The Cheapest Neighborhoods in New York for Renters in 2022 (2024)

Rent is notoriously pricey in New York City, but some places are more affordable than others. If you’re looking for the cheapest neighborhoods in New York City to call home, look no further!

What is the average rent in New York City?

The average rent for a two-bedroom apartment in New York City is $7,384.

The 10 most affordable neighborhoods in New York City

Located not in the middle of the action, these are the cheapest neighborhoods in New York City. But you’re always a quick walk away from a delicious meal, drink or show.

10. Sutton Place

• Average 2-BR rent: $3,017
• Rent change since 2021: +2.69%

Likened an enclave, Sutton Place is a cozy, yet exclusive neighborhood known for its iconic skyline views. Tucked away between the East River, East 53rd Street, 3rd Avenue and Queensboro Bridge, the neighborhood offers tranquility nearly impossible to find elsewhere in the city.

A swanky area that has long lured the elite, the mixture of magnificent brownstones, large pre-war buildings, stately townhomes and gleaming high-rise apartments in Sutton Place make for an eclectic assortment.

For all its extravagance and luxury, Sutton Place has a residential feel. The location is out of the way so there’s very little foot traffic, making a trip to one of the various parks or shops a peaceful outing to look forward to, instead of a task to navigate.

It may surprise you that Sutton Place is one of the cheapest places to live in New York City, but for residents who want a refuge in The City That Never Sleeps, there’s no better neighborhood.

9. Midtown East

• Average 2-BR rent: $3,062
• Rent change since 2021: +4.21%

The Chrysler Building, United Nations Headquarters, Grand Central — what isn’t located in Midtown East? As one of the largest commercial districts in the city, there are anywhere from 40,000 to 200,000 people walking the streets of Midtown East.

Home to consulates, celebrities and families, Midtown East puts the best of Manhattan at your doorstep. Bryant Park is a popular gathering spot for exercise classes, picnics, ice skating and movie screenings. Upscale shopping on 5th and Madison Avenues is some of the best in the country and there’s always a slice nearby.

Midtown East is the center of the city, but residents appreciate it most for the sweeping views and peaceful setting provided by the East River.

Along with residing in one of the most iconic skylines in the world, residents living in apartments in Midtown East have access to all of the entertainment, activities, media and culture they could ever want.

8. Midtown Manhattan

• Average 2-BR rent: $3,824
• Rent change since 2021: +8.18%

Midtown Manhattan has everything contained in its larger boundaries. From world-famous neighborhoods like Koreatown and the Diamond District to massive tourist destinations like the Empire State Building and Madison Square Garden, Midtown Manhattan is one of the most recognized and popular locations in the world.

Skyscrapers and office buildings dominate the area, but there’s plenty of green space to enjoy. Central Park, Central Park Zoo and Bryant Park are all some of the most loved outdoor spaces in the area. Hudson River Park on the western border of the neighborhood also has biking/jogging paths and kayaking available on its numerous piers.

When it comes to accessibility and amenities, whether it’s transportation, shopping, dining or entertainment, when you live in an apartment in Midtown Manhattan, you know you’re a hop, jump and skip away from it all.

7. Theater District

• Average 2-BR rent: $3,934
• Rent change since 2021: -19.06%

Located in the heart of the city, next to Times Square and Midtown, the Theater District has the largest number of stage venues in the world, keeping its streets packed with audiences, stage professionals and performers day and night.

Living in the Theater District is perfect for you if you’re a non-stop ball of energy. There’s always another great bar or restaurant that you have to try. A street performer wowing you on your way to the subway station. On every corner, an adventure is possible and it never gets old.

The height of New York City living, the neighborhood is densely packed with office buildings and businesses, with apartments in the Theater District being mostly in high-rises. Though the amount of space you get can seem small, the bright city lights are really the draw here.

6. Hunters Point

• Average 2-BR rent: $4,472
• Rent change since 2021: +3.43%

Hunters Point is experiencing an influx of families and young professionals who want a break from the endless city noise. Just one stop from Midtown, Hunters Point is an up-and-coming neighborhood that’s offering a bit of peace and quiet.

Located in Long Island City, Queens, Hunters Point is a vibrant area full of culture and is where MoMA PS1 and SculptureCenter – enormously popular and innovative art institutions – are found. Nearby is Gantry Plaza Park, a green space that arguably has the most breathtaking Manhattan skyline views.

Hunters Point also has a historic district containing beautiful late 19th-century brownstones, as well as Vernon Boulevard, the neighborhood’s main street. Here you can find local shops established for years and bars and restaurants that are newcomers in the area.

One of the most cheapest neighborhoods in New York City, apartments in Hunters Point is just the right distance away from New York City.

