I’ve come to terms that at the end of my current lease (this summer) we will probably be saying goodbye to our first New York apartment and move onto something else. That “something else” of which I can plan on spending more money than I currently am. For this reason, I’ve been on the hunt for finding neighborhoods I can get more bang for my buck. With the going rate of a cheap studio in my current neighborhood coming in at $1,500+ for a fee-apartment and $1,675+ for a no-fee for a measly 250-350 square feet I’m all ears for options. In case I haven’t mentioned before, New York apartments are shown by brokers of which you have to pay a fee, usually between 12% and 15% of the yearly rent, upon signing a lease. When the market was worse you could find no-fee apartments, apartments without brokers fees, easier but with the upturn it’s become harder to find affordable no-fee apartments. Don’t let me forget that to get approved most buildings want you to make 40x the yearly rent. 80-100x if you have a guarantor.
One neighborhood that I recently started looking into is called Inwood. It’s located on the very north tip of the Upper West Side, right below the Bronx. I met a girl at a networking event that couldn’t stop gushing about her apartment and after telling me her and her boyfriend have a 2 bedroom for $1,650, I started to do my research! My biggest concern being safety. the Upper East Side is one of the safest neighborhoods in Manhattan and yet I still don’t like walking around after dark by myself. You never know! After my research I found that the area west of Broadway is populated mostly with middle class families and is considered a very up-and-coming area. The crime rate is relatively low in Inwood, ranking the 3rd safest neighborhood in Manhattan, although I read it’s a tougher community east of Broadway.
After doing some research and finding you can get a 1 bedroom fee-apartment for $1,275+ I had to take a trip up there! It’s a little bit of a hike from the Upper East Side (45 mins) because we went to the Upper West Side first, but it turns out it is about a 25 minute subway ride north from where I work, so it wouldn’t be a bad commute.