Infographic: Compare the luxury apartment markup in eight NYC neighborhoods
Are you considering upgrading your digs to luxury status? First, check out how prices fluctuate across the city.
Fri Apr 11 2014
Infographic: Skye Back
After missing that umpteenth package from UPS and lugging groceries time after time up to your fifth-floor walk-up, you may have felt the urge to upgrade to a luxury apartment—or at least wondered how much some fancy amenities would set you back every month.
As with anything and everything in this city, the price of making the leap to luxury varies wildly by neighborhood, so we asked the number-crunchers at RentHop, a real-estate site with over 90,000 NYC rental listings, to help figure the markup from a regular apartment to luxury pad. We selected eight different city neighborhoods and compared the rent last month of a one-bedroom in a nonluxury building to a luxury building, defined here as having an elevator and a doorman. Let's take a look, shall we?
As you can see from the infographic above, Soho has the most expensive luxury apartments available—which is not hugely surprising. The median gap between regular and luxury rentals in the trendy 'hood is a whopping $1,450 per month, more than some people's monthly rent alone. But if you go to Williamsburg—a neighborhood by no means known for its deals—that gap shrinks by more than 50 percent, with a price difference of $600. (If you live in the 'Burg, that either means you're paying way too much for your plain-Jane apartment, or could land a semblance of a deal by finding a place in one of those waterfront high-rises.)
It's also interesting to note that the markup between luxury and nonluxury apartments in the West Village and Brooklyn Heights is nearly identical ($1,200 and $1,180, respectively). The most affordable luxury digs of the bunch can be found in Long Island City, where you can enjoy an elevator and a doorman for about half the price ($2,637) as in Soho—and probably a way better view.
The citywide luxury markup is especially shocking since these extravagant prices don't even guarantee a gym or a pool; we don't even want to think about the price difference for places with those truly luxurious amenities.
Take a look at the breakdown by neighborhood:
Rents in March 2014, luxury vs. nonluxury one-bedroom apartments
Soho: $5,000 vs. $3,550
West Village: $4,500 vs. $3,300
Upper West Side: $3,405 vs. $2,750
Boerum Hill, Booklyn: $3,300 vs. $2,450
Brooklyn Heights: $3,280 vs. $2,100
Upper East Side: $3,250 vs. $2,295
Williamsburg, Brooklyn: $3,150 vs. $2,550
Long Island City, Queens: $2,637 vs. $1,950
You might also like
Send tips to:
Editor: Marley Lynch (@marleyasinbob)