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NYC: Cheap Rent in Plain Sight

One of New York City’s biggest money drains? Rent. More than 50% of renters pay at least $1,850 a month to live in Manhattan. These numbers are high enough to dissuade recent graduates from following their dreams to the big city. Especially since most landlords require first and last month’s rent as well as a security deposit up front. We’re talking about a start-up cost in the thousands.

But there’s a cheaper way: Women’s residences. These dormitory style buildings offer prime Manhattan addresses at below-market rates. Most of these buildings require residents to be students, interns or working full time. This New York Times article from 1982 reported that these residences often had year-long waiting lists. But these days the wait time isn’t as long, and in some cases there is no wait at all.

I haven’t found these kinds of residences in other cities (if you know of them – let us know in the comment section.) It makes sense that so many popped up in New York – finding a decent apartment here is akin to a full time job. These residences are a great starting place for newcomers to the city. You’re in the comfort of Manhattan and can explore other neighborhoods without the stress of apartment hunting deadlines. You can meet other people in the residence and make friends, and possibly future roommates.

Here’s a breakdown of some of the better know halls (and guys, here’s one for you):

I’m a big fan of these residences because it’s been my very own life saver when I moved out to the city. My living arrangement fell apart at the last minute and I jumped on the women’s residence bandwagon.

I’ll admit that I was a little embarrassed initially to tell people my living situation. I wasn’t sure how they’d react. But I haven’t been ridiculed (well… not beyond my coworkers calling it “The Nunnery”) and I realized I should be proud of the deal I found and the money I’m saving.

Don’t get me wrong, I can’t wait to eventually move into a real apartment with separate rooms and a living room and a kitchen that I can call my own. But for now, this is an option that saved me from canceling my New York move. I can live comfortably while saving up a substantial sum so my first New York apartment can be a place I’m proud of, too.

-Susie Bafico

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