Which Manhattan Neighborhoods Are The Most Affordable: January 2023 Market Update
Intro
Uptown
Midtown
Downtown
Conclusion: My Top 5
Intro
As we start 2023, Manhattan’s rental market remains hot. Apartments citywide continue to fly off the market, resulting in continually high rents and broker fees. In this hectic market, renters can be overwhelmed and often feel like they are overpaying for their apartments, which sometimes, they are.
When apartment demand remains high for extended periods of time, landlords and brokers try to see just how much they can charge renters. Even with record high rents though, there are pockets in Manhattan where you can still find decent value. In this blog, I will be working my way down Manhattan, and outlining several neighborhoods you can consider if you’re primarily looking to save on your next apartment rental. Please keep in mind that I will try to NOT factor in apartment features into this discussion (i.e. doorman, finishes, size, etc.), but rather, I will be focusing primarily on locations and general trends that I am seeing. Let’s get into it!
Uptown Manhattan (59th St. and North)
RENTS ABOVE CENTRAL PARK: CHEAPER AS YOU HEAD SOUTH
Starting at the northern tip of Manhattan, well above Central Park, you’ll find Inwood, a neighborhood detached from the hustle and bustle typically associated with Manhattan. Typically considered one of the most affordable areas in Manhattan, you’ll start to notice prices rise as you head from Inwood southward. Working your way down through Fort George, Washington Heights and Hamilton Heights, you’ll start to find busier blocks and less greenery before ultimately landing in Morningside Heights and Harlem. It’s important to note that all of these neighborhoods are above Central Park’s northern border at 110th st. In these areas, you’ll find the best value in Manhattan overall.
RENTS ALONG CENTRAL PARK: BEST VALUE IN UES - 60’s, 80’s, 90’s, BEST VALUE IN UWS - 60’s
As we continue to work our way down, we reach Central Park, which divides the “lower” section of Uptown into the Upper West Side (UWS) and the Upper East Side (UES). In the UWS, apartments can be very pricey depending on the finishes, views as well as the proximity to the subway, Central Park or the Hudson River. Some UWS options I’ve seen recently are some of the most expensive in the city, while options in the West 60s, specifically, have proven to be more affordable in recent months.
As we head east of Central Park, generally speaking, apartments in the UES are more affordable than apartment on the UWS. That being said, there are a wide diversity of apartment options in the UES, which also means there’s a wide range of prices. Along Park and Fifth Ave, and along the East River and Central Park, you will find some of the more expensive apartments in the city. Nonetheless, there are affordable options all over the UES also. Currently, I’m seeing prices falling in the east 80s and 90s. I am also seeing awesome value in certain pockets of the east 50s and 60s right now. Generally speaking, these options are more expensive the closer they are to the subway.
Midtown Manhattan (29th st.-59th st.)
RENTS IN MIDTOWN EAST: MORE EXPENSIVE AS YOU HEAD SOUTH
Midtown in general is more congested than Uptown. As mentioned in the Uptown section above, I’m seeing some good value in the east 50’s right now. As we work our down down into the 40s, this good value continues. Midtown East in the 40s, while a very busy place to live, is seeing some great apartment value right now. As you continue south into Murray Hill and Kips Bay, however, I am seeing the prices rise (a little in the east 30s, and even more in the east 20s). Generally speaking, if you’re looking to save a buck, the hustle of bustle of Midtown are a good (but loud/busy) place to look.
RENTS IN MIDTOWN WEST: MORE EXPENSIVE AS YOU HEAD SOUTH. MORE EXPENSIVE CLOSER TO COLUMBUS CIRCLE AND ON THE WATER.
As mentioned in the Uptown section above, I’m seeing some good value in the west 60’s right now. Working your way down, renters will find some of the best value for apartments in the West 40s and 50s. Midtown West is packed with affordable options for those more focused on savings, and offers some quiet pockets further west that are well worth the price in our opinion. We’ve found that Midtown West gets a bad rap from some renters, but with Hell’s Kitchen, Columbus Circle and Hudson Yards contained here the west side of Midtown, there are some awesome areas to live, and within them, nice apartments with some amazing value! Don’t be afraid to look for apartments in Midtown!
Downtown Manhattan (29th st and below)
RENTS IN LOWER WEST: MORE EXPENSIVE AS YOU HEAD SOUTH
The lower west side of Manhattan is one of the most sought after places to live in Manhattan. Neighborhoods like Chelsea, Greenwich Village, The West Village and Tribeca currently face really high demand and therefore, are very expensive. Most people that end up living here do so because that is their top priority, and NOT because they care about good value in terms of the apartment itself. If you look way down in Battery Park City, there are some awesome luxury buildings with decent value, although the cheapest ones are west of the West Side Highway.
RENTS IN CENTRAL DOWNTOWN: EXPENSIVE THROUGHOUT. GOOD VALUE IN NOLITA.
Currently, central downtown is a very sought after place to live. Neighborhoods like Flatiron, Soho and Little Italy are both trendy and charming in their own ways, and many renters want to live here. Because of this, there isn’t great value in central downtown at the moment. If you’re looking to be in these areas AND save a quick buck, I suggest checking out Nolita, a little neighborhood north of Little Italy, as I am currently seeing good value at a handful of apartments there. Moving southward is Chinatown and the Financial District (“Fidi”). Chinatown is mostly walk ups and has some solid value, although it can be hectic there. Fidi is mostly doorman options and is currently a little pricier than it’s been historically, so if you want to rent close to Fidi, considering Battery Park City or the Lower East Side will produce better apartment value.
RENTS IN DOWNTOWN EAST SIDE: MORE EXPENSIVE AS YOU HEAD NORTH
The east side of Manhattan’s downtown is comprised of Gramercy Park, and then heading south the East Village and the Lower East Side. Gramercy Park is the most expensive neighborhoods on the east side downtown, and generally, you’ll see prices fall as you head downtown and east. First, the East Village is cheaper than Gramercy, especially when you head east to Alphabet City. Then as you head further south below the East Village you’ll hit the Lower East Side (LES), one of the most affordable, although most hectic, neighborhoods downtown. If you’re set on being downtown and you aren’t too picky, we suggest checking out the LES for the best value in the current market.
Conclusion
We all know Manhattan is an expensive place to live. That being said, if you know where to look and how to navigate the market, you stand the best chance at getting a good deal. ApartmentsTogether is here to help you both understand and navigate NYC’s apartment rental market, without charging you a broker’s fee. The first step in any apartment search is deciding which neighborhoods you want to live in, so hopefully this blog was helpful to you! To conclude, I will give my top 5 Manhattan Neighborhoods in terms of value right now, in no particular order:
Lower East Side
Nolita
Upper East Side: Sutton Place
Harlem & Northward
Midtown West
