Looking for a rental with an extra bedroom? Here’s how much it costs New Yorkers to size up
Renters in Manhattan face the largest jump in rent in sizing up apartments—when going from one bedroom to two and two to three and so on—compared to any other city, according to a new survey.
According to the data scientists at RentCafé, if you live in Manhattan and move into another Manhattan rental with an additional bedroom, upgrading will cost you an average of $1,592 more than what you’re currently paying in rent—the most anywhere in the U.S.
Upgrading is on a lot of New York City renters’ minds these days. Many need space for a home office, but with rents rebounding so quickly from their lows during the pandemic, trading up for a larger bedroom is becoming pricier. In June, the median rent for Manhattan was $3,195, a 7 percent increase over the previous month, according to the Elliman Report.
So if you want to size up, your best bet may be to consider areas outside the city.
But which ones? According to RentCafé, you can “easily save a couple of tens of thousand dollars annually living in East Orange, Toms River, or New Brunswick.” However, Newark offers the best savings when adding a bedroom: You’ll shave off an average of $2,184 off your Manhattan rent.
Hoboken doesn’t offer the same kind of deal: You’ll only save about $100 off your Manhattan rental. It’s only slightly better than what you do if you upsize to Brooklyn, which will run you about $127 a month to add another bedroom.
As for other places in New York State, Yonkers offer the best deal, the report says. Adding an extra bedroom is $1,303 cheaper on average and upgrading to a larger apartment in New Rochelle also offers an average savings of $1,120.
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