Rents in the city of New York are notoriously high, with a large majority of its residents searching for homes outside of the state. However, rental prices have dropped in some neighborhoods.
As of October 2024, the median asking rent for all rental properties in NYC was $3,374, according to Realtor.com. The monthly rent increased by $56 or 1.7% from the same month in 2023.
That said, October's rent has declined 2.0% from September's, partially due to an overall rise in rental inventory and the decrease in the number of people moving during the colder months. There are also more rentals offering concessions to tenants amid affordability challenges, per local listings portal StreetEasy.
Where Are Rental Prices Declines in NYC
Of all neighborhoods in the city, asking rents fell the most at Prospect Lefferts Gardens in Brooklyn. The median asking rent in that neighborhood fell to $2,850 in October, which marks a decline of 5% year-over-year. That is the largest annual decline city-wide, the report noted.
Read more: 1 in 5 Renters in the US Say All Their Regular Income Goes Directly To Paying Rent, Survey Finds
Bay Ridge, Brooklyn, is the next neighborhood on the list, with rental prices falling by 4.2% year-over-year to $2,300 last month.
Other neighborhoods that saw the five largest declines in asking rents include Midtown, with prices slipping by 3.6% to $4,895; Upper East Side, falling 2.3% to $3,908; and Hamilton Heights, declining 1.8% to $2,750.
Where Rental Prices Rose the Most
On the other hand, rents spiked the most in Greenwich Village. Rental properties in the neighborhood saw prices jump by a whopping 12.1% to $5,600. Next up is Forest Hills in Queens, which saw asking rents rise by 11.8% to $2,795.
The three other neighborhoods with the sharpest annual growth in median asking rent included Soho, where prices rose by 11.8% to $8,000; Flatiron, with a 9.0% growth to $6,375; and DUMBO, with a 6.9% increase to $6,198.
Overall, Queens was the borough that saw the greatest increase in rental prices. The median asking rent in the borough was $3,000 last month, marking a 3.4% increase year-over-year.
