Lower Manhattan Apartments Can Rent for a Third More or a Quarter Less, Depending on the Neighborhood
All eight of the residential zip codes in Lower Manhattan now rank among the 100 most expensive places to rent a home, according to a new analysis from RentHop, an online listings database. The data team at RentHop used median rents for two-bedroom apartments as a representative benchmark, while also including metrics for one-bedroom units.
They found that the most expensive place to live Downtown (and sixth priciest in the United States) is the 10007 zip code of southern Tribeca, with rents of $8,700 per month for two bedrooms and $6,000 for a one-bedroom unit. The seventh costliest community in America—and second most expensive in Lower Manhattan—is northern Battery Park City (10282), where you will have to fork over $8,695 and $5,995, respectively, on the first of every month.
Next is northern Tribeca (10013), where comparable apartments costs $7,295 and $5,000, respectively, earning this neighborhood 15th rank in the nation. Southern Battery Park City (10280) rates a monthly tithe of $6,555 or $4,000, and comes in at 20th place for the United States as a whole. One step behind (in both local and national rankings) is the southern part of the Financial District (zip code 10004: West Street to the East River, south of Beaver Street), where rents for a two-bedroom unit are $6,539 per month, and single bedrooms cost $4,736.
The Seaport neighborhood (10038), which will set you back $6,450 or $4,583, for two and one bedrooms, respectively, ranks 29th in the United States. The next most expensive community (in both Lower Manhattan and the national pecking order) is the eastern section of FiDi (zip code 10005, encompassing Broadway to the East River, south of Maiden Lane, north of Beaver Street), where rents are running at $6,445 and $4,500.
Finally, the comparative bargain neighborhood in Lower Manhattan is Greenwich South (zip code 10006), between Broadway and West Street, south of Vesey Street and north of the Brooklyn-Battery Tunnel, where a two-bedroom apartment can be had for just $6,227 per month, while a one-bedroom home will set you back only $4,425.
These ranges indicate that, depending on the neighborhood, various parts of Lower Manhattan command a premium of 34 percent or a discount of 25 percent for two-bedroom apartments, and corresponding price hikes and cuts of 35 percent or 26 percent for one-bedroom homes.