Summary:
Prospect Lefferts Gardens, Bay Ridge, Midtown Manhattan, Upper East Side, and Hamilton Heights are seeing rent decreases.
Rent in Queens is rising the fastest, particularly in Forest Hills, Jamaica, Astoria, Long Island City, and Woodside.
Colder months may offer better deals due to decreased rental competition.
The median asking rent for a one-bedroom in NYC is a staggering $3,676.
High prices are dampening demand in some previously hot neighborhoods.
NYC Rent Prices are Dropping!
While rent in NYC has skyrocketed since the pandemic, reaching a median of $3,676 for a one-bedroom apartment, there's some good news! According to StreetEasy, five neighborhoods are experiencing rent decreases.
5 NYC Neighborhoods with Falling Rents:
These areas are seeing a surprising dip in asking prices:
- Prospect Lefferts Gardens (Brooklyn): A 5% year-over-year decrease!
- Bay Ridge (Brooklyn): A 4.2% year-over-year decrease.
- Midtown Manhattan: Significant decrease (exact percentage not specified)
- Upper East Side: Significant decrease (exact percentage not specified)
- Hamilton Heights: A 1.8% drop compared to last year.
This downturn is likely due to high prices dampening demand, particularly in Brooklyn and Manhattan. These boroughs have been the most saturated rental markets in recent years.
Where Rents are STILL Rising:
In contrast, Queens has seen the biggest rent increases, with neighborhoods like Forest Hills, Jamaica, Astoria, Long Island City, and Woodside being particularly in-demand.
Other areas with the fastest rent growth include the West Village, Forest Hills, Soho, Flatiron, and Dumbo.
Best Time to Find a Deal?
StreetEasy suggests that colder months typically see less competition among renters, potentially making it a great time to score a deal, especially in those five neighborhoods with falling rents.
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