A Unique Rental Market

Lower those expectations

In New York, you always pay more and you routinely get less. Slanted floors are "funky"; three hundred square feet of space is "cozy"; a bathtub in the kitchen is "authentic". Be prepared for small spaces, dated appliances, and decorating challenges.

AVG Rent for 2BR

Apartments move fast

Many apartments you see listed online have been rented by the time you inquire about them. It's not bait and switch (well, maybe sometimes) - it's simply that apartments move fast. Demand is high, vacancy is low, and landlords and agents don't keep meticulous track of their ads or communicate very well about inventory. Average Rents in Major U.S. Cities That's why Naked Apartments created specialized algorithms to take down listings in a timely fashion. We also think it's useful for you to know how long a listing has been on the site - so you can better gauge its availability.

An agent-driven market

NYC landlords are living large in today's market - they have the luxury of raising rents and knowing they can get their price. With demand being so high and vacancies so low, agents can fill vacancies in days, if not hours. Many landlords don't have to work directly with renters, so renters who want to avoid paying a broker's fee have limited apartments to choose from.

Highest rents in the nation

NYCs rents are the highest in the nation. San Francisco is the only U.S. city that comes close to New York's rental market in terms of availability and price. But in a city like Portland, Oregon, for example, comparable apartments rent for about one third of NYC prices (but it rains a lot).

FIG 5.2: Average rents by neighborhood