Renting versus buying in NYC: How to decide as mortgage rates begin to edge down + Listings available to buy or rent

By Cait Etherington | From Get To Know Tuesday, October 28, 2025

224 Richardson Street, #3B | https://www.cityrealty.com/nyc/williamsburg/224-richardson-street/86525/3B/CJthvlVKD

While there have been some jitters about the New York City mayoral election, these have not had a significant effect on the local real estate market. Issues directly related to real estate, like the SALT tax deduction, the mansion tax, and past proposals for a pied-a-terre tax, have been much more impactful than policy proposals that may not come to pass (see the flurry of closings before the mansion tax went into effect).

Nevertheless, the decision to rent versus buy is never easy, and the stakes in New York City can be exceptionally high. With steep home prices and down payment requirements, even high-income earners often hesitate before taking the plunge into ownership. This explains why New York City has historically had one of the highest percentage of renters out of any U.S. city.

With mortgage rates finally edging down and inventory likely to increase as more owners finally put their homes back on the market, the rent-versus-buy dilemma is once again top of mind for New Yorkers. This article explores five essential questions to ask if you’re currently facing the rent-versus-buy decision.

Five Questions to Consider While Weighing the Benefits of Renting Versus Buying

#1. How long do you intend to live in New York City?

The most critical factor in the rent-versus-buy decision is how long you plan to live in the city. If you intend to stay in New York for the long haul, buying almost always makes more sense. Local real estate has historically appreciated over time, often significantly. Holding a property for ten years or more nearly always offsets upfront costs and delivers a strong return. On the flip side, years due to closing costs, transfer taxes, flip taxes, and broker fees, buying makes less sense if you plan to move in the next three to five.

#2. Are you prepared to undergo underwriting and board approval at this time?

Buying in New York is unlike buying almost anywhere else in the country. Beyond securing financing, many buyers must pass a rigorous co-op board approval process that can include full work history and an interview for your dog as well as yourself. This invariably means being prepared to face the scrutiny of underwriters and boards as they investigate your finances, employment history, and rental or ownership history. While most buyers with solid financials will gain approval, the process can be stressful and time-consuming. Renters, by contrast, are usually only asked to undergo a basic credit check and provide proof of income.

#3. What are your must-haves versus nice-to-haves?

New York real estate is all about compromise. Whatever the budget, few buyers get everything on their wish list. That’s why it’s crucial to have clarity on your “must-haves” versus “nice-to-haves” before entering the market. If your non-negotiables include significant square footage, a prime location, and access to high-performing public schools, for example, renting may be a more viable option, at least in the short term.

Buyers should also be prepared for trade-offs over time. However, a starter apartment in a less trendy neighborhood can still be a smart purchase if it allows you to begin building equity and provides a stepping-stone to a future upgrade.

135W52, 135 West 52nd Street, #40A | Compass | https://www.cityrealty.com/nyc/midtown-west/135w52-135-west-52nd-street/56711/40A/eNIaMowBKDa

#4. Do you want to be able to renovate your unit?

For many, ownership is appealing not just because it builds wealth but because it allows greater control over one’s living space. Renters are typically restricted to cosmetic changes, such as paint or furniture, and even paint can sometimes require prior approval. Owners, by contrast, have far more latitude to renovate—even if major projects require city permits or co-op/condo board approval. Whether you dream of knocking down walls to create an open floor plan, upgrading appliances, or simply personalizing your space with permanent fixtures, buying offers freedoms that renting rarely does.

#5. Can you afford the full costs of ownership—not just the mortgage?

The most essential consideration when reflecting on the buy-versus-rent dilemma is the true cost of ownership. While it is true that a fixed-term mortgage will lock you into a same monthly rate for decades, this doesn’t mean your housing cost won’t be subject to change over time. Beyond your monthly mortgage payment, owning in New York also entails covering fluctuating property taxes, maintenance fees or common charges (depending on building type), homeowners’ insurance, utilities, and—especially in older buildings—occasional assessments to cover major repairs or upgrades. Renting, at least renting a market-rate apartment, can also make it difficult to predict your housing costs from year-to-year, but it generally does offer greater flexibility.

The rent-versus-buy dilemma isn’t new, but with shifting market conditions, it is once again on the radar for many New Yorkers. The bottom line is that buying is not a one-size-fits-all solution. Ultimately, the best decision is one that aligns with your priorities, financial reality, and timeline. Being honest with yourself about your short- and long-term goals is the surest way to arrive at the right answer.

