The 10 Best Affordable Apartments in NYC

Finding your dream apartment in a rental market as large as NYC is a feat in and of itself. You definitely want to maximize your options while staying within your budget. Unfortunately, you may find it necessary to trade off some of your apartment must-haves or increase your budget. We know how stressful it can be even beginning the apartment search, so we’ve compiled a list of the 10 most affordable apartment buildings in NYC. You’re welcome.

1. Monterey at Park

Location: 30 Park Avenue, New York, NY 10016

One Bedroom Studio: $1,800/month

It’s located at an eye-catching location in Murray Hill. All basic amenities are included. The apartment is equipped with an oven, refrigerator, and dishwasher with wooden floors throughout.

Pre Qualifications: Must earn three times monthly rent and agree to a minimum lease of 13 months.

Included Utilities: Gas, Water

Property Amenities: On-site laundry, elevator, garage, fitness center, doorman, lobby, valet service, private balcony

Other Noteworthy Features: The building is pet friendly.

2. The Cole

Location: 354 E 91st St, New York

One Bedroom Studio: $2,480/month

The building is located in a commercial hub on the upper east side of Manhattan. The building is surrounded by shopping centers, art, and entertainment spots, which compliments management’s vision of higher quality living. The apartment has hardwood flooring and the kitchen is equipped with all major appliances.

Property Amenities: On-site laundry, elevator, parking, fitness center, doorman, lobby, private balconies

3. Renoir House

Location: 225 E 63rd St New York, NY

One Bedroom Studio: $2,525/month

The apartment has a modern design and hardwood flooring. The kitchen is fully equipped with stainless steel appliances and is close to the Central Park Zoo and the Museum of Modern Art.

Property Amenities: On-site laundry, elevator, parking, fitness center, private balconies

4. The Dylan

Location: 309 5th Ave New York, NY

One Bedroom Studio: $2,002/month

If you are fond of libraries and theatre then this apartment building is ideal for you. The apartment is located in the center of Manhattan.

Property Amenities: Dishwasher included, on-site laundry, elevator, garage, fitness center, doorman, lobby, valet service, private balconies

Other Noteworthy Features: There are no more than six units per floor.

5. Park Towers South

Location: 315 W 57th St

One Bedroom Studio: $2,154/month

Park Towers South is furnished with artistic detailing, apartments have wooden floors the kitchen has all the basic appliances.

Property Amenities: Onsite laundry, elevator, parking, fitness center, doorman, lobby

Other Noteworthy Features: No pets allowed

6. Common Clinton

Location: 424 West 47th Street

Monthly rent varies based on floorplan

These cozy and stylish apartments require a minimum 12-month lease, shorter leases may be permitted at a higher rent rate. To qualify, tenants must earn 3 times the monthly rent.

Property Amenities: On-site laundry, elevator, fitness center, doorman, private balconies

Other Noteworthy Features: No pets allowed; off-street parking

7. Monterey at Lex

Location: 1501 Lexington Avenue

One Bedroom Studio: $1538/month

This building is perfectly situated near popular restaurants and shops in NYC.

Property Amenities: On-site laundry, elevator, parking, fitness center, doorman, lobby, valet service, private balconies, the parking garage.

8. Instrata at Mercedes House

Location: 550 W 54th St

Monthly rent varies based on floorplan

This 32 story luxury residence is located in Midtown West. Mercedes Club and luxury fitness center.

Property Amenities: On-site laundry, elevator, luxury fitness center, parking garage, doorman, lobby, valet service, private balconies

Other Noteworthy Features: Residences may obtain a membership to the Mercedes Club

9. 101 West End

Location: 101 W End Ave

Monthly rent varies based on floorplan

In order to qualify, potential tenants must earn three times the monthly rent.

Property Amenities: On-site laundry, elevator, parking garage, fitness center, doorman

Other Noteworthy Features: No pets allowed

10. 63 Wall Street

Location: 67 Wall Street Ct

Monthly rent varies based on floorplan

In order to qualify, potential tenants must earn three times the monthly rent, and the residents are required to sign a minimum 12-month lease. Shorter lease terms may be available at a higher monthly rate.

Property Amenities: On-site laundry, elevator, parking garage, fitness center, doorman

Other Noteworthy Features: Pets allowed in accordance with property guidelines

COVID-19 Considerations

Due to COVID-19, in-person tours must be scheduled in advance, and you will be expected to follow all safety protocols. You may also request a virtual property tour by contacting the property.

FAQs

What is Considered Affordable Rent in NYC?

Affordable rent in NYC is typically defined as no more than 30% of a person’s income. This can vary depending on the specific apartment, location, and individual circumstances.

Are the Apartments on the List Guaranteed to be Available for Rent?

No, the apartments on the list may not be currently available for rent.  It is recommended to contact the property management company or landlord to inquire about availability and rental requirements.

Is it Difficult to Find an Affordable Apartment in NYC?

Yes, it can be difficult to find an affordable apartment in NYC due to high demand and limited availability. It is important to start the search early, be prepared with necessary documents and funds, and consider alternative options such as roommate situations or outer boroughs.

Can I Trust Online Listings for Affordable Apartments in NYC?

It is important to verify the credibility of online listings for affordable apartments in NYC, as there may be scams or misleading information. It is recommended to do additional research, visit the apartment in person, and verify the property management or landlord before signing a lease or providing personal information.

How do I Find a Good, Cheap Apartment in NYC?

To find a good, cheap apartment in NYC, consider looking in neighborhoods outside of Manhattan, searching for rent-stabilized apartments, using online apartment search platforms, and being flexible with move-in dates. Additionally, consider reaching out to local real estate agents, who may have access to unadvertised listings.

What is the Most Affordable Housing in NYC?

NYC has several top affordable housing options, including the Bronx’s Parkchester, Bedford Park, and Fieldston, as well as Lindenwood and Briarwood in Queens.

Final Words:

Our list is only a fraction of apartment options in NYC. We can not guarantee the apartment of your choice will have any units available for rent. Do your research and make moves based on your budget and desired time table.