Zumper has put out its annual rental market report, and there’s some good news for New Yorkers: median rents across the city were down 3.7 percent in December 2017 compared to the same time in 2016.
In terms of boroughs, Brooklyn and Manhattan saw the sharpest declines; staples like Tribeca, Hell’s Kitchen, and the Financial District all saw declining percentages in Manhattan, and a similar story played out in Brooklyn neighborhoods like Crown Heights, Bed-Stuy, and Windsor Terrace.
Conversely, rents in the Bronx were on the rise. In Mott Haven, for example, rents increased 15 percent from 2016. To the northwest, rents increased a dramatic 22 percent in Highbridge, which also happens to be highest percentage increase in the city overall.
What does that translate to in terms of actual monthly rent? In December last year, the median monthly rent for a one-bedroom in Highbridge was $1,525. In NYC overall, that number sits at $2,870 for a one-bedroom, and $3,230 for a two-bedroom, though both these amounts are down from 2016.
There were some Brooklyn and Manhattan neighborhoods with big increases: Williamsburg saw a five percent increase in rent from 2016, and Central Harlem saw a six percent increase from 2016. To see how neighborhoods in Queens and Staten Island stacked up against the rest of the boroughs, check out Zumper’s full list. Zumper crunched its numbers by looking at millions of listings on its website during the given timeframe. All in all though, now seems like a good time to rent a new apartment in NYC.
- NYC rental market reports archives [Curbed]