The NYC neighborhoods where rents are rising—and a few where they are falling
- Median rents rose by double digits in Greenwich Village and Forest Hills
- Asking rents for new leases fell in Prospect Lefferts Gardens and Bay Ridge
Greenwich Village saw the highest increase in median asking rent this October compared to last year, according to a new StreetEasy report.
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New York City is the most expensive city in the U.S. for renters, with Tribeca and Battery Park City ranking among the top 10 priciest zip codes, according to a RentHop study.
In those two Manhattan enclaves, renters pony up thousands of dollars for new leases. The median rent for a one bedroom was $6,080 in Tribeca and $6,000 in Battery Park City, according to RentHop, which examined rental listings from Jan. 1st to Nov. 15th.
Rents are rising even faster in a few other hot neighborhoods around the city, such as Greenwich Village and Forest Hills, according to a StreetEasy report.
But in a handful of enclaves, such as Prospect Lefferts Gardens and Bay Ridge, rents are slipping. Renters looking for an apartment now might even score some deals; landlords offered concessions for one in five new leases in October, according to StreetEasy.
Steep hikes in the Village, and even Queens
Unsurprisingly, the tony Manhattan enclave of Greenwich Village saw the highest increase in median asking rent, rising 12.1 percent from October 2023 to $5,600 a month in October this year, according to a separate report from StreetEasy. But the area with the second-highest growth in rent wasn’t in Manhattan, but Queens.
Forest Hills saw an 11.8 percent increase in median asking rent, which rose to $2,795 per month as of October 2024, compared to a year prior. StreetEasy noted that “a year of sustained renter demand in Queens” pushed up rents in the borough, though prices are beginning to moderate.
Soho saw the third-highest growth, with rents rising 9.6 percent to a median asking rent of $8,000. It was closely followed by the Flatiron District, where median asking rents rose 9 percent to $6,375.
Not to be left out, one Brooklyn locality managed to crack the top five neighborhoods for rent growth. In Dumbo, rents jumped 6.9 percent to $6,198 in October compared to a year ago, per StreetEasy.
Prices drop in south Brooklyn, Upper East Side
Meanwhile, two neighborhoods in Brooklyn saw the greatest drops in rents.
Median asking rents declined in Prospect Lefferts Gardens by 5 percent, to $2,850. Bay Ridge saw the second-highest drop with a 4.2 percent slip in median asking rent, to $2,300 in October, compared to a year ago.
In Manhattan, median asking rent dropped in Midtown by 3.6 percent to $4,895. Nearby on the Upper East Side, median asking rent declined 2.3 percent to $3,908 in October compared to last year.
Lastly, Hamilton Heights in Upper Manhattan saw a modest 1.8 percent drop in rent to a median asking rent of $2,750 over the same period.
