Cheap Homes for Rent in Downtown Neighborhood of New York, NY from $1,200 (9 Rentals)

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Search the lowest-cost Homes available for rent right now in the Downtown area of New York.

property at 7 Eldridge St

7 Eldridge St

New YorkNY10002
property at 375 E 10th St

375 E 10th St

New YorkNY10009
property at 226 E 7th St

226 E 7th St

New YorkNY10009
property at 130 Water St

130 Water St

New YorkNY10005

New York's Best Affordable Neighborhoods

Learn about New York and the best places to live with original content written by our Local Expert Joshua Carlucci

Downtown, New York, NY Local Guide

Cheapest Available Downtown Apartments for Rent

 

The cheapest available apartment rental in the Downtown area of New York, NY is a 1 Bed unit found at 133 W Third St priced from $2,500. 518 East 5th Street has the second lowest priced unit, which is a Studio apartment currently listed from $2,550. Here are the most affordable Downtown apartments for rent in New York, NY:

Apartment ListingModel NameBed/BathPriced From
133 W Third StPrivate Bedroom1BR,$2,500
518 East 5th Street518 EAST 5TH STREET - 2 ROOM STUDIO / 1 BATHStudio,1BA$2,550
25 Clinton Street25 CLINTON STREET - STUDIO / 1 BATHStudio,1BA$2,625

Best Value Apartments for Rent in Downtown, NY

As of March 27, 2025 the best value apartment in the Downtown area is the $3.39 price per square foot 517 Grand St Model at 517 Grand St, Unit 1st Floor Duplex in the in the Downtown neighborhood starting from $4,750. The second greatest value Downtown apartment is the 2 Bedroom/2 Bath Model at Gateway Battery Park City starting at $6,830 with a $5.98 price per square foot in the Downtown neighborhood. Here is today’s list of the best values for Downtown apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
517 Grand St, Unit 1st Floor Duplex517 Grand St4BR,2BA$3.39
Gateway Battery Park City2 Bedroom/2 Bath2BR,2BA$5.98
Independence Plaza2 Bed, 1 Bath Floorplan2BR,1BA$6.35
Newport RentalsBISBY - 2 Bedrooms Two Bathroom2BR,2BA$6.53
20 Exchange2 Bed, 1 Bath2BR,1BA$6.32
Exhibit2 Bedroom / 2 Bathroom2BR,2BA$6.52
197 E 4th St3 Bed/1.5 Bath3BR,1.5BA$6.56
65 Bay Street1 BR 1 BA Res 06: FL 50 - 511BR,1BA$5.27
32 East 7th Street32 EAST 7TH STREET - 1 BR / 1 BATH1BR,1BA$4.46
251 Water St, Unit 2B251 Water StStudio ,1BA$6.52

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Frequently Asked Questions about Downtown

What type of rentals are currently available in Downtown?

There are currently 5456 Apartments for Rent in Downtown, NY with pricing that ranges from $2,000 to $89,959. There are also 188 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown ranging from $1,225 to $75,000.

What is the current price range for Rental Homes in Downtown?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown ranges from $1,225 to $75,000 with an average monthly rent of $11,759.

How much are larger Three and Four Bedroom Rentals in Downtown?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown range from $3,850 to $26,850, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,225 to $25,000. Four Bedroom Single-Family rentals are also available starting from $7,495 and Four Bedroom Apartments start at $4,750.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

decorative image for The 10 Best Affordable Neighborhoods for Renting in New York City article

The 10 Best Affordable Neighborhoods for Renting in New York City

Written by: Joshua Carlucci

New York City is the city that never sleeps, but it’s also the city that’s often synonymous with sky-high rents and steep living costs. That said, if you’re like many of us at ApartmentHomeLiving.

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Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

decorative image for Battling the Butts: Your Guide to the Reality of Smoke-Free Renting article

Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.