bedrooms $11,534 $11,283 $6,926 $2,729 $2,766 $2,013 $2,853
Four Bedrooms $15,616 $20,772 $12,756 $3,258 $5,725 $4,625
Loft (0 Bedrooms) $4,972 $2,600 $2,590 $2,400 $2,598 $1,581 $2,800
Loft (1 Bedroom) $5,615 $6,150 $2,666 $3,335 $1,925 $2,995
Loft (2 Bedrooms) $9,630 $10,006 $7,000 $5,008

Ray Yahnke -- Licensed Real Estate Salesperson
0 votes Thank Flag Link Thu Dec 5, 2013
I recommend you pick up the phone and contact a couple of local real estate professionals. You will get the most accurate information that way for the area you are doing your research paper on.
0 votes Thank Flag Link Thu Dec 5, 2013
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