Which neighborhoods in Manhattan offer the best values for rental apartments?
Finding a “good” value in Manhattan is kind of an oxymoron for most people; however, there are specific neighborhoods where you can certainly get a good deal relative to the rest of the market. If you’re flexible with location, the east side of Manhattan is generally cheaper on average than its west side counterparts, including the Upper East Side, Midtown East, Murray Hill, the East Village and the Lower East Side. If budget is a top priority, other sections of Manhattan to consider are Upper Manhattan / Harlem and Roosevelt Island.
Finally, if you prefer to live near specific neighborhoods, but need to find a lower-priced option, here are a few quick suggestions to consider: Morningside Heights (instead of the Upper West Side), Battery Park City South (instead of Battery Park City North), Alphabet City (instead of the East Village) and Little Italy (instead of Nolita / SoHo).
Manhattan – East Side
Compared with the west side of Manhattan, the east side trends lower in asking rents. There are certainly less subways (4/5/6 subway, E train in the east 50’s and the new 2nd Ave subway on the Upper East Side), but plenty of quality options to consider.
Upper Manhattan / Harlem
Washington Heights, Inwood and Hudson Heights, located in the northern-most section of Manhattan, are popular options for many residents looking for affordable homes in a residential setting. Express subways can get you to midtown Manhattan within 25-30 minutes.
Morningside Heights
Morningside Heights is not only good for Columbia, Barnard and other University students and faculty, but also offers quality options at better pricing than the Upper West Side. Transportation, restaurants and bars are plentiful and new developments have been sprouting up in this area over the last 5-10 years.
Battery Park City South
Battery Park City is split into a northern (newer) and southern (older) section by the new Brookfield Place, Conrad Hotel and associated office buildings. Since the southern side is comprised of older buildings, rents tend to be lower than their newer northern counterparts. However, they both have easy access to public transportation and Brookfield Place.
Alphabet City & Little Italy
Only about 10 blocks away from each other, Alphabet City and Little Italy both offer good value options over their sister neighborhoods nearby, the East Village and NoLita / SoHo, respectively. In both areas, there’s a ton of activity with restaurants and nightlife in close proximity, and public transportation (although in certain parts of Alphabet City, subways are lacking and buses are the preferred method of transport).
Roosevelt Island
Roosevelt Island, just east of Midtown East, offers more affordable pricing and a quieter environment with numerous parks and greenery. Residents have two direct public transportation options for getting to mainland Manhattan, including the “F” subway and the Roosevelt Island tram. In addition, the new Cornell Tech Campus being developed on the southern part of the island will bring further amenities and activity.