5. Times Square

• Average 2-BR rent: $4,886
• Rent change since 2021: +0.52%

Living in Times Square can feel like you’re living in the center of the entire world. There’s absolutely no other neighborhood in the city more centrally located than this one.

Besides having access to just about every subway line, residents never have to use them. Everything is a walk away – the best food, world-class entertainment and a great night out. There are no signs of residential life here, in Times Square, you’re likely live in a commercial building with retail at the bottom and apartments above.

With daily tourists reaching between 350,000 and 450,000 every day, they own the streets of Times Square, but locals are basically celebrities. They’ll pose for pictures, give directions, captivate hotel bar audiences and talk out life problems with tourists.

It’s all in a day’s work for the bold future New Yorker who plans on making an apartment in Times Square their new home.

4. Downtown Brooklyn

• Average 2-BR rent: $4,953
• Rent change since 2021: +15.48%

Downtown Brooklyn has been in constant expansion. Once known more for its colleges and courthouses, the neighborhood has had an injection of residential developments, including condos, co-ops and high rises, reinvigorating one of the cheapest neighborhoods in New York City.

The residential growth has left an impressive shape on the skyline, as well as the neighborhood itself. Along with bringing new people to the area, new bars, restaurants, retailers and community spaces have come along, too, resulting in a lively atmosphere distinct to Downtown Brooklyn.

Close to a cluster of parks, Downtown Brooklyn has plenty of green space that really comes to life on the weekend with joggers, soccer games, kids and picnics.

Apartments in Downtown Brooklyn are within close reach of just about everything you need, whether it’s the bank or grocery store. A true downtown, it’s a center of government and business that now houses some of the best culture, food and experiences, too.

3. Hudson Yards

• Average 2-BR rent: $5,300
• Rent change since 2021: -12.31%

Hudson Yards is the youngest neighborhood within the five boroughs. Though it’s still in the process of establishing its identity, it’s quickly becoming known as something you have to experience to believe.

Originally a train yard, its industrial past went away with extremely advanced engineering technology, used to build the current neighborhood directly on top of the old train yard’s existing tracks. The train yard is still fully functional beneath!

Since opening, Hudson Yards has added an astonishing number of residences, parks and skyscrapers, all of which feel otherworldly. The Shed is N.Y.C.’s newest performing arts center and features a shape-shifting space that accommodates a variety of performances. The Edge is a floating observatory with a restaurant and new co*cktail bar and panoramic views all the way to New Jersey and Connecticut on the clearest days.

Built with cutting-edge technology and imagination, apartments in Hudson Yards make you never want to leave.

2. Financial District

• Average 2-BR rent: $5,498
• Rent change since 2021: N/A

The Financial District is without a doubt a huge part of what makes New York City, New York City. Here’s where the NY Stock Exchange, Wall Street and the Federal Reserve Bank live, yet somehow the Financial District (FiDi) doubles as a luxurious residential area.

Residents in high-rise Financial District apartments love living by the water. Both the East River and Hudson River provide fun outside activities, even if you don’t happen to own a boat. Pier 17 is a favorite local spot to spend some quiet time unwinding after a long day.

History and architecture abound. Residents can take in the beauty of St. Paul’s Cathedral or stunning views of the city from the East River’s Tall Ships from 1885.

Then, there’s the lavishness of FiDi, where even the local gym looks more like a spa. An urban oasis (unless it’s lunchtime), this neighborhood is for those who don’t mind living on Manhattan’s edge.

1. Hell’s Kitchen

• Average 2-BR rent: $6,039
• Rent change since 2021: +18.38%

In Hell’s Kitchen, there’s very little pretense. Still maintaining its roots as a slum for poor immigrants, what you see is what you get here, and what you get are great food and a chill vibe.

Diverse and eclectic, Hell’s Kitchen may conjure images of gritty streets and rundown buildings, but it’s actually very popular with young, wealthy professionals. Residential towers went up and continue to come, while five-story walk-ups are the norm in the neighborhood’s residences.

Along the west side of the neighborhood sits the Hudson River, home to the New York Convention Center and the Sea, Air & Space Museum. For greenspace, there’s DeWitt Clinton Park, a large area covering two blocks.

Filled with a little bit of everything, an apartment in Hell’s Kitchen is an experience no one would regret.

The most expensive neighborhood in New York City

Chelsea is an upscale neighborhood that everyone wants to call home. Besides its artsy vibes that bring people from all parts of the city, it’s full of shopping, partying and outdoor activities.

An average two-bedroom apartment in Chelsea rents for $8,589 and there’s been a 46 percent increase in rent within the last 12 months.

Find an affordable neighborhood for your next apartment

The cheapest neighborhoods in New York City are also some of the best. There’s truly no way you can lose when looking for apartments for rent in New York City.

Rent prices are based on a rolling weighted average from Rent.’s multifamily rental property inventory as of January 2022. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets. The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.