New York City started off the year holding onto its position as the second most expensive rental market in the nation. Opposite from the large rent hikes seen in 2015, this year’s map shows that the median price of one bedroom units in NYC has dropped substantially, down 9.1% since this time last year.
Manhattan
The Manhattan neighborhoods with the fastest growing rents were East Harlem and Lower East Side, both up around 8% since this time last year. On the other end of the cost spectrum, Battery Park City and Gramercy Park, both down 10%, had the biggest rent declines.
Meanwhile, neighborhoods in the Bronx saw double digit increases, with Hunts Point and Mott Haven up 14% and 13%, respectively.
Brooklyn
East Flatbush (+13%), Flatbush (+10%), and Greenpoint (+9%) were the Brooklyn neighborhoods with the fastest growing rents this year.
While many neighborhoods close to the water saw downward rent trends, Boerum Hill had the biggest decline in prices, down 12% since this time last year. Red Hook and Cobble Hill saw the next biggest drops, down 10% and 9%, respectively.
If you’re interested in seeing how these changes compare to the rest of the nation’s, view our January National Rent Report, which analyzes over 1 million active listings available in the month prior to publication.
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