5 cheapest rentals in Manhattan’s most expensive neighborhood

In the latest batch of rental market reports, the most expensive neighborhood in Manahattan was technically two neighborhoods: According to Citi Habitats, Soho and Tribeca take the cake for the priciest part of the borough, with a median rent of $5,225/month. (Yikes.)

Breaking it down by type of apartment, renters can expect to pay—on average—$2,750/month for a studio; $3,822/month for a one-bedroom apartment; and a whopping $6,150/month for a two-bedroom.

And if that wasn't enough, those neighborhoods have a low vacancy rate: 1.53 percent, compared to a relatively higher 2.5 percent in the West Village, or 2.2 percent in Chelsea. So it's pretty hard to find one of those really pricey rentals. Sounds bleak, huh?

Well, sure (who has that kind of money, anyway?) but for someone who's really determined to live in Soho or Tribeca, there are less expensive apartments available—provided you're okay with living in a studio, or not living in a fancy new development. With that in mind, we're taking a look at the five cheapest rentals in Manhattan's current most expensive neighborhood—prepare to be … depressed? Impressed? We'll let you be the judge.

↑ 150 Sullivan Street, #20: The cheapest apartment within the Soho/Tribeca boundary is this studio on Sullivan Street, asking a not-that-cheap $1,795/month. It's a no-frills space with a tiny kitchen (using the same kinda cheap cabinets found in so many New York City apartments), an open room, and that's about it. It does, however, have high ceilings! (Yay?)

↑ 34 Watts Street #22: The listing doesn't offer much in the way of details about this apartment. What we do know: it has high ceilings, south-facing views, and one bedroom of indeterminate size. It's just off of Sixth Avenue in Soho, and it's asking $1,969/month.

↑ 146 Sullivan Street #18: Just down the block from the cheapest Soho apartment is this studio, which is asking a slightly higher $1,995/month. For that extra $200, you'd get … well, a studio that's pretty much the same as the other one. It also has a small kitchen, an open space, some exposed brick, and not too much else.

↑ 181 Prince Street #3: For an even $2,000/month, there's this alcove studio on Prince Street. By "alcove," the broker seems to mean "the bedroom is a tiny hidey-hole off the kitchen"—there's no floorplan, so we can't say for sure. But the kitchen appliances are new and it may afford a bit more privacy than a traditional studio, which is something of a win.

↑ 111 Sullivan Street #101: And finally—and again on Sullivan Street—there's this studio apartment within a complex known as Sullivan Mews, asking $2,050/month. The kitchen has decent cabinets and new appliances, and there appears to be a fireplace—an amenity you don't always find in tiny studio apartments. The complex also has an interior courtyard for residents.