In the latest batch of rental market reports, the most expensive neighborhood in Manhattan was technically two neighborhoods: According to Citi Habitats, Soho and Tribeca take the cake for the priciest part of the borough, with a median rent of $6,000/month. (Yikes.)
Breaking it down by type of apartment, renters can expect to pay—on average—$2,736/month for a studio; $4,088/month for a one-bedroom apartment; and a whopping $6,318/month for a two-bedroom.
And if that wasn’t enough, those neighborhoods have a low vacancy rate: 1.34 percent, compared to a relatively higher 2.5 percent in the West Village, or 2.3 percent in Midtown West. So it’s pretty hard to find one of those really pricey rentals. Sounds bleak, huh?
Well, sure (who has that kind of money, anyway?), but for someone who’s really determined to live in Soho or Tribeca, there are less expensive apartments available—provided you’re okay with living in a studio, or not living in a fancy new development. With that in mind, we’re taking a look at the five cheapest rentals in Manhattan’s current most expensive neighborhood—prepare to be … depressed? Impressed? We’ll let you be the judge.
↑ 146 Sullivan Street, #18: The cheapest apartment within the Soho/Tribeca boundary right now is this studio on Sullivan Street, asking a not-that-cheap $1,995/month. (This was also available when we looked at cheap apartments in Soho/Tribeca back in March, suggesting that this price just miiiiight be too high?) It has a small kitchen, an open space, some exposed brick, and not too much else.
↑ 558 Broome Street, #19B: The second-cheapest apartment within the neighborhood boundaries is this one-bedroom on Broome Street, asking $2,089/month (that’s taking into account a 14-month lease with one month of free rent). There seems to be a decent amount of closet space, along with a separate (but narrow) kitchen. One drawback: it’s in a sixth-floor walk-up, and the listing doesn’t note which floor it’s on. Hmm.
↑ 213 Sixth Avenue, #20: One thing that does not inspire confidence: The listing says that these photos are of a “similar unit,” since the one in question—going for an even $2,100/month—is being renovated. But if they’re at all similar, then it means this particular place is bright, if tiny, with a decent bathroom and a living space that’s really only suitable for one person.
↑ 558 Broome Street, #15B: Back on Broome Street, there’s another one-bedroom apartment, this time asking $2,135/month (again, after you take into account one month’s free rent on a 14-month lease). There doesn’t seem to be too much that differentiates this apartment from the other one in the same building, though the listing here promises that the bedroom can fit a queen-sized mattress.
↑ 25 King Street, #1FW: And finally, on charming King Street, there’s a studio with a loft bed asking $2,150/month. There are some perks to this place: it comes with a dishwasher, the apartment has high ceilings, and it’s less than a block from the 1 train. But on the downside, we have two words for you: loft bed. (Plus, it’s on the first floor.)