New York City, along with San Francisco, has made headlines recently when it comes to the skyrocketing prices of rent for relatively little space. But how much can $1,500 get you if you are looking to rent in Manhattan?
A recent study conducted by RentCafe showed how much space $1,500 in rent can get you in the 100 largest cities in the United States. Manhattan fell last on the list, offering an average of 262 sq. ft. — six times smaller than a Wichita, KS apartment for the same amount of money.
While this small space for such a high price may seem unreasonable to many renters, many younger people who are drawn to the city for work or school opportunities feel the compromise is worth it to be able to live in Manhattan – with rental applications from Gen Z increased by 63%.
For those in NYC looking for bigger spaces for the same price, Queens is the usual choice borough. Here, $1,500 will stretch to around 400 sq. ft. of living space, which can translate into a small studio.
Brooklyn apartments with 357 sq. ft. for the same money can be a compromise solution for those looking for that sweet spot between location and space in NYC as well as accessibility.
Across the Hudson River, renters may have better luck finding spaces that suit their needs for the same price. Jersey City rentals give a solid 410 sq. ft. on this budget, while less than 10 miles away, Newark apartments almost double the amount – 808 sq. ft.
Suburbs – while a bit farther away from city life, potentially spelling out a longer commute – are also a good choice for those willing to compromise travel for more leg room. Lakewood, NJ boasts the largest living space in the area — 887 sq. ft. for $1,500 — followed by Hillsborough, NJ with 874 sq. ft.
You can read the full study to see how much $1,500 stretches in terms of apartment space in other cities across the U.S here.