New York City rent prices remained relatively stable last month, with the median price of one bedroom units dropping 1.3% to $3,000 and two bedroom prices falling a slight 0.6% to $3,450. Despite a steady decline the last couple of months, this city still held onto its position as the second most expensive rental market in the nation.
Manhattan
All priced above the $3,900 threshold, Tribeca, Greenwich Village, and Battery Park City were the most expensive neighborhoods to rent this fall. West Village, Gramercy Park, and Financial District followed suit as the next priciest areas. The Manhattan neighborhood with the fastest growing rent was East Harlem, with the price of one beds up 5.5% since last quarter.
Brooklyn
DUMBO and Vinegar Hill were the most expensive Brooklyn neighborhoods to rent this fall. Resting at the $3,000 threshold, Williamsburg, Downtown Brooklyn, and Brooklyn Heights, all tied for third, were the next priciest areas. The neighborhoods with the fastest growing rents were Ocean Hill and Bushwick, both up over 6% since last quarter.
If you’re interested in how New York City rent prices compare with the rest of the United States’, view our National Rent Report for November.
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