When it comes to New York City real estate, it’s no secret that a large amount of money gets very little in return.
Apartment search website RentCafe has now calculated just how little that amount of space is for the average $1,500-a-month renter in the five boroughs — and the answers are rather grim.
“Although the South and Midwest offer more generous terms, major coastal job hubs are places where renters on a fixed budget need to sacrifice square footage to benefit from the countless opportunities these areas offer,” prefaced the writers of RentCafe’s report, which looked at how far $1,500 in rent goes in 200 US cities. In Manhattan, $1,500 nets on average a mere 228 square feet of home, making it the city offering tenants the least bang for their buck.
Brooklyn didn’t fare much better, with apartments averaging 300 square feet, “which could be the equivalent of a really tight studio,” for the same monthly budget, RentCafe noted.
In Queens, the unit size rises to 370 square feet.
For comparison, those living in Wichita, Kansas may not be able to exit their residences into a teeming urban hub brimming with culture, job opportunities and some of the world’s best restaurants. But they do get to go home to on average 1,359 square feet of living space for $1,500 — earning it the top spot in terms of most space for the budget. The same is true of Toledo, Ohio, which took second place, where renters can, for the same price, get an average of 1,345 square feet, sufficient room for a three- or four-bedroom unit.
The tradeoff is regional, with East Coast and California renters getting the smallest amount of space for the largest payout, and Midwest metros — as well as small Southern cities — enjoying the biggest layouts for $1,500.