These are the most in-demand NYC neighborhoods for buyers and renters in 2024

Queens was the top destination in 2023 among renters and buyers seeking affordability, but Manhattan is expected to see renewed demand this year from renters, according to a StreetEasy’s ranking of NYC neighborhoods to watch in 2024.

That’s because this year renters are likely to get better deals than usual in typically expensive Manhattan.

According to StreetEasy economist Kenny Lee, Manhattan rents are expected to drop as a result of an increase in new listings, which puts pressure on landlords to compete for renters, Lee previously told Brick. But he doesn’t expect a sharp drop in rents because inventory levels will remain below pre-pandemic levels.

StreetEasy says that trendy parts of popular Manhattan areas like SoHo and the Upper East Side will see the most interest in Manhattan. The list is generated based on greatest increases in searches on StreetEasy among buyers and renters from 2022 to 2023. 

Why are landlords facing more competition? There are a few factors at play: A drop in mortgage rates will likely encourage renters to become buyers—and create more rental vacancies. In addition, the city’s tough new registration rules for short-term rentals means owners are likely to put their listings on the regular rental market.

“Many of these units were bought by non-institutional investors who are now faced with the option of either converting to a standard lease with a lower return or selling. As the sales market is not exactly on fire right now, seeking new, longer-term tenants seems like the easy choice,” John Walkup, co-founder of UrbanDigs, a real estate data analytics company, previously told Brick.

Here's the full list of NYC neighborhoods expected to see increased interest from renters and buyers this year.

1. Ridgewood, Queens 

Buyer and renter searches in Ridgewood jumped 10.7 percent from 2022 to 2023, reflecting its growing popularity as an alternative to nearby Bushwick and Williamsburg, the report says. The median asking rent in Ridgewood was $3,000 in 2023: 31 percent lower than $4,400 in Williamsburg, and 8 percent lower than $3,250 in Bushwick.

You’ll find more space for your buck, which is why the area is popular for roommate shares.

Buyers can find options like modern condos with on-site parking and historic rowhouses with elaborate architectural details. Ridgewood’s median asking price held steady at $1,149,500 in 2023, the same as 2022. 

For more on moving to Ridgewood, check out Brick’s “What to know about buying in Ridgewood, Queens,” “Ridgewood, Queens: The insider's guide to living there,” and “Why I moved to Ridgewood: I traded hip and happening for quaint and charming.”

2. Hunters Point, Queens

Hunters Point is located in the southern part of Long Island City. Here you’ll find new development rental buildings with a $4,200 median asking rent.

The median asking price increased by 5.8 percent in 2023 to just over $1.2 million, well above the borough median of $641,600.

Searches for Hunters Point listings rose 9 percent year-over-year, as buyers and renters are drawn to the neighborhood’s waterfront location's Gantry Plaza State Park, a 12-acre green space, and quick commute on the E, F, or 7 train.

For more on moving to Long Island City, read: “What to know about buying in Long Island City, Queens, a condo boomtown with luxury amenities and Manhattan views” and “What you can get for $1 million in Long Island City, where your dollars go farther and commuting is easy.”

3. Hudson Square, Manhattan

This sub-neighborhood of SoHo between the West Village and Tribeca saw an 8 percent increase in searches from 2022 to 2023, according to StreetEasy. Last year, Hudson Square’s median asking price surged by 20.7 percent to nearly $3.5 million, while its median rent rose by 7.2 percent to $7,500, making it the most expensive neighborhood on the list.

New condo and rental buildings prop up prices in the neighborhood’s where companies like Google and Disney have set up shop. The area is also known for its Federal and Greek Revival rowhouses in the Charlton–King–Vandam Historic District.

Not sure where Hudson Square is? Brush up with “Hudson Yards, Hudson Square, and Hudson Heights: What's the difference?”

