For the first time in months, rents in NYC declined in January 2015. Overall, for apartments across all boroughs, median rent dropped 3.2% to $3,000 for a 1-bedroom apartment, compared with $3,100 this past December.
Manhattan
On a neighborhood level in Manhattan, prices remained relatively flat, with a few notable exceptions. Chelsea moved up two places to the fifth most expensive hood, up 1.3% month over month to $3,850, while the Theater District surged five spots to number eleven, up 6.1%. Tribeca remained the most expensive neighborhood in the city (and the country), with median rent totaling $4,150.
Brooklyn
The Brooklyn rental market continued to be red hot through the start of 2015. Neighborhoods including Bushwick ($2,050), Bedford-Stuyvesant ($1,800), and Crown Heights ($1,850) maintained higher rental prices seen at the end of 2014. Notable movements upward included Williamsburg, up 5.1% to $3,100, and Downtown Brooklyn, up 4% to $3,090. On the downward trend, Boerum Hill saw a drop of 4.3% to $2,650.
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