Have you ever thought about why everything is so expensive in New York City, and more especially, Manhattan? From food to room rentals, and even entertainment, everything is just overpriced. Many people believe that the cost of living in Manhattan is so expensive because the rentals are high and because there is a shortage of space.
On average you can expect to pay about $3667 to rent an apartment in Manhattan, but you would need to check availability first as many of these apartments move really fast. In other places, you will expect to pay around $1366. The main difference though is the people. Rentals are believed to be more expensive in Manhattan as there is limited space in the area and because the places are in high demand. Landlords are aware of this and thus increase the prices to make more money. Since these apartments are in such high demand, the people just choose to take it.
Why is Manhattan so expensive?
There are many reasons why Manhattan may be expensive but here are a few:
As mentioned above, space is also really important and there isn’t much space in Manhattan. there is such little space here that it is incredibly difficult to locate space to build apartments or flats. Owners who already have property there, try to get their money’s worth out of the property due to the expensive construction costs in the area.
You may also find that Manhattan is a really nice and convenient place to live in, and you can generally walk to the places you wish to visit. Another reason is that in Manhattan, you will generally also be close to a bus or train stop, so it is easy to get from point A to point B with no hassle.
Everything in NYC and specifically Manhattan is expensive because the rentals are expensive, and space is a sought-after commodity. Also, it is convenient to live in Manhattan and this makes it even more high demand. Since many people want to work in Manhattan but really cannot afford to, they opt to work there and live in an outside borough. This means that they will be travelling every day, to and from their destinations. It will also mean that they will be living in areas that are not high demand and thus they are much cheaper than Manhattan.
If you decide that you can compromise living in Manhattan, you will find a great apartment outside of Manhattan and simply commute to Manhattan every day. this way, you will experience living in a nice accommodation for less than half that you would pay in Manhattan. this also means more money to save, spend on entertainment or simply just travel with. The housing crisis doesn’t seem to be improving as it is something that is out of one’s control. The less space available, the more high demand the housing will be and thus the more expensive they will be.