Top 10 Most Expensive & Cheapest Manhattan Neighborhoods to Rent for 2020
Manhattan may the city of dreams but it is also notorious for its high rent prices.
Many people interested in moving to New York City do not even consider renting in Manhattan because of this.
While some of the most expensive neighborhoods in the country are located here, there are also neighborhoods that make it possible to live here sustainably.
And the team here at PropertyNest wants you to know what those are!
First off, here is a breakdown of the average rental prices for a one, two and three bedroom apartments.
|Average Monthly Rent||$3,380||$5,060||$8,030|
|Average Yearly Income Needed||$135,200||$202,400||$321,200|
Top 5 Manhattan Neighborhoods with the Priciest Rent
Manhattan zipcodes are known to have some of the country's most expensive real estate.
We will count down to the highest priced neighborhood in Manhattan.
PropertyNest's Salary Calculator makes it convenient for renters to find out what they need to earn to be able to afford to live in each neighborhood.
We took the average of all one, two, and three-bedroom rentals to extract the top 5 list.
Please keep in mind that the numbers are all averages within each respective neighborhood.
5. Battery Park City - Average Rent: $7,640
Once considered the most expensive neighborhood in the country, Battery Park City has fallen in the ranks but still managed to make the cut nonetheless.
This affluent Lower Manhattan neighborhood has regained its footing almost 20 years after the September 11, 2001 attacks.
The area attracts many young professionals and wealthy families working in finance.
It offers its residents green spaces, quiet streets and waterfront views.
It is a planned community filled with buildings that were built specifically for housing, commercial and retail purposes.
Almost all residential apartment buildings are located in the southern section of the neighborhood.
|Average Monthly Rent||$3,925||$6,860||$12,135|
|Average Yearly Income Needed||$157,000||$274,400||$485,400|
4. West Village - Average Rent: $8,480
Limited living space has not deterred renters from paying high prices to reside in this historically-rich neighborhood.
The neighborhood's historical highlights have made it one of New York City's most famous areas.
Most of the buildings in the Village are mid-rise apartments, 19th century row houses and one-family walk-ups.
It is known as the cornerstone for artists, actors, musicians and the LGBT community in particular.
|Average Monthly Rent||$4,190||$6,900||$14,135|
|Average Yearly Income Needed||$167,600||$276,000||$565,400|
3. Flatiron District - Average Rent: $8,590
This neighborhood has got a lot going for it and it's understandable why this area has emerged as one of Manhattan's most desirable neighborhoods.
The Flatiron District hails its moniker from one of the most iconic buildings in New York City--the Flatiron Building, which is only one of many historic and notable buildings.
The area has a long history as commercial district and only saw its residential real estate's viability beginning in the mid-1980's.
Today there's plenty of good shopping, acclaimed restaurants, theaters, and museums within the beautiful aesthetic of beaux-arts architecture.
At the very heart of this neighborhood is Madison Square Park, which just happens to be the birthplace of the first Shake Shack.
|Average Monthly Rent||$4,400||$8,920||$12,440|
|Average Yearly Income Needed||$176,000||$356,800||$497,600|
2. NoMad - Average Rent: $9,265
It's no surprise that NoMad has made the top 5 list as the area just north of the Flatiron District. They share much of the same characteristics, like the historic architecture.
However, unlike its neighbor, NoMad has a long history as an "it" spot in New York such as during the Gilded Age when many private townhouses and mansions went up.
A revitalization slowly emerged in the neighborhood in the early 2000's, which made it ripe for the picking for real estate most notably in the 2010's.
Nearly a decade later, NoMad has come out as the number 2 spot for high rental prices.
|Average Monthly Rent||$4,775||$7,160||$15,860|
|Average Yearly Income Needed||$191,000||$286,400||$634,400|
1.Tribeca - Average Rent: $9,540
Over the past decade Tribeca has risen to the top of the ranks now making it the hottest area in the city to live.
Many celebrities including Taylor Swift, Robert De Niro and Jay-Z & Beyonce call it home.
This small neighborhood has an industrial-meets-classic feel to it.
It is known for its sprawling loft and warehouse conversions.
The converted loft buildings have more spacious apartments, higher ceilings, and open floor plans.
The more "affordable" units tend to be in newly-constructed developments in the area.
It is a family-friendly area with gorgeous green spaces.
Residents also enjoy the neighborhood's trendy restaurants, unique boutiques, art galleries and gourmet coffee shops.
|Average Monthly Rent||$4,860||$9,120||$14,630|
|Average Yearly Income Needed||$193,000||$359,000||$585,000|
Top 5 Cheapest Manhattan Neighborhoods for Rent
The two words "cheap" and "Manhattan", do not usually accompany each other in the same sentence.
Many people, even NYC residents, are not aware of the affordable living options available to them.
