Last week, RentHop released its latest edition of the Most Expensive Rental Zip Codes nationwide. Each year, RentHop analyzes the 100 most expensive zip codes across the country and then orders them based on their average rents for two- and one-bedroom apartments. The report also highlights the top 10 list with the ten most expensive zip codes. This year, there were 44 zip codes in New York State and 39 zip codes across New York City. The zip codes mostly sit in Manhattan, with several in Brooklyn and one in Queens.
Most Expensive New York City Zip Codes
The report lists the top 10 most expensive zip codes across the country, and two of them are in New York City. New York City is also the most expensive city for renters, considering it has 39 of the country’s most expensive zip codes. Many renters across the city must spend more than 30% of their income on an apartment, and the high cost of living makes it increasingly difficult to afford the day-to-day.
Tribeca – 10007
Tribeca is the fifth most expensive zip code nationwide and the most expensive zip code in New York City. This isn’t surprising, as the popular area charges steep rents. The average one-bedroom apartment in this neighborhood is $6,080, which is almost $2,000 more expensive than the average one-bedroom rent citywide.
Tribeca’s apartments range in style, where renters can pick new luxury units or modern renovated pre-war listings. Some original buildings have smaller floorplans but charming features like exposed brick, private outdoor space, and decorative doorman lobbies. If you’re looking to rent in Tribeca or just want to see what these uber-expensive apartments actually look like, you can check out a live feed of listings here:
Battery Park City – 10282
Battery Park City was the country’s sixth most expensive zip code this year and the second most expensive area in New York City. The average one-bedroom rent in this part of the city is $6,000, only slightly less than Tribeca. This neighborhood has plenty of newer luxury buildings with numerous amenities, which increase their rents. It’s common for renters to have views of the water from their floor-to-ceiling windows while also getting laundry in-unit, central AC, and stainless steel appliances.
Look here to find an updated list of Battery Park City apartments:
Brooklyn is Also Expensive
While none of the top 10 zip codes reside in Brooklyn, the borough does have some zip codes in the top 100 list. Eight zip codes from the list are from Brooklyn, many from popular areas like Williamsburg and Greenpoint. These neighborhoods are attractive for average-income renters but still sought-after by celebrities and high earners. Many of these areas have buildings with adaptive reuse, where developers converted older factories into functional homes that maintain their original charm.
Williamsburg is the most expensive Brooklyn neighborhood, where the average rent for a one-bedroom is $4,566, which is still above the average citywide and far above the Brooklyn average of $3,675. Williamsburg apartments offer modern features, including furnished rooftops with Manhattan views.
Long Island City is Pricey
Queens had one zip code on the list: 11109 in Long Island City. This is a pricier option in Queens due to the luxury high-rise buildings with plenty of amenities. Renters in this area can also hop on the 7 train and ride one stop into Manhattan, making it ideal for Midtown commuters. 11109 is the 56th most expensive zip code nationwide, and the average one-bedroom rent is $4,088. This is significantly higher than the average across Queens, which is $2,795.
Learn more:
Renting Elsewhere
New York City renters still have options when it comes to renting. While it may be enticing to look at apartments in these expensive areas, it can also break the bank. However, there are neighborhoods across all the boroughs with less expensive rents. The following highlight comparable neighborhoods for their location, but the units may have fewer amenities than the units in the most expensive zip codes.
Downtown Manhattan Neighborhoods with Lower Rents
Instead of renting in Tribeca or Battery Park City, renters can choose between several other neighborhoods in downtown Manhattan. Some downtown neighborhoods that did not appear on the 100 most expensive zip codes list include:
- Bowery – average one-bedroom rent is $3,500
- Chinatown – average one-bedroom rent is $2,898
- Lower East Side – average one-bedroom rent is $4,325
Renters can still find less expensive apartments when they look further uptown, but these three neighborhoods offer comparable locations to the more expensive neighborhoods. Most of the downtown Manhattan neighborhoods boast high renters due to their popularity.
Northwestern Brooklyn Neighborhoods with Lower Rents
Instead of renting in the expensive Brooklyn neighborhoods, renters can choose some of these other popular areas that also provide close proximity to Manhattan:
- Bedford-Stuyvesant – average one-bedroom rent is $2,901
- Bushwick – average one-bedroom rent is $3,100
These neighborhoods offer lower rents but still offer quick walks to the trains and easy commutes into Manhattan. Listings in these neighborhoods can have private outdoor space, pre-war characteristics, and stainless steel appliances.
Western Queens Neighborhoods with Lower Rents
Renters who want to live in Queens can explore multiple northwestern neighborhoods instead of Long Island City:
- Astoria – average one-bedroom rent is $2,925
- Elmhurst – average one-bedroom rent is $2,667
- Forest Hills – average one-bedroom rent is $3,000
Long Island City is the most expensive neighborhood in Queens, making any other neighborhood a more cost-effective option. However, these neighborhoods stand out for their high quantity of available inventory, making it easier to move there. Commute times vary, but they still provide access to Manhattan for those who need to work in the office.
Conclusion
New York City’s reputation for having expensive real estate remains true this year, with zip codes across three boroughs making the list. Renters with larger budgets may consider these enticing neighborhoods if they prioritize amenities, location, and apartments with characters. However, those who are not looking to spend over $5,000 a month on rent still have options across the city. Numerous comparable neighborhoods offer similar locations but more modest units. Renters still have options when looking to rent across the city.