If you’re earning at least a million dollars a year, you could probably afford the sky-high rents in SoHo and Tribeca. According to a StreetEasy report, rentals in those two Manhattan neighborhoods are among the most expensive in New York City. This information isn’t a total surprise as these areas have had that distinction for some time now. If you’d like more specific details, Greenwich and Greene streets are where you’d find the most expensive rentals.
The StreetEasy report rated NYC rental properties in Manhattan, from least to most expensive. Employing a Rent Score that factors in a building’s number of bedrooms per unit, what floor the unit is situated, and if it’s a penthouse unit or not, StreetEasy determines a building’s value and what specific areas of street blocks have the most expensive buildings.
Curious as to what specific streets have the most expensive rentals? Here are the top 10 according to their Rent Score:
1 Fifth Avenue between East 14th and East 31st streets
2 Greenwich Street
3 Laight Street
4 Hudson Street
5 Greene Street
6 Mercer Street
7 Warren Street
8 Washington Street
9 Lispenard Street
10 Crosby Street
What came up on top, with the highest Rent Score, is Fifth Avenue between East 14th and East 31st streets. It has a median asking monthly rent of a staggering $26,500, like in 212 Fifth Avenue. Take note that there are more modest rentals in that area. The median monthly rental at 284 Fifth Avenue is $2,550.
That’s nine out of ten streets that are in Soho and Tribeca. There’s a huge demand for rentals in these two neighborhoods, which a lot of new developments are hoping to meet.
If you’re despairing at the seemingly unattainable prices of these Manhattan rentals, there might still be hope for you. If you do a diligent research on NYC real estate, you’ll find that there are a few cheaper options available. Prices may vary within a given street because newly constructed properties would be more expensive, while the much older pre-war buildings would tend to have relatively lower prices.