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NYC rents for one- and two-bedroom apartments are on the decline

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There has been a year-over-year rent price decline around three to four percent, but prices are still high

Max Touhey

Real estate listing site Zumper has released its latest report on rent prices in New York, and to no one’s surprise, the city is once again the second most expensive place to rent an apartment in the country. (San Francisco remains in first place.)

The “good” news is that rents for one- and two-bedrooms are actually down three to four percent, year-over-year, in the city—which tracks with other market reports—but that doesn’t mean prices are by any means cheap. The median rent for a one-bedroom in New York still hovers around $2,860, while two-bedrooms saw a slight increase (0.6 percent) to $3,220.

Courtesy Zumper

Interestingly enough, no neighborhoods in the Bronx saw a dip in rent prices. Though Morrisania was home to the largest rental growth within the Bronx, it was still the borough’s most affordable neighborhood, with prices averaging around $1,300.

Zumper found that Tribeca, Chelsea, and West Village had the most expensive rents in Manhattan at $4,145, $3,740, and $3,700, respectively. Meanwhile, Washington Heights ($1,810), West Harlem ($2,150), and Central Harlem ($2,200) were the most affordable neighborhoods in the borough. The Upper West Side had the fastest growing rent in Manhattan last quarter, while the Financial District saw the biggest dip, at 7 percent.

In Brooklyn, Dumbo and Vinegar Hill continue to reign as the priciest neighborhoods, both with prices averaging more than $3,600 a month. Borough Park, Flatlands, and Brownsville wee the cheapest, with rents averaging under $1,700, and Red Hook saw its rents dip by 12.5 percent.

The fastest growing Brooklyn areas were Gowanus, where numbers spiked by nearly 10 percent, and in Boerum Hill, where prices rose by 9.3 percent.