Practical Tips on How I Saved Money on NYC rentals

As a native New Yorker, I lived in rental units the first 7 years out of school and like everyone else, living in NYC has always been a love-hate relationship because of the cost. With the recent significant rent hikes, I wanted to let people know that by making thoughtful choices, there is a meaningful cost difference in your monthly rent. Here are some of the trade-offs and practical tips I made... [more]

As a native New Yorker, I lived in rental units the first 7 years out of school and like everyone else, living in NYC has always been a love-hate relationship because of the cost. With the recent significant rent hikes, I wanted to let people know that by making thoughtful choices, there is a meaningful cost difference in your monthly rent. Here are some of the trade-offs and practical tips I made which helped me cope with affordability: 1) Be open to living in a smaller apartment (e.g., instead of a 1 BR, consider a studio) and don't buy "stuff" you don't need 2) Live with a roommate for as long as possible 3) Sacrifice living in an elevator and doorman building. (A nice walk-up can save you 30-50% on monthly market rents) 4) Sign extended leases to limit price increases 5) Consider neighborhoods that only add 15-20 mins of commute. (You could see 15-20% lower rents) Hope this helps anyone who is currently struggling with the rental affordability crisis in NYC. I also found this article helpful which summarizes more practical tips on how to save money on rentals: https://stretchmypenny.com/the-ultimate-guide-to-saving-money-on-rentals/ [less]