4. Jackson Heights, Queens

Jackson Heights, one of the most diverse neighborhoods in NYC, saw a 5.4 percent increase in buyer and renter searches in 2023. That’s likely because of its because of relative affordability—its median asking price is $399,250—plus a 30-minute commute to Midtown Manhattan by subway.

Buyers can find ornate prewar co-ops in and around the neighborhood’s historic district, as well as single or multi-family homes with potential rental income. The median asking rent in Jackson Heights in 2023 was $2,286 — the second-lowest median rent on the list and 15 percent below the borough median of $2,700.

For more information, here’s “What to know about buying in Jackson Heights, Queens, a diverse area with historic housing,” and “Why we moved to Jackson Heights: Our rent was skyrocketing so we bought in a more affordable neighborhood.

5. Sunset Park, Queens

Sunset Park is the highest-ranked Brooklyn neighborhood on this year’s list with a 4.7 percent annual rise in searches. This waterfront neighborhood had a median asking rent of just $2,400 in 2023, 27 percent below the borough median, making it a relatively affordable option for renters.

Its median asking price of $1.45 million, however, is 45 percent higher than the Brooklyn median of $999,000.

Housing options here include single- and multi-family rowhouses. The area is adjacent to the popular Industry City, a mixed-use complex where you’ll find stores, restaurants, and bars; a fast-growing local Chinatown; and the neighborhood’s namesake park with views of the Manhattan skyline.

Want more intel? Check out “What you need to know about living in Sunset Park, Brooklyn, an under-the-radar place to find a deal.”

6. Kew Gardens, Queens

Kew Gardens, Queens, has lots of green space and relatively affordable housing. It saw a 3.8 percent year-over-year increase in searches in 2023, according to the report.

With a median asking price of $348,000 (46 percent below the borough median) and median rent of $2,270 (16 percent below the borough median), it’s the least expensive neighborhood on the list.

Kew Gardens is known for single-family homes in the Dutch Colonial Revival and Beaux-Arts styles. Rentals are mostly found in condo and co-op buildings near the Long Island Rail Road or E and F subway stops. Forest Park, the third-largest park in Queens with 544 acres, is adjacent to the neighborhood.

You might encounter the term "garden apartment” when searching for listings in Kew Gardens and other parts of Queens. It means something entirely different here.

7. Woodside, Queens 

Woodside, Queens, is the only neighborhood that made both StreetEasy’s 2024 and 2023 Neighborhoods to Watch lists. It is a good option for renters searching for affordability and a quick commute to Manhattan.

Options for buyers include condos in new developments, co-ops in older buildings, and small, multi-family homes with private backyards.

Despite increasing 19 percent year-over-year, the neighborhood’s $2,500 median asking rent is still below the borough’s $2,700 median. Woodside is among the least expensive on the list for buyers, with a median asking price of $550,000.

For some insight on buying in the neighborhood, check out, “What to know about buying in Woodside, Queens, an affordable area with a big mix of housing options.”

8. Greenwood, Brooklyn

Greenwood is perhaps best known for its famous cemetery, the resting place of Leonard Bernstein, Horace Greeley, Jean-Michel Basquiat, Pop Smoke, and others.

There's more here to do than wander the cemetery, of course. Fourth and Fifth avenues are lined with restaurants, bars, and stores.

Greenwood’s median rent of $3,250 is just below the borough median of $3,295, while its median asking price of $1.55 million reflects the variety of for-sale inventory in the neighborhood—including new development condos and multi-family and mixed-use investment properties.

Here’s a story about a renter who left Greenwood, even though she was happy there and loved the buzzy neighborhood.

9. Flatbush, Brooklyn 

Flatbush has seen more new development in recent years, which likely contributed to a 3.2 percent increase in searches year-over-year.

Despite its growth, Flatbush’s median rent and asking price both remain well below the borough medians, at $2,800 and $600,000 respectively.

Options for buyers include co-ops with prewar details and new condos, as well as single- and multi-family homes in a variety of architectural styles.

Here’s a story about a newcomer who settled in East Flatