The Market

NYC couples can save nearly $30,000 on rent by moving in together

By Jennifer White Karp | February 14, 2022 - 4:45PM 

A new report from StreetEasy finds New York couples can save an eye-popping $14,400 per person each year when renting a one-bedroom apartment.

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Life moves fast in New York City, and that is especially true when it comes to relationships and real estate. Because when you fall in love in this very expensive city, it’s easy to justify moving in together after dating only a short time.

After all, if you’re already spending most nights together—why not save on rent (and ditch your roommates, if you have them).

Still, the fast-track from dating to cohabitating here can doom some relationships, so if you are on that route, check out Brick’s “8 questions to ask before you move in with your boyfriend or girlfriend.”

Figuring out your compatibility on issues like cleanliness and sleeping habits is key—and so is having a discussion about where your relationship is headed and what your break-up plan is—as pessimistic as that may sound. Be sure to discuss who gets to leave and who gets to stay, how you’ll divide the furniture and other things you purchased together.

For couples that stay together, saving on rent can be a great fringe benefit. On this Valentine’s Day, it seems fitting to look at a new report from StreetEasy economist Nancy Wu on just how much money two New Yorkers can save by living together in a one bedroom.

The report finds New York City couples can save an eye-popping $14,400 per person each year when renting a one-bedroom apartment—that’s based on a median rent of $2,400 in the fourth quarter of 2021—or $28,800 combined.

Compare the numbers by borough and you’ll see your savings rise to $19,500 in Manhattan; in Queens, it’s $11,700; in Brooklyn, it is $13,200 per person—a good amount so you can save up for a down payment or trading up to a larger space.

 

 

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