SoHo/Tribeca Had Highest Rents in Manhattan: Report

If you had any doubt, Citi Habitats' report on July rental numbers confirmed it's really expensive to rent in SoHo or Tribeca.

The real estate firm announced its monthly analysis of rentals for July and found the most expensive neighborhood in the city was the geographically grouped region of SoHo/Tribeca. The median monthly rent for the area was $6,310. That's nearly $3,000 more expensive than the median rent in Manhattan for the month ($3,508).

Part of the reason for the high price is high demand, but also Tribeca apartments especially tend to be larger in size and therefore more expensive.

"Below 23rd Street has been hot for awhile now," said Gary Malin, president of Citi Habitats. "The Upper West Side and Upper East Side has lost some of its sex appeal over the years. Downtown neighborhoods are more in vogue."

But don't assume that means there are plenty of apartments to be had.

Even though Citi Habitats' report showed Manhattan's vacancy rate was the highest its been — meaning there were the most apartments available — since they started tracking the number in 2002, the vacancy rate in SoHo/Tribeca was actually the second-lowest of any neighborhood in Manhattan. (Gramercy was the lowest if you're wondering where you won't be able to find any places to live.)

"Today's renters are increasingly open to living in the outer boroughs or New Jersey," Malin said. "In order to reverse this trend, Manhattan landlords will either have to become more liberal with their incentives – or adjust their pricing to reflect the changing conditions."

The cheapest rents in Manhattan for July 2016 were in Washington Heights, where the medium rent was $2,200.

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