Posted Mar 16, 2015
Cheapest and Most Expensive NYC Neighborhoods
The Big Apple covers quite a bit of land, meaning the city is full of neighborhoods. Each area has its own personality, defined by its amenities, population and history. If you’re living in New York City, or will be soon, you want to find a place that feels like home.
Of course, cost will factor into where you can afford to live. With that in mind, here’s a look at NYC neighborhoods, from the cheapest to the most expensive:
Cheapest NYC Neighborhoods
Looking to save some cash and still live in NYC? It can be done if you know where to look. Here are the city’s cheapest neighborhoods even the most tightly budgeted renters can call home:
1. Hunts Point
Located on the southern side of the Bronx, Hunts Point is a sort of peninsula neighborhood. It juts out into the East River and is flanked by the Bronx River on its east side. While mostly an industrial hub, Hunts Point does have residential areas.
You’ll also find some shops and restaurants, and even a park. Though Hunts Point lacks a lot of the energy of other areas of the city, it’s the most affordable of the NYC neighborhoods with a median rental rate of $1,100 per month, according to Lovely’s Q4 rental report.
2. New Dorp Beach
New Dorp Beach is part of Staten Island, and it abuts the Lower Bay. This formerly humble area is quickly growing, so its low median rental rate of $1,195 may not last long.
Over the past few years, New Dorp Beach has seen the addition of new parks and shaded outdoor walkways. You’ll find apartments that overlook the beach, giving you access to waterfront fun. New Dorp Beach is a carefully guarded secret with its plethora of amazing dining options.
3. Broad Channel
Part of the Queens borough, Broad Channel is a quiet neighborhood– surprising for NYC, no? It’s home to a wildlife refuge, schools and parks, and residents there form a tight-knit community.
Broad Channel is made up of islands in Jamaica Bay, but you can access other areas of the city by car or train. What’s more, its median rental rate of $1,200 attracts budget renters.
4. Great Kills
Great Kills is another NYC neighborhood located in Staten Island. With plenty of locally owned mom-and-pop stores, a variety of restaurants and a family vibe, the area has the feel of a cute town with the location of a metropolitan neighborhood.
Its old-world charm attracts many couples looking to settle down, and they stay there for generations. Located off the Lower Bay, Great Kills even has a beachfront. With a median rental rate of $1,200, the neighborhood is affordable and attractive.
5. Mount Eden
Mount Eden makes up part of the west Bronx borough. The median rental rate in the area is a mere $1,250. There you’ll find access to other areas of NYC via car or train.
While the shopping and dining in Mount Eden is limited, having passage to other neighborhoods and the affordable cost make the area a worthy option for renters.
Most Expensive NYC Neighborhoods
Lovely’s Q4 report found that Tribeca has the highest rental rate in NYC, at $5,295 a month. The neighborhood’s name is short for Triangle Below Canal, which references its Manhattan location.
With factories converted to loft apartments, hip eateries, trending boutiques, and a stellar nightlife, Tribeca attracts the young and active. It’s also close to Chinatown and the home of the Tribeca Film Festival.
2. Battery Park
Located right on the Hudson River near Tribeca, Battery Park is another trendy NYC neighborhood. Strolling in this southern Manhattan area, you’ll see boats bobbing on the water, beautiful parks, and even the Statue of Liberty– you can actually take a ferry there from this neighborhood.
Residents love Battery Park because, despite its downtown location, you feel like you’re in a natural setting. At a median rental rate of $4,470, however, the views in Battery Park won’t be cheap.
No, we’re not referring to the Disney elephant here. DUMBO is formerly a manufacturing district that has recently gained a lot of attention from New Yorkers.
The Brooklyn neighborhood sits right across the Brooklyn Bridge and boasts independently owned shops and restaurants. DUMBO median rental rate comes in at $4,707, but residents will swear their lifestyle is worth the cost.
4. Flatiron District
The Flatiron District may only account for a small slice of Manhattan, but within its boundaries, there’s plenty to do and see. From unique architecture to great shopping and dining, Flatiron really does have it all.
If the parks, boutiques and good eats aren’t enough, you can easily visit other nearby hot spots, like Union Square. After all, Flatiron’s centralized location has helped it become the metropolitan mecca it is today. However, you shouldn’t get too attached, as the median rental rate here isn’t cheap at $4,000 monthly.
Another Manhattan neighborhood, NoHo (aka, north of Houston) is home to New York University. And while you’ll see students and tourists if you live here, you’ll still enjoy being a resident.
With interesting architecture, a rich cultural scene (theater anyone?) and cute shops galore, it’s hard to resist NoHo. With a median rental rate of $3,900 a month, the rent in this neighborhood is the cheapest on the most-expensive list.
Pin this post:
Methodology: Trends represented in the Lovely Rental Market report reflect Q4 2014 rental market data based on the comprehensive set of aggregated rental inventory posted on Lovely between January 2012 and December 2014, and is no longer active.
Prices reported are as indicated upon posting and do not capture the final pricing terms on closed lease agreements. In addition to Lovely’s posting platform, Lovely Pro, Lovely obtains listings by partnering with over 70 external providers to populate its marketplace with rental listings.