Apartments available to rent or buy

101 Thompson Street, #19
$595,000 (-4.8%) or $4,675/month

SoHo | Cooperative | 1 Bedroom, 1 Bath

101 Thompson Street, #19 (Sothebys International Realty)

From the Listing: Nestled in the peaceful tree-lined blocks of SoHo, this is a one-of-a-kind opportunity to own in one of Manhattan's most desirable neighborhoods. Apartment number 19 is a one-bedroom home boasting double exposures and a well outfitted chef’s kitchen. The space has been renovated with custom tile and modern stainless shelving throughout. See floor plan and full details here.

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Citylights, #PH4D
$649,000 (-15.5%) or $4,500/month

Long Island City | Condop | 1 Bedroom, 1 Bath | 819 ft²

Citylights, #PH4D (Douglas Elliman Real Estate)

From the Listing: Spanning 819 sq. ft., this expansive one-bedroom sanctuary is bathed in natural light through oversized windows, offering panoramic vistas from northeastern Queens across the East River to Manhattan's Billionaires" Row. The thoughtfully renovated kitchen features gleaming granite countertops, natural maple cabinetry, and premium appliances, catering to both culinary enthusiasts and entertainers alike. See floor plan and full details here.

204 West 92nd Street, #2F
$840,000 or or $5,250/month

Broadway Corridor | Cooperative | 1 Bedroom, 1 Bath | 700 ft²

204 West 92nd Street, #2F (Berkshire Hathaway HomeServices New York Properties)

From the Listing: Charming pre war 1 bedroom/convertible 2 bedroom on tree-lined upper west side block Step into the spacious, light filled living room with triple, oversized windows looking onto the treetops of West 92nd Street. Living room features include: high ceilings, exposed brick wall, wood burning fireplace and solid oak floors. The adjacent dining area can adapt to suit your needs easily converting to a 2nd bedroom or home office. See floor plan and full details here.

Graceline Court, #5B
$850,000 or $4,250/month (-8.1%)

Harlem | Condominium | 2 Bedrooms, 2 Baths | 1,051 ft²

Graceline Court, #5B (Sothebys International Realty)

From the Listing: Watch your plants grow in an amazingly sunblasted south facing 2 bedroom with oversized windows, a large living room, dedicated and spacious dining area, and with beautiful wide plank floors. See floor plan and full details here.

25 Indian Road, #4G
$899,000 (-3.2%)or $3,995/month

Inwood | Cooperative | 3 Bedrooms, 2 Baths | 1,350 ft²

25 Indian Road, #4G (Douglas Elliman Real Estate)

From the Listing: South, East & North exposure with blue-sky and leafy tree-tops views from 11 windows provide stunning light throughout the day. Super Low Maintenance for this impressive space makes it an excellent and affordable investment. The space, thoughtfully designed and gently lived in, has a fabulous flow between the rooms, providing one with a flexibility to entertain large parties. See floor plan and full details here.

136 East 56th Street, #10H
$945,000 (-1.6%) or $5,500/month

Midtown East | Cooperative | 1 Bedroom, 1 Bath | 1,000 ft²

136 East 56th Street, #10H (Douglas Elliman Real Estate)

From the Listing: Welcome to your SUN-DRENCHED, high-floor home at the crossroads of luxury and location. Perched on the 10th floor of a full-service Coop, this oversized 1-bedroom apartment offers approximately 1,000 SQUARE FEET of thoughtfully renovated living space. Lovingly upgraded by the current owner, this home features: See floor plan and full details here.

Turtle Bay Towers, #19U
$999,000 or $5,800/month

Turtle Bay/United Nations | Condop | 1 Bedroom, 1 Bath | 1,100 ft²

Turtle Bay Towers, #19U (Sothebys International Realty)

From the Listing: Welcome home to this one-of-a-kind well-proportioned one bedroom with separate home office or sitting area. It captures loft-life living with a European flair in the heart of Midtown. This renovated residence is perched on a high floor flooded with Southern exposure enjoys sweeping magnificent city views including the iconic Chrysler Building and the top of the Empire State Building through a wall of greenhouse windows with custom electric solar shares. See floor plan and full details here.

