Summer rentals in NYC are heating up with peak season in full swing! So where are all the best studio apartments in NYC hiding? Read on for tips on how to lock down that perfect studio apartment this summer.
While you may think all odds are against you with the high rental prices and a lack of inventory, there are some helpful strategies that can ease the rental process.
Above all, it is important to refine your expectations as well as your search. Be conscious of the neighborhood, price, size, and building features you wish to call home. Although the square footage of a studio apartment could make or break it for you, building amenities and concessions are just as relevant to your final selection.
Luxury Studio Apartments in NYC
Although it is peak season, 20 Exchange Place in the Financial District currently offers unparalleled concessions. This building offers a free month’s rent at lease signing!
Square footage matters, but renters must be realistic when considering studios in Manhattan where space is very limited. While the space at a luxury building may be smaller, renters should always weigh the pros of the included amenities, which come with many buildings in the Financial District.
Residents at 75 Wall St. can enjoy the four-star services of the Andaz Wall Street, including housekeeping, room service, butler service, wake up calls, catered private events, dedicated concierge service, and refrigerated storage for grocery deliveries. In addition to hotel-like services, most buildings feature state of the art fitness centers, luxury resident lounges, as well as stunning indoor and outdoor space.
Three successful Platinum agents share their insight on studio apartments in the Financial District:
Dayanne Viana Costa
95 Wall has a sexy vibe. With beautiful designer decoration, it tends to attract a very trendy crowd. The apartments provide ultra-luxury finishes, and the building offers amazing amenities, such as a modern 24hr gym, a basketball court, a very tasteful lounge and a roof deck. Breakfast is served every morning. For these and other reasons, 95 Wall is definitely one of my favorite buildings in FiDi. It’s a pleasure for me when clients become friend with their neighbors, because I know for a fact that they will be 100% happy and thankful after moving in. That’s my biggest satisfaction.”
20 Exchange Place is perfect for the first time FiDi renter. There are a lot of great priced studios within the $2,500-$2,650 range. The units have brand new floors, a very rare find in NYC.
95 Wall is a stunning luxury building and one of the few buildings offering a basketball court. They offer free breakfast, tons of community parties and mingle events. Very community oriented. Studios are priced at $2,750-$3,000.
75 Wall has a fantastic panoramic rooftop; however there are not too many studios available. It is one of the great high end buildings FiDi has to offer. Studios are priced at $2,975-$3,500.
The best priced studios are at 2 Gold Street because they are rent stabilized and range $2,600-$2,700. Accordingly, they are off the market same day if not the next. You’ll find floor to ceiling windows, free amenities, in this great building.
Next up would be 88 Greenwich, priced well at $2,600 for around 500 square feet. Yet, it is a condo so the approval process plus the application fee makes it a bit tougher.
20 Exchange Place has a great deal; however, if you are planning on staying there for more than a year, you are looking at Rent hikes based on GROSS RENT, not NET. Meaning: the cheapest studios there now are Gross $2,825, net $2,540. So someone with a budget of $2,500, next year will have to move because now their rent is not $2,540 plus increase, but $2,825 plus increase.”
How to Close On Your Studio
Before you view potential units with your Platinum agent, remember to get your financial paperwork together and ready to submit:
- Copy of a state-issued photo ID
- 3 most recent bank statements
- 2 most recent tax returns
- 3 most recent pay stubs (if not self-employed)
- Employment letter (CPA letter if self-employed)
Related: Living in NY: Insights Before Moving