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Prices and availability in New York were last updated on 4 Sep 2026.
The best apartments in New York are: Brookwood at Oakdale 55+, Highview Manor Apartments, Brookwood at Islip, Walden Pond At East Moriches and Brookwood at Ridge.
In New York, 46% of the residents are renting compared to 54% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 28% of New York's rentals, 63% are small-scale complexes with under 50 units, and 9% are single-family rentals.
Finding apartments for rent in New York for less than $500 has never been so easy! At RentCafe nice cheap apartments are just one click away. There are currently 52 available units in New York, renting for under $500. On average, $893 can get you 1,536 Sqft in this area. Be sure to search for the apartment that is best for you. Under “More”, check the amenities that you consider a must-have, and don’t forget to look at the pet policy. Fitness enthusiasts can even check the Fitness Center box. Whether you are looking for studio apartments, 1 bedroom apartments, 2 bedroom apartments or 3 bedroom apartments, you are sure to find one that will make you want to move in right away.
Having to compromise on either price or location can turn your “apartments near me under $500” search into a nightmare. At RentCafe we recognize the importance of both. Therefore, we offer a variety of filters that can help you find exactly what you want. Sorting the results by rent, ascending, will make the cheapest units show up first on the list. Try it out! You will find that right now the cheapest apartment under $500 in New York goes for $147 per month. If some of the results are outside the area of your choice, you can go to the left side of the screen and draw a radius or a polygon around your location. Now you will only see results that are relevant to you.
