Downtown is Downright Expensive
Tribeca was the most expensive neighborhood for rentals in 2024 with a median asking rent of $8,295, according to StreetEasy.
Top 4 Priciest Neighborhoods for Rentals
Following Tribeca, SoHo ($6,100) and Flatiron ($5,900) rounded out the list of the top three priciest neighborhoods for those wanting to rent in Gotham.
Brooklyn then made the list at No. 4 with asking prices in Dumbo coming in at about $5,750.
New York City Rental Trends
And beyond wanting to live in Manhattan over any other borough, New Yorkers — and aspiring New Yorkers — were on the hunt for several amenities.
Renters searching for an apartment in the Big Apple were hoping to find a place with in-unit laundry, dishwashers, a pet-friendly spaces, laundry in the building (if the first one didn’t work out) and an elevator, in that order — wouldn’t that be nice?
What Amenities Are Buildings Actually Adding?
“Pets allowed” saw a 200% year-over-year increase in search volume among rental listings, “outdoor space” jumped 128% and “pool” rose 61%.
These new additions are likely happening over the bridge in Brooklyn.
Brooklyn Growth
Dumbo had the largest growth in rental inventory in 2024 growing 82%.
The Bronx pulled through with Mott Haven jumping 63% now offering 2,653 rentals.
But Brooklyn continued to have the biggest expansion with Greenpoint increasing by 36%, East Flatbush growing 32% and Prospect Lefferts Gardens developing 25%.
Affordability Challenges
Despite the growth, searching for an apartment in the city is as difficult as ever as wannabe renters compete to secure any space — much less an affordable one.
In August 2024, the median asking rent for apartments in Manhattan, Queens, the Bronx, and Brooklyn was $3,425 — a $76 increase from a year ago.
The Big Apple’s median rent price is nearly double the national median of $1,753; it is one of the only major cities where rents are still rising, with the exception of a few neighborhoods.
Best Bets for Affordability
A study from StreetEasy found that house hunters searching for a new lease to sign may want to look at Prospect Lefferts Gardens in Brooklyn.
There, the median asking rent in October hit $2,850, marking a 5% year-over-year decrease — the largest annual decline tallied city-wide in the report.
Conclusion
As the search for affordable housing continues, renters may need to get creative with their searches or consider moving to up-and-coming neighborhoods. But for those who have already secured a good lease, they can take comfort in knowing they are part of a lucky few.
FAQs
Q: What was the median asking rent in Tribeca in 2024?
A: $8,295
Q: What amenities did renters prioritize when searching for an apartment in New York City?
A: In-unit laundry, dishwashers, pet-friendly spaces, laundry in the building, and an elevator
Q: Which Brooklyn neighborhood saw the largest growth in rental inventory in 2024?
A: Dumbo
Q: What was the median asking rent for apartments in Manhattan, Queens, the Bronx, and Brooklyn in August 2024?
A: $3,425
