New York City’s Rent Prices Take a Dip in Certain Neighborhoods
Brooklyn Neighborhoods Lead the Way
According to a recent study from StreetEasy, a local listings portal, New York City’s notoriously high rents have actually decreased in certain neighborhoods. In Brooklyn, Prospect Lefferts Gardens saw the largest annual decline in median asking rent, with a 5% year-over-year decrease to $2,850. This means that renters can now find more affordable options in the area.
Other Brooklyn Neighborhoods Follow Suit
Bay Ridge emerged as the second neighborhood with the sharpest annual decline in median asking rent, with a 4.2% year-over-year decrease to $2,300. This decrease in rent prices can be seen in a 720-square-foot co-op being rented out by its owners at 190 72nd St.
Upper East Side and Hamilton Heights Also See Decreases
In Manhattan, the Upper East Side and Hamilton Heights also saw a decrease in median asking rent. The Upper East Side saw a 2.3% annual decline to $3,908 per month, while Hamilton Heights saw a 1.8% decline to $2,750 per month.
Midtown and Other Neighborhoods See Declines
Midtown Manhattan also saw a decline in median asking rent, with a 3.6% annual decrease to $4,895 per month. This decrease in rent prices can be seen in an alcove studio listed for $4,895 per month at 242 W. 53rd St.
City-Wide Median Asking Rent
Despite these decreases in certain neighborhoods, the city-wide median asking rent increased 2.1% year-over-year to $3,676.
Areas with the Largest Increases
On the other hand, some neighborhoods saw significant increases in rent prices. Greenwich Village saw the largest annual jump, with a 12.1% increase to $5,600. Forest Hills in Queens also saw a significant increase, with a 11.8% year-over-year increase to $2,795 per month.
Conclusion
While the city-wide median asking rent increased, certain neighborhoods in Brooklyn and Manhattan saw decreases in rent prices. These decreases can be attributed to a shift in the market, with renters seeking more affordable options. However, other neighborhoods saw significant increases in rent prices, highlighting the importance of researching rent prices before making a move.
FAQs
Q: Which Brooklyn neighborhoods saw the largest decrease in rent prices?
A: Prospect Lefferts Gardens and Bay Ridge saw the largest decreases in rent prices, with 5% and 4.2% year-over-year declines, respectively.
Q: What is the city-wide median asking rent?
A: The city-wide median asking rent increased 2.1% year-over-year to $3,676.
Q: Which neighborhoods saw the largest increases in rent prices?
A: Greenwich Village saw the largest annual jump, with a 12.1% increase to $5,600. Forest Hills in Queens also saw a significant increase, with a 11.8% year-over-year increase to $2,795 per month.
