World's Steepest Rents on Fifth Avenue

By Kari Patey
|  Friday, Jul 16, 2010  |  Updated 3:31 PM EDT
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World's Steepest Rents on Fifth Avenue

Chris Hondros/Getty Images

A man emerges from Saks Fifth Avenue November 18, 2008 in New York City. Saks Inc.

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Think you can afford the finer things in life? Look no further than Fifth Avenue between 42nd and 59th Streets.

The corridor is once again home to the highest rents in the world, according to Crain's New York Business.

The going rent rate is up more than 6% over 2009 to $1,650 a square foot for space on the ground floor. And stores such as Saks Fifth Avenue and the Apple store top out at a whopping $2200 a square foot,  Crains reports. Rents there dipped slightly last year amid the recession.

Rodeo Drive in Beverly Hills has the second-highest rents in the world, but they're far less than New York's prices. Asking rent along Rodeo is down 15% from last year to $460 a square foot on average, according to Crain's.

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