Hillman Coop, #G7F
$1,100,000 or $6,750/month

Lower East Side | Cooperative | 3 Bedrooms, 2 Baths

Hillman Coop, #G7F (Brown Harris Stevens Residential Sales LLC)

From the Listing: Large true 3BR/2BA with triple exposures! Huge living/dining with plenty of room for entertaining and relaxing, Renovated windowed eat-in kitchen, 3 as built real bedrooms (two with double exposures) and 2 windowed baths! Views to downtown skyline, trees and sky.8'7 beamed ceilings, wood floors throughout and lots of closets for excellent storage. See floor plan and full details here.

287 East Houston Street, #4B
$1,195,000 or $5,500/month

Lower East Side | Condominium | 1 Bedroom, 1 Bath | 750 ft²

287 East Houston Street, #4B (Coldwell Banker Warburg)

From the Listing: Stylish, Modern, and Move-In Ready - Residence 4B at 287 East Houston offers a seamless blend of light, luxury, and lifestyle in one of downtown's most vibrant neighborhoods. Set within a boutique collection of just 27 residences, this spacious one-bedroom with an oversized entryway that can function as a home office, features soaring 10-foot ceilings and floor-to-ceiling windows that fill the home with natural light. See floor plan and full details here.

224 Richardson Street, #3B
$1,400,000 (-5.1%) or $6,400/month

Williamsburg | Condominium | 2 Bedrooms, 1.5 Baths | 967 ft²

224 Richardson Street, #3B (Bond New York Properties LLC)

From the Listing: Welcome to 3B at 224 Richardson in Williamsburg! If youre looking for a combination of a luxury condo with 3 private outdoor spaces, then take a tour of this spacious 2BR/1.5BA duplex in the heart of Williamsburg. The lower level features an expansive living area with a balcony, while the upper level contains two bedrooms plus balcony. This unique duplex features hardwood floors, built-in closets, central heating and a spa-like bathroom with a steam shower. See floor plan and full details here.

3 Hanover Square, #22A
$1,695,000 (-15%) or $11,000/month

Financial District | Cooperative | 3 Bedrooms, 3.5 Baths | 2,200 ft²

3 Hanover Square, #22A (Compass)

From the Listing: Welcome to a true gem nestled in the heart of the Financial District! Imagine coming home to this expansive 2,200 square foot TRIPLEX coop at 3 Hanover Square. With its exquisite layout, this 3-bedroom, 3.5-bathroom beauty on the 21, 22 and 23rd floors, promises a lifestyle that combines elegance with comfort. See floor plan and full details here.

165 Elizabeth Street, #4R
$1,795,000 or $7,750/month

NoLiTa/Little Italy | Condominium | 1 Bedroom, 1.5 Baths | 900 ft²

165 Elizabeth Street, #4R (Douglas Elliman Real Estate)

From the Listing: Chic Nolita Duplex with Private Terrace and Designer Upgrades Experience the best of Downtown living in this rarely available 1-bedroom, 1.5-bathroom duplex condominium, perfectly situated on a quiet, tree-lined block in the heart of Nolita—one of Manhattan’s most vibrant and sought-after neighborhoods. See floor plan and full details here.

Hudson Condo, #17B
$1,885,000 or $6,400/month

Lincoln Center | Condominium | 2 Bedrooms, 2 Baths | 1,227 ft²

Hudson Condo, #17B (Sothebys International Realty)

From the Listing: Welcome to your new home with breathtaking open skyline views. This corner 2-bedroom, 2-baths residence has a desirable split layout with three exposures: South, West and North. This beautifully maintained apartment features hardwood floors, high ceilings, and an in-unit washer/dryer. See floor plan and full details here.

The Heritage, #12D
$1,895,000 or $7,975/month

Riverside Dr./West End Ave. | Condominium | 1 Bedroom, 1 Bath

The Heritage, #12D (Nest Seekers LLC)

From the Listing: The ONLY River-Facing, high-Floor 1-Bedroom with a Large 261sf Setback Terrace. Come relax on your own Private Outdoor Space and enjoy the beautiful Hudson River and Sunset vews. See floor plan and full details here.

