How much apartment space can NYC renters get for $1,500 a month?

Renting with a $1,500 budget may look very different depending on your location. In some US cities, renters with this budget have a variety of options to choose from and could score a three-bedroom apartment. Other cities, such as New York and San Francisco, do not offer many options within this price range. A new report from RentCafe shows how much space renters across the country could get for $1,500 a month. 

Wichita, Kansas, is the number one spot for renters looking to get more space. For $1,500 a month, renters in this city would get an apartment or a house with at least 1,463 square feet, which is about a three or four-bedroom rental. Toledo, Ohio, ranked second on the RentCafe list, offering 1,379 square feet for $1,500. Tulsa, Oklahoma, and Oklahoma City, also have great deals for renters with 1,368 square feet and 1,330 square feet respectively for $1,500 a month. 

“As expected, Sunbelt and Midwestern cities rule when it comes to apartment space,” the report reads. “Wichita, KS is the number one spot where you can get the biggest bang for your buck. Additionally, rental apartments in smaller cities — like Columbus, GA and McAllen, TX — are more likely to provide ample living space on a budget. Conversely, in big cities on the East and West coasts it’s unlikely to get too much space for $1,500 per month.”

New York City does not offer many options to renters with a $1,500 budget. This city has the highest rents in the nation and, as a result, some of the smallest apartments. Some Manhattan apartments measure as little as 95 square feet. One of the ways New Yorkers save money while renting is by sharing their home with roommates. This approach allows renters to get more space for less money. 

In Manhattan, single renters could get just 243 square feet for $1,500  a month, the fewest among 100 large U.S. cities. Brooklyn offers a bit more space to renters with this budget – 342 square feet. For $1,500, renters could get 362 square feet in Jersey City, New Jersey, and 393 square feet in Queens, New York. Currently, there are 31 rentals available on StreetEasy across the five boroughs with a price tag of $1,500 or below. 

The sharp increase in mortgage rates last year pushed many prospective homebuyers to continue renting. As demand for rental grew, prices began to go up, with nationwide average rent reaching a new all-time high of $2,053 in August 2022, according to Rent.com. However, a $ 1,500-a-month budget would still be more than enough in most cities across the country. At the national level, renters with this budget will get an apartment with 782 square feet.

Resources:

“How Much Apartment Space Does $1,500 Get You in 200 U.S. Cities?” by Andrea Neculae (RentCafe, 2023)

“How big an apartment can you get for $1,500 a month in NYC?” by Jennifer White Karp (Brick Underground, 2023)

“Here's how big an apartment you can get for $1,500 across the U.S.,” by Khristopher J. Brooks (CBS News, 2023)

“How Many Square Feet Does $1,500 a Month Get You?” by Michael Kolomatsky (The New York Times, 2023)