SF and NYC used to be fairly comparable as far as cost of living goes but now renting in SF is comparable to a dozen other metros (eg. $3k for a 1 bed, under $4k for a 2 bed) but in NYC it's a now an absurdly expensive outlier eg. $5k+ for a 1 bed in a convenient area in Manhattan or Brooklyn.
Beyond that eating out/going out/uber+taxis all seemed much more expensive in NYC than SF when I visited last month.
I live in a convenient (and "cool") area and pay less than a third of that. The only 1BRs that I'm aware of that go for anywhere close to that are "luxury" rentals, which tend to be worse anyways (newer construction means thinner walls, etc.).
That's simply untrue. Average 1 beds on Zumper for all of Manhattan is $4k. In more central areas downtown it's absolutely going to be more right now. https://www.zumper.com/rent-research/manhattan-ny
And if you rent something that requires a brokers fee then that's another ~2 months of rent you're paying on your initial lease.
Looking at 1BR rentals in Bushwick and Ridgewood (not my areas, but similarly considered "cool"), the average is between $1800 and $2500. Studios average $1400 and $2100.
How was I able to sense that you lived in Bushwick before you stated it? :P . That said, Bushwick only makes sense (to me) if you don't need to commute. The commute from my Manhattan apartment to my office in Midtown is ~15-20 minutes, but my rent is north of $4k for a 1 BR. I expect the rent to go up another $1k when I get the renewal next month. Even at $4k+ I'm paying "under market" if one can believe it.
(I live in another North Brooklyn neighborhood, one with much better subway access, including to Manhattan. I agree entirely about Bushwick not being an ideal neighborhood if your commute involves Manhattan.)
Yes, it's possible to rent for cheaper in the outer boroughs hence why I specifically said central and convenient. If something is $1800 it's because it's a dump or a tiny studio. It's not a normal amount rent someone is paying at all for their own place right now.
The rates provided on these kinds of sites don't necessarily reflect the median housing stock in neighborhoods in Brooklyn, which are frequently buildings where the owner lives in one of the units.
I’ve never paid more than $2,000/mo in rent in NYC, and that was a 1BR in Manhattan in 2018.
A lot of outdated commercial real estate in SF needs to be converted to public housing but that doesn't mean the economy is bad. I think there is a narrative from NIMBY's who think it's bad that housing is going to be created.
1. NYC is booming IMHO
2. Pre-pandemic, there was barely room to walk on the sidewalks in many parts of NYC, now it is better (presumably as people come in 2x a week, not 5x). Some subways have seats now, but many are still standing-room-only.
3. For the last 8yrs pre-pandemic, I used to go to SF/SV 4x to 5x a year for work/conferences...My last Cali trip (cancelled) was literally April 2020 for NVIDIA GTC...I havent been in Cali since 2020. Most has been replaced with Zoom, some has gone to other cities.