179 Ludlow Street, #2
$1,899,000 (-4.8%)or $5,250/month

Lower East Side | Condominium | 2 Bedrooms, 2 Baths | 1,073 ft²

179 Ludlow Street, #2 (Serhant)

From the Listing: Now available for the first time since its initial offering, this impeccably renovated two bedroom, two bathroom residence presents a rare opportunity to own a sun-filled sanctuary with a sprawling 475sf PRIVATE TERRACE. See floor plan and full details here.

320 West 89th Street, #3CD
$1,995,000 (-13.1%)or $9,950/month

Riverside Dr./West End Ave. | Cooperative | 3 Bedrooms, 2 Baths

320 West 89th Street, #3CD (Sothebys International Realty)

From the Listing: Convertible 4 bed approx. 1,600+/- sqft. Experience the perfect blend of form and function in this newly combined and meticulously renovated 3-bedroom, 2-bathroom home with a home office. This Upper West Side gem boasts 13 large windows and triple exposures, ensuring an abundance of natural light and attention to detail throughout. Redesigned for maximum livability, the home features no wasted corridor space. See floor plan and full details here.

119 Prospect Park West, #1
$1,999,000 or $6,950/month

Park Slope | Cooperative | 2 Bedrooms, 1.5 Baths

119 Prospect Park West, #1 (Serhant)

From the Listing: Located directly on Prospect Park, Residence 1 at 119 Prospect Park West is a beautifully designed two-bedroom, one-and-a-half-bathroom duplex with PRIVATE PARKING. This exceptional five-unit co-op embodies the best of Park Slope living. See floor plan and full details here.

The Plaza, #1406
$2,195,000 or $9,000/month

Midtown West | Condominium | 1 Bedroom, 1 Bath | 887 ft²

The Plaza, #1406 (Keller Williams NYC)

From the Listing: Welcome to Residence 1406 at the Plaza Private Residences—an elegant, sun-filled one-bedroom home at one of New York’s most storied addresses. Framed by south- and east-facing windows, this sophisticated apartment offers bright exposures and tranquil views of the Plaza’s beautifully landscaped courtyard, fountain, and reflecting pool. See floor plan and full details here.

The Cheyney, #1E
$2,749,000 (-7.6%) or $15,499/month

Chelsea | Condominium | 2 Bedrooms, 2.5 Baths | 1,525 ft²

The Cheyney, #1E (Compass)

From the Listing: Imagine coming home to your own private garden oasis, tucked behind a quiet, refined, contemporary residence in one of Manhattan’s most vibrant neighborhoods. This exquisite two-bedroom, two-and-a-half-bathroom duplex condo is a study in elegance and comfort. Every detail has been thoughtfully curated, from the rich stone and hardwood floors underfoot to the ambient recessed lighting that softly frames each space. See floor plan and full details here.

1255 Fifth Avenue, #3-A
$3,200,000 (-8.6%)or $18,000/month

East Harlem | Condominium | 2 Bedrooms, 2.5 Baths | 2,450 ft²

1255 Fifth Avenue, #3-A (EXP Realty NYC)

From the Listing: 15ft+ ceiling height! Total 3 units combined! Two floors with 3 mezzanines, in unit washer / dryer, superior appliances, terrace, direct views of Central Park on 5th Ave!2450 Sq ft! Key Features: Corner unit with triple exposure (W, NW, SW) and direct views of Central Park & Harlem Meer. See floor plan and full details here.

J.W. Marriott Essex House, #10151018
$3,399,000 or $25,000/month

Midtown West | Condominium | 2 Bedrooms, 3 Baths | 1,554 ft²

J.W. Marriott Essex House, #10151018 (ENGEL & VOLKERS NEW YORK CITY)

From the Listing: Make this stunning combination 2 bedroom, 3 bathroom apartment your home or Pied-a-Terre! Price improvement for this gorgeous Central Park South apartment. Immerse yourself in breathtaking, unobstructed views of Central Park from this remarkable residence, nestled on the perfect floor of an iconic building.Whether you opt for full-time residency or a pied-à-terre, Manhattan's finest offerings are right at your fingertips. See floor plan and full details here.

The Intercontinental, #8B
$5,800,000 (-9.4%) or $28,000/month

Midtown West | Condop | 3 Bedrooms, 3.5 Baths | 2,391 ft²

The Intercontinental, #8B (Corcoran Group)

From the Listing: 110 Central Park South, 8B is a Coop with Condo rules and striking views of Central Park. This refined and sophisticated residence is ideally situated opposite Central Park, offering a private three-bedroom, three and a half bathroom with exposures to the north, and south. Adorned with exquisite hardwood floors and high-end fixtures, this residence emanates elegance. The expansive living/dining room, with a picturesque view of Central Park, invites you to indulge in the ever-changing colors of the seasons through generous 29-foot picture windows. See floor plan and full details here.

