New York City rent, remaining the second priciest in the country, settled at $2,800 for one bedrooms and $3,100 for two bedrooms in our most recent national rent report. These prices were $1,617 and $1,698 more expensive than the national median rents for one and two bedrooms, respectively. Though still expensive, two bedroom rent here is down over 10% from this time last year.
Manhattan & Bronx
While Port Morris (11.9%) and Mott Haven (9%) in the Bronx had the fastest growing prices since last quarter, Manhattan neighborhoods had more stable rents with Garment District climbing the most, up 4.7%. Meanwhile, on the other end of the rent growth spectrum, Woodstock saw the largest rent dip, down 10.8%.
This fall, Tribeca ($4,000), Greenwich Village ($3,800), and Chelsea ($3,690) had the most expensive prices. More affordable rentals, priced around the $3,000 threshold, could be found in Lower East Side, East Village, and Upper West Side.
Brooklyn
Windsor Terrace had the fastest growing rent since last quarter, up 5.7%. Meanwhile, Ocean Hill and Borough Park saw the largest rent dips, both down over 12%.
While DUMBO ($3,910) and Vinegar Hill ($3,550) remained the most expensive neighborhoods to rent this fall, Downtown Brooklyn, Brooklyn Heights, and Boerum Hill were other notably pricy areas as well at $2,900 and above for one bedroom units. The least expensive neighborhoods included Ocean Hill, East Flatbush, and Flatlands.
If you’re interested in how New York rent prices compare with the rest of the nation’s, view our National Rent Report for October.
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