The 5 Most and Least Expensive Neighborhoods to Rent in New York City Right Now

On Tuesday, September 3, we published our monthly National Rent Report analyzing 100 major cities in the U.S. — and at $3,417 a month, New York, NY was ranked as the No. 1 most expensive city to rent a one-bedroom apartment in the country.

In this report, we wanted to take a deeper look into which neighborhoods are driving the price hikes in New York City and which are offering renters some relief. Read on to find out the top 5 most and least expensive neighborhoods to rent in New York City right now.

In August, the most expensive neighborhood to rent a one-bedroom apartment in New York City was TriBeCa, at $7,163 a month. Known for its charming cobblestone streets, loft-style apartments that offer signficantly more space than most Manhattan neighborhoods, and high-end shopping and restaurant cultures, TriBeCa (short for "Triangle Below Canal Street") is consistently one of the most expensive neighborhoods in NYC. It is also home to a number of A-list celebrities. Typically, neighborhoods in Manhattan are more expensive than those in other boroughs.

Below, you’ll find the top 5 most expensive neighborhoods to rent in New York City right now.

While every neighborhood in NYC will run you rates higher than the national median, there are some neighborhoods that are more affordable than others. Currently, the neighborhood with the lowest median asking rent for a one-bedroom apartment in New York City that we looked at is Bensonhurst at $1,981 a month. This is the only neighborhood in the New York City area that we looked at that had a median one-bedroom monthly rent below $2,000 a month.

Below, you’ll find the 5 most affordable neighborhoods to rent in New York City right now.

Using our rental data, we’ve compiled a list of New York City neighborhoods and their median rent prices for studios, one-, two-, and three-bedroom apartments. For even more rental market data, check out our New York City Metro Report, updated daily. 

To generate our rent data, ApartmentAdvisor analyzes rental listings available on our platform, sourced from multiple listing syndication partners. We take all the unique apartments that were available for any amount of time during a time period, deduplicate them by unit type, and remove unreliable listings. We also use a minimum threshold of units for cities to ensure that data is accurate. Luxury bias is removed by focusing on median figures instead of average rent price.

For more rent data, check out our New York City Market Report, updated daily.

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