The good news: Local rents have come down over the last 12 months. The bad news:Northern Battery Park City is still the most expensive place in America to rent an apartment. This according to a study by the RentCafe real estate blog, which finds that the average rent in the 10282 zip code (which covers the area bordered by Vesey Street, West Street, and the Hudson River) is slightly more than $5,600 per month. The second priciest place to rent in the United States, concludes the same study, is the 10013 zip code, in Tribeca, with average rents of around $5,200 per month.
Both neighborhoods slipped on price in the last 12 months, RentCafe notes (based on data from its sister company, Yardi Matrix, a data analytics tool for real estate professionals), but nonetheless retained their rankings as hyper-expensive districts. Northern Battery Park City took the No. 1 spot in the same study for 2017, while Tribeca jumped from the eighth most expensive rank last year, to No. 2 for 2018.
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The study, from the online real estate blog RentCare, also notes that Tribeca’s 10013 zip code is the second priciest place in the United States to rent a home.
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Overall, Manhattan zip codes took eight of the top ten slots, and 26 of the 50 most expensive nationwide. For the country as whole, the study finds that the average rent spiked to a new record of $1,409 in July.
This data comes at a time when affordable housing in increasingly under threat throughout Lower Manhattan, with rent-regulated apartments rapidly vanishing from the local landscape. In a development that may be emblematic of these shifts, the owners of the Solaire, a rent-stabilized building at 20 River Terrace (within the 10282 zip code) recently announced that they were seeking to convert the building to a condominium.
To read the RentCafe study on which this story is based, click here.