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How to Save Money on Rent Living in NYC

How to Save Money on Rent Living in NYC

July 10, 2024 | By Or Goldschmidt

 

New York City offers a wealth of personal and professional opportunities, but living expenses in the city are high. If you save money any place you can, you can stretch every dollar further to enjoy your life in NYC. When it comes to rent, there are several tips and tricks you can use to pay less for your apartment.

How to Save Money on Rent: Don’t Pay It Alone

You can cut your rental costs in half or more when you consider co-living. Roomrs is one service that will connect you with a room rental in a shared living environment. You’ll share the total cost of the apartment with the other renters in the unit. 

 

As housing costs peak throughout the city, co-living is among the best ways to keep your rent from skyrocketing.

Walk More to Pay Less

When you live close to a popular subway stop, you’re likely to pay considerably more for your apartment. 

 

If a 10-minute walk doesn’t bother you, look for an apartment that’s a half-mile away from the nearest stop. You may find apartments of similar quality that rent for 10% less than those closer to the subway. When you want to know how to keep rent low, this tip can save you hundreds of dollars each month. 

Move to a Smaller Place

As you discover how to afford rent in NYC while living alone, you’ll find that bigger is not better. You can address high rent costs by downsizing to a smaller apartment. The entire city is right outside your front door — you don’t need that extra space! If you shop around, you can find a cozy apartment that will fit into your budget.

Look for Apartments in the Winter

Most people move in the spring and summer to take advantage of the warm weather and clear roads. This means fewer people are looking for NYC apartments in the winter, reducing the demand for units. Many guides on how to save money on rent suggest winter apartment hunting for this reason. 

 

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Sell Your Parking Spot

Many people who offer tips to save money on rent forget about the demand for parking in New York City. If your apartment comes with a parking space, your spot might have more value than you realize. 

 

Like many New Yorkers, you might already be car-free. If you’re not, think about whether it would be practical to rely on the subway for transportation. Then, ask your landlord if they will give you a rent discount in exchange for giving up your parking spot. Or see if another tenant will pay you to use the additional space.

 

If you need to have a vehicle, you should still ask your landlord whether they will give you a discount for giving up the space. Compare those savings to off-site parking costs to determine how much you could save.

Avoid Smart Tech

Landlords know that renters value state-of-the-art conveniences. This is why well-appointed apartments cost more. You’ll pay less for an apartment that doesn’t have smart devices and other high-tech features. Keep in mind that the property owner will price the rent high enough to cover the costs associated with installing and maintaining these devices.

 

You can live an energy-efficient life without smart tools. With proper planning, you can effectively control your HVAC system with a basic thermostat. Traditional locks are just as effective as smart locks, and they give you tighter control over access to your rental. You can always upgrade to a more high-tech apartment in the future.

Look for Fewer Amenities

You might be drawn to apartments with special amenities like a gym or a pool. While these features might provide more comfort, they’re not always necessary. For example, if you know you won’t use a fitness center, why pay more for a building that offers one? Similarly, avoid pet-friendly apartments if you don’t have a pet. 

 

These features tend to increase property maintenance costs, and your landlord will pass those costs on to you. When the rental rate is more important than amenities, look for apartments that offer a minimalist experience. You can always join a gym, go to the beach, or visit friends with pets.

Make the Most Out of Your NYC Experience

Following these tips will give you a start in living a more budget-friendly lifestyle. The money you save on rent can help you save for a home of your own or give you the financial freedom to enjoy more of the city’s delights. No matter what goals you have for the future, lower rent will give you the resources you need to pursue your dreams.

Or Goldschmidt

Or Goldschmidt, CEO

Or Goldschmidt is the Founder and CEO of Roomrs, a company dedicated to revolutionizing urban living for young professionals. Before launching Roomrs, Or gained extensive experience in New York's dynamic real estate sector. At GFI Realty, he excelled in Investment Sales, contributing to diverse transactions involving multi-family properties, development sites, hotels, and financing. At just 22, Or founded his first business, managing a portfolio of short-term rentals across New York City. This entrepreneurial endeavor laid the foundation for Roomrs, born out of his desire to provide unique, affordable living solutions for young adults navigating their early years in the city. Since its inception, Roomrs has expanded to 18 neighborhoods and has successfully housed over 3,000 tenants, offering them a seamless and supportive living experience.

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