SoHo, Tribeca Again Most Expensive Neighborhoods in NYC

SOHO, NY — A Citi Habitats study for August found something very similar to July — the SoHo/Tribeca area is really expensive. But those looking for a bright side will note rents were cheaper than a month ago.

The median rent for SoHo/Tribeca, grouped together by Citi Habitats, was $5,995 per month in August. That is far and away the highest in the city, but it is a decrease from July. In July, the median rent was $6,310. The median rent includes studios, one-bedroom, two-bedroom and three-bedroom apartments.

The second-highest median rent in Manhattan was the Gramercy/Flatiron area, where rents were $4,500 per month. If you're looking for somewhere cheap to move in the city, you should unsurprisingly head north. The median rent in Washington Heights was just $2,250 per month.

City-wide the numbers were reflective of SoHo/Tribeca. Median rents fell $12 for the entire borough of Manhattan, to $3,496.

"In August, Manhattan rents continued to fall, and concessions remained relatively prevalent, which is the opposite of what we typically see during the month," said Gary Malin, President of Citi Habitats, in a statement. “The simple fact is the rental market was overheated and due for a correction — nothing extreme, but enough to get landlords and would-be tenants back on the same page."

If you're looking to escape across the East River, Citi Habitats studied Brooklyn neighborhoods for the first time in August and found DUMBO was the most expensive at $4,04o a month.

Photo Credit: Andreas Praefcke via Wikimedia Commons