135W52, #40A
$6,350,000 or $27,810/month

Midtown West | Condominium | 4 Bedrooms, 4 Baths | 3,726 ft²

135W52, #40A (Compass)

From the Listing: Welcome to Residence 40A at 135 West 52nd Street—a mint condition, full-floor luxury home offering an unparalleled 3,726 interior square feet plus a 153-square-foot private terrace with light flowing in through its four exposures from the 40th floor. See floor plan and full details here.

J.W. Marriott Essex House, #3401
$6,995,000 or $35,000/month

Midtown West | Condominium | 2 Bedrooms, 2.5 Baths | 1,900 ft²

J.W. Marriott Essex House, #3401 (CitiSuites International Realty LLC)

From the Listing: Perched high above Central Park on the 33rd floor of the JW Marriott Essex House, this two-bedroom, two-and-a-half-bathroom hotel condominium residence is a unique home . This sleek, excellent condition home was thoughtfully created through the combination of two apartments and the use of top of the line finishes. It boasts breathtaking Central Park and city views from super large windows in all rooms! See floor plan and full details here.

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Contributing Writer Cait Etherington Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.

Read Full Bio | Contact Cait Etherington

This is your member's center

In this article:

Five Questions to Consider While Weighing the Benefits of Renting Versus Buying

#1. How long do you intend to live in New York City?

#2. Are you prepared to undergo underwriting and board approval at this time?

#3. What are your must-haves versus nice-to-haves?

#4. Do you want to be able to renovate your unit?

#5. Can you afford the full costs of ownership—not just the mortgage?

Apartments available to rent or buy

101 Thompson Street, #19
$595,000 (-4.8%) or $4,675/month

Select which properties are of interest to you:

Citylights, #PH4D
$649,000 (-15.5%) or $4,500/month

204 West 92nd Street, #2F
$840,000 or or $5,250/month

Graceline Court, #5B
$850,000 or $4,250/month (-8.1%)

25 Indian Road, #4G
$899,000 (-3.2%)or $3,995/month

136 East 56th Street, #10H
$945,000 (-1.6%) or $5,500/month

Turtle Bay Towers, #19U
$999,000 or $5,800/month

Hillman Coop, #G7F
$1,100,000 or $6,750/month

287 East Houston Street, #4B
$1,195,000 or $5,500/month

224 Richardson Street, #3B
$1,400,000 (-5.1%) or $6,400/month

3 Hanover Square, #22A
$1,695,000 (-15%) or $11,000/month

165 Elizabeth Street, #4R
$1,795,000 or $7,750/month

Hudson Condo, #17B
$1,885,000 or $6,400/month

The Heritage, #12D
$1,895,000 or $7,975/month

179 Ludlow Street, #2
$1,899,000 (-4.8%)or $5,250/month

320 West 89th Street, #3CD
$1,995,000 (-13.1%)or $9,950/month

119 Prospect Park West, #1
$1,999,000 or $6,950/month

The Plaza, #1406
$2,195,000 or $9,000/month

The Cheyney, #1E
$2,749,000 (-7.6%) or $15,499/month

1255 Fifth Avenue, #3-A
$3,200,000 (-8.6%)or $18,000/month

J.W. Marriott Essex House, #10151018
$3,399,000 or $25,000/month

The Intercontinental, #8B
$5,800,000 (-9.4%) or $28,000/month

135W52, #40A
$6,350,000 or $27,810/month

J.W. Marriott Essex House, #3401
$6,995,000 or $35,000/month

This is your member's center

In this article:

Five Questions to Consider While Weighing the Benefits of Renting Versus Buying

#1. How long do you intend to live in New York City?

#2. Are you prepared to undergo underwriting and board approval at this time?

#3. What are your must-haves versus nice-to-haves?

#4. Do you want to be able to renovate your unit?

#5. Can you afford the full costs of ownership—not just the mortgage?

Apartments available to rent or buy

Select which properties are of interest to you:

Select which properties are of interest to you:

Listings in this article

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