Coming in just after San Francisco, New York City continued to rank as the second most expensive rental market in the nation with the price of one bedrooms staying flat at $2,860 and two bedrooms increasing a slight 0.6% to $3,220 last month. Notably, on a year over year basis, rents for both bedroom types are actually down around 3-4%.
Manhattan & Bronx
While the Upper West Side had the fastest growing rent in Manhattan last quarter, up 6.9%, Morrisania had the largest rental growth rate in the Bronx, up 8.3%. On the other end of the growth spectrum, the neighborhood that saw the biggest rent dip was Financial District in Manhattan, down 7%. There was no Bronx neighborhood on our map that had a decrease in prices.
This summer, Tribeca ($4,145), Chelsea ($3,740), and West Village ($3,700) had the most expensive rents in Manhattan. Meanwhile, Washington Heights ($1,810), West Harlem ($2,150), and Central Harlem ($2,200) were the most affordable neighborhoods to live in.
In the Bronx, Point Morris ($1,800) and Mott Haven ($1,675) were the priciest areas to rent while Morrisiana ($1,300) was the most affordable.
Brooklyn
While Gowanus and Boerum Hill had the fastest growing prices last quarter, up 9.8% and 9.3%, respectively, Red Hook saw the biggest rent dip, down 12.5%.
DUMBO and Vinegar Hill continued to reign as the priciest neighborhoods in Brooklyn with rents both over $3,600. Meanwhile, more affordable options for less than $1,700 could be found in Borough Park, Flatlands, and Brownsville.
If you’re interested in how New York rent prices compare with the rest of the nation’s, check out our National Rent Report for July.
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For a more in-depth discussion of our methodology, check out our post here.
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