With Manhattan rent prices on the decline, (the borough’s median rent fell 3.2 percent from a year ago), and Brooklyn rent prices seeing a bit of of its own drop, now might not be a bad time to hunt for your next apartment. A new report from real estate listing site Zumper takes a look at the median rent price for a one-bedroom apartment in various Manhattan and Brooklyn neighborhoods, along with a few in the Bronx.
In its report, Zumper found that while New York City continues to rank as the second most expensive city in the country (only behind San Francisco), the price of one-bedrooms have largely remained stagnant around $2,900/month on average, while two-bedroom rent prices have slightly increased by 1.7 percent to $3,500/month.
In Manhattan, Soho and Chelsea had the largest price spikes at nine percent and eight percent, respectively, while Gramercy Park had the biggest dip in rent prices at seven percent. The most expensive neighborhoods where average rent prices for a one-bedroom were the highest were Tribeca at $4,000, Soho at $3,800, and Chelsea at $3,700.
The most affordable neighborhoods were typically in upper Manhattan, including Washington Heights where the average one-bedroom rent price went for $1,850, West Harlem at $2,150, Central Harlem averaging a price of $2,300, and East Harlem going for $2,395. Additionally, the Upper East Side, East Village, and Lower East Side were less expensive than the borough’s average.
Vinegar Hill, Dumbo, and Downtown Brooklyn were home to the priciest one-bedrooms found in Brooklyn this spring, averaging price tags around $3,800, $3,700, and $3,200 respectively. Meanwhile, Borough Park and Prospect Heights saw the largest rent dips this season, with the former experiencing a 14 precent price drop and an eight percent dip for the latter. Averaging $1,500/month, Canarsie had the cheapest one-bedroom rent prices.
Rent prices are climbing in the Bronx and at 21 percent and 13 percent, Port Morris and Foxhurst had the fastest growing prices in the borough last quarter. Nevertheless, if you are looking to rent a one-bedroom for under $1,500, the Bronx is probably your best bet.