NYC Apartment Rent Prices Increased 8% in 2015

As 2015 draws to a close, the year saw rents dramatically appreciate across a number of cities in the US. The overall population of renters increased (both young and old), vacancy rates dropped to historic lows, and new construction in many urban areas failed to keep up with net migration.
Along this trend, New York City saw prices increase another 8% year over year, with certain areas experiencing double-digit growth in rents. We pulled data to examine the “hottest” and “coldest” neighborhoods for renters over 2015, exploring how the overall cost landscape in the city changed.

Manhattan

Ending the year at a median of $3,470, Manhattan asking rents remained strong throughout the year. Areas that experienced the greatest hikes included Battery Park City (+16.3%), Gramercy Park (+15%), and Soho (+10.7%). Other neighborhoods that increased between 5-10% included places such as the Upper West Side (+9.1%), Financial District (+8.2%), and Greenwich Village (+6.5%).
Only two areas saw decreases in the year. East Harlem dropped 6.3% to settle at a median of $1,900 for a one bedroom, while West Harlem barely slid, down 0.2% to $2,000.

Percent change of one-bedroom median asking rents

Brooklyn

Neighborhoods in Brooklyn were mixed when compared with Manhattan. Areas like Borough Park (+18.5%), Crown Heights (+17.8%), and Sunset Park (+17.6%) experienced a rapid rise in prices. However, not all areas saw an appreciation. DUMBO (-4%) and Vinegar Hill (-2.2%) each dipped slightly, while areas further inland such as East Flatbush, Brownsville, and Ocean Hill were each down between 5-10%. Cobble Hill asking rents dropped the most in the year, down 11%.

Percent change of one-bedroom median asking rents

If you’re interested in seeing how these changes compare to the rest of the United States, view our December National Rent Report, which analyzes over 1 million active listings available in the month prior to publication.
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