Chelsea Has Among NYC’s Highest Asking Rents In 2023: StreetEasy

CHELSEA, NY - Chelsea-area renters are paying some of the most in monthly rent to live in the Big Apple, according to a new StreetEasy report.

The New York City real estate listing site released its annual list of neighborhoods with the highest rents this week, and Chelsea is among the top 10. It kept a stronghold on its spot from last year, remaining in the No. 6 spot with an average $5,000 in monthly asking rent for a one-bedroom apartment.

The highest monthly asking rents can be found in Tribeca ($8,090), DUMBO ($5,695) and the Flatiron District ($5,650). The latter switched places with DUMBO for 2023’s updated list.

Chelsea’s five grand monthly average is down from this summer’s sky-high rental askings, when the average Chelsea dweller was asked to fork over $5,397. Rents have since cooled, with Manhattan rents actually expected to drop further in 2024, per another StreetEasy report.

That study — "2024 NYC Housing Market Predictions" — found that competition among landlords to fill vacant units likely will lead to renter-friendly concessions and lower asking prices.

And renters are already looking back toward Manhattan: listings on StreetEasy have been saved closed to eight million times this year.

"As New Yorkers return to Manhattan, well-priced rental listings in the borough will likely see a jump in saves and inquiries in 2024," the study states.

Renters across the city, not just Manhattan, are likely to see more listings, according to the study.

More listings mean it'll be hard for landlords in Brooklyn and Queens to raise rents significantly above the market rates in 2024, the study states.

"Nevertheless, renter demand will continue to outpace supply, making it unlikely for rents to fall," the study states.

You can view the full list of New York City neighborhoods with the highest monthly asking rents below:

1. Tribeca, Manhattan: $8,090
2. DUMBO, Brooklyn: $5,695
3. Flatiron District, Manhattan: $5,650
4. SoHo, Manhattan: $5,350
5. Battery Park City, Manhattan: $5,240
6. Chelsea, Manhattan: $5,000
7. West Village, Manhattan: $4,900
8. Midtown, Manhattan: $4,800
9. Midtown South, Manhattan: $4,700
10. Greenwich Village, Manhattan: $4,695