PropertyNest will unveil the not-as-talked-about neighborhoods that may convince readers that living in the city is possible!
It should come as little surprise to many that all of our most affordable neighborhoods reside in upper Manhattan.
While it may seem upper Manhattan is a forgotten area of the city, many of discovered not just cheap rents, but amazingly vibrant neighborhoods.
We will be counting down to the cheapest neighborhood in Manhattan to rent.
5. Harlem - Average Rent: $2,800
Thanks to the inevitable gentrification process, Harlem is not what it used to be.
In addition to peaceful views of the Hudson, Harlem offers a wealth of housing.
Fully-renovated century-old brownstones, limestone and brick townhouses make up most of Harlem's architecture.
Co-ops and condominiums are few and far between in this historically-rich neighborhood.
From Ethiopian to Soul Food, Harlem's residents enjoy a wide-ranging cuisine variety.
As rent rise throughout the city, the gentrification in Harlem continues to increase.
There is no doubt that rent prices will continue to rise as the rental market in NYC heats up!
|Average Monthly Rent||$2,300||$2,660||$3,440|
|Average Yearly Income Needed||$92,000||$106,400||$137,600|
4. East Harlem -Average Rent: $2,700
The area has seen a major shift from just 20 years ago.
Starting in the early 2000's real estate prices started going up as those pushed beyond the Upper East Side began to realize the great rental deals just a few blocks north.
While the neighborhood has been a hub for a largely hispanic population for some time, diversity has increased significantly in more recent times.
You can find plenty of history, culture, art--which also include plenty of great street art--and great food in East Harlem.
With the city's plan to rezone the neighborhood, low rental prices may not hold forever.
|Average Monthly Rent||$2,240||$2,630||$3,230|
|Average Yearly Income Needed||$89,600||$105,200||$129,200|
3. Hamilton Heights - Average Rent: $2,540
Many New Yorkers may not be entirely familiar with Hamilton Heights, which is located north of Manhattanville and west of Harlem.
Hamilton Heights has recently seen an influx of millenials who have discovered the beauty of this historic area and the rock bottom prices.
Low rental prices may not stay that way. Even this neighborhood has seen a rise on pricing for new leases.
A one-bedroom once ran on average well below $1,700. Today, although you can still find deals for $1,650 or $1,700, it's leveled around $2,070, with plenty of higher cost options.
|Average Monthly Rent||$2,070||$2,500||$3,040|
|Average Yearly Income Needed||$82,800||$100,000||$121,600|
2. Washington Heights - Average Rent: $2,345
Similar to how Williamsburg is the hipster hangout in Brooklyn, the same can be said for Washington Heights in Manhattan.
Many millennials who can no longer afford to live in Bushwick and Williamsburg, are choosing to live here.
In addition to affordable rent; ethnic foods, green spaces, and a serene environment allures most people to take up residence in neighborhood.
It is located in the northern portion of Manhattan and offers more breathing room, if you will.
Although it seems somewhat removed from the rest of the city a commute to downtown doesn't take very long at all.
Furthermore, the apartments in this neighborhood are spacious and much more affordable.
|Average Monthly Rent||$1,880||$2,300||$2,850|
|Average Yearly Income Needed||$75,200||$92,000||$114,000|
1. Inwood -Average Rent: $2,270
Inwood is also known as "the last affordable neighborhood in Manhattan," and many don't know what they are missing out on!
Inwood is located at the northernmost tip of Manhattan.
It is a very community-oriented, low-key neighborhood bounded on three sides by the Harlem and Hudson Rivers.
Over half of its residents are foreign born.
The area used to be plagued by crime and violence, but has steadily gotten better since the 1990s.
The neighborhood's specific zoning restrictions limit building heights to seven stories.
|Average Monthly Rent||$1,800||$2,220||$2,780|
|Average Yearly Income Needed||$72,000||$88,800||$111,200|
If you were to name neighborhoods that just missed to top 5 picks, you could be there for a while listing all the expensive areas of the borough.
These three neighborhoods have held onto lower averages with one-bedrooms averaging $2,450, $3,090, and $3,060, respectively.
This may be far a cry from lowest 5 neighborhoods, but it's significantly lower than the surrounding neighborhoods in lower Manhattan.
If you don't mind being in upper Manhattan but don't wish to live so far north, take a gander at Morningside Heights.
This neighborhood has access to Central Park, Morningside Park, and Riverside Park, and is home to plenty of great restaurants.
Try the PropertyNest rent affordability calculator and find out what salary you should be making in to rent in your desired Brooklyn neighborhood.
Data for rental averages were aggregated from across different platforms for comparison and accuracy such as Trulia, Apartments, Online Residential and PropertyNest's proprietary data. The data was collected over one calendar year to reflect seasonal changes.
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