New York City’s notoriously high rents have seen some surprising drops in certain neighborhoods, according to a new study by local listings portal StreetEasy. The report reveals that house hunters in search of a new lease may want to consider neighborhoods like Prospect Lefferts Gardens in Brooklyn, where rent prices have actually decreased.
In October, the median asking rent in Prospect Lefferts Gardens fell by 5% year-over-year, bringing it down to $2,850 — the largest decline city-wide. For example, this price can now rent a one-bedroom garden-level apartment at 297 Lincoln Rd., which comes with a private backyard and a spacious eat-in kitchen.
Further south, Bay Ridge also saw a significant drop, with rents falling 4.2% year-over-year to a median of $2,300. For that price, renters can find a 720-square-foot one-bedroom co-op at 190 72nd St., featuring a kitchen with stainless steel appliances and herringbone hardwood floors.
Surprisingly, even the upscale Upper East Side experienced a slight dip in rents, reflecting a broader trend in Manhattan. Midtown also saw a notable decrease, with median rents dropping 3.6% year-over-year to $4,895 in October. In Midtown, an alcove studio at 242 W. 53rd St. is listed for $4,895, offering stunning skyline views through floor-to-ceiling windows.
Hamilton Heights, a charming neighborhood in northern Manhattan known for its Sugar Hill historic district, also saw a decline in rents. The median asking price in October was $2,750, down 1.8% from the previous year. A three-bedroom unit at 528 W. 152nd St. is listed for that amount, featuring exposed brick and other classic touches.
Despite the drops in certain areas, the overall median asking rent across New York City increased by 2.1% year-over-year, reaching $3,676. However, some neighborhoods saw a steep rise in rents. Greenwich Village saw the largest jump, with a 12.1% increase to $5,600. Forest Hills in Queens followed closely with an 11.8% increase, bringing its median rent to $2,795.
Other areas with significant rent hikes include Soho, where the median asking rent rose by 9.6% to $8,000, and Flatiron, which saw a 9% increase to $6,375. Dumbo in Brooklyn also saw a 6.9% increase, with a median rent of $6,198.
Queens experienced the most significant overall rent increase, with the median asking rent reaching $3,000 in October — up 3.4% from the previous year.
While certain neighborhoods offer renters more affordable options, the overall trend across New York City remains a mixed bag, with some areas seeing significant price drops, while others continue to see rents climb.
Author
-
Jessy James is a dynamic writer with a passion for exploring the intersection of technology, culture, and lifestyle. Known for her engaging style and insightful perspectives, Jessy delves into the latest trends and innovations, offering readers a well-rounded look at how digital shifts shape our world. Her work reflects a commitment to making complex subjects relatable, keeping readers both informed and inspired.
View all posts