Renting in NYC: $1,700 gets you a living room sized apartment, study reveals
Apartment Buildings along the East River in New York, US, on Sunday, May 28, 2023. Rental prices are growing at nearly twice the rate of entry-level salaries, so young newcomers are doing "whatever it takes" to live the lifestyles theyve always aspir
NEW YORK - Renters from every borough in NYC agree that prices are soaring and living spaces are shrinking, but a new study sheds light on just how tough it is.
A mere $1,700 a month, which might secure a fairly spacious apartment in most cities nationwide, barely gets you an area the size of a living room in the Big Apple.
A new study by RentCafe looked at October 2023's average rents by ZIP code in the nation's 50 largest cities.
It found that the average national rent of $1,700 gets you an apartment of about 944 square feet… except in New York City.
How little space does $1,700 get you in New York City? Well, in Manhattan's 10013 ZIP code, which covers TriBeCa and parts of Lower Manhattan, $1,700 gets you a measly 211 square feet. That's roughly the size of the average American living room, measuring 12 feet wide by 18 feet long.
Credit: RentCafe.com
Of the top 50 ZIP codes offering the least square footage for $1,700, a staggering 36 are in New York City.
Even more striking, of the top 10 most expensive ZIP codes with the least space for $1,700, nine are in Manhattan, with the tenth in Long Island City in Queens, offering a "spacious" 234 square feet.
Now, if space is what you're looking for, head to Memphis. In the city's 38108 ZIP code, $1,700 gets you a whopping 1,996 square feet of space, the most in the nation.
Credit: RentCafe.com
Coming in at #2 is Oklahoma City, whose 73127 ZIP code gives you just a few feet less space (1,993) for the price.
Among the 50 least expensive ZIP codes, 12 were in Oklahoma City, 11 were in Memphis, and seven were in Tulsa, Oklahoma.