Rents are actually falling in these five NYC neighborhoods
It’s no secret that, ever since the pandemic, rents throughout New York City have been rising at astronomical rates. To put things in perspective, the current median asking rent for a one bedroom apartment has reached a whopping $3,676 per month.
Finally, though, we’re getting some positive rent related news: according to new data gathered by StreetEasy, there are five New York City neighborhoods where asking prices have actually gone down, and you might be surprised to find out which areas are getting cheaper.
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Brooklyn’s Prospect Lefferts Garden takes the top spot, with the median asking rent there down by an impressive 5% year on year. In second place is Bay Ridge in Brooklyn, where the median asking rent decreased by 4.2% year on year. Midtown Manhattan comes in third place, followed by the Upper East Side in fourth and Hamilton Heights in fifth, boasting a 1.8% drop in rent prices compared to last year.
Turns out that prohibitively expensive rents and astronomical upfront costs have finally dampened demand for NYC apartments across some previously hot neighborhoods. It’s also worth noting that said areas happen to be Brooklyn and Manhattan, the two most saturated rental markets throughout the past few years.
Queens, on the other hand, has seen the greatest overall hike in rent prices throughout the boroughs, with the most in-demand neighborhoods there being Forest Hills, Jamaica, Astoria, Long Island City and Woodside, per StreetEasy’s data.
Overall, the neighborhoods where rent is rising the fastest are the West Village, Forest Hills, Soho, Flatiron and Dumbo.
According to the report, during colder months, competition among renters slows down, which means it might be a good time to snag a good deal on that dream apartment of yours—perhaps across those five neighborhoods where rent prices have gone down).