Washington Heights Named Most Affordable Neighborhood in Manhattan

WASHINGTON HEIGHTS, NY — The number of neighborhoods in Manhattan where you can find a reasonable rent is dwindling. But, according to Citi Habitats, Washington Heights is still on the table.

The real estate firm released its July 2016 rental report on Thursday and named the Heights the most affordable neighborhood in Manhattan for the month. The median rental price in July was $2,200 for the area. That is over $1,300 cheaper than the median rent for the whole of Manhattan ($3,508).

"Washington Heights is doing very well. People are very open to explore new areas," said Citi Habitats president Gary Malin. "People aren't focused on where as much as how much they want to spend."

That means you shouldn't get too comfortable with the low rents in Washington Heights. It may be the cheapest spot in Manhattan, but prices are on the rise. Just 10 months ago, the median rental price in the neighborhood was $2,000 per month.

The most expensive neighborhood in Manhattan for July 2016 was Tribeca/SoHo, as it has been for months. The median rental price in Tribeca/SoHo has risen to $6,310 per month.

Harlem, at $2,750 per month, is the only other neighborhood in Manhattan where the median rent is less than $3,000 per month.

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