Manhattan and Brooklyn rent prices may be on a slight decline, but not enough to strip New York City as a whole of its position as the nation’s second most expensive city to rent a one-bedroom.
A new set of data from real estate listing website Zumper breaks down the average rent for a one-bedroom in various neighborhoods throughout Manhattan and Brooklyn, so if you’re looking for those deals, this could provide some hope.
A recent report from real estate agency Douglas Elliman highlighted the dip in Manhattan’s median rents, with one-bedrooms decreasing in rent by 1.3 percent to $3,350. Zumper’s map of median one-bedroom rent prices pretty much confirms Elliman’s numbers by illustrating what rent is going for throughout the borough’s neighborhoods.
While Chelsea, the West Village, Tribeca, and Battery Park are still pricey options, averaging rent prices over $3,350, much of the rest of Manhattan is asking less. Washington Heights, East Harlem, West Harlem, and Central Harlem boasts the lowest median rent prices for one-bedrooms within the borough.
In Brooklyn, where the median price for a one-bedroom has decreased by one percent down to $2,850, Williamsburg, Dumbo, Boerum Hill, Gowanus, Vinegar Hill, Fort Greene, Brooklyn Heights, and Downtown Brooklyn are still more expensive than the borough’s median price. Renters looking for a bargain will have their best luck in Brownsville, where one-bedroom rent averages out to around $1,490 a month. Neighborhoods like East Flatbush, Canarsie, Sunset Park, and Kensington are other options where renters can potentially find affordability.
The lower rents could be attributed to the availability of new development units, creating the need for competition to lure renters; it could also suggest that landlords have become more willing to lower rents. But whatever it may be, it’s safe to say that the city’s rent prices are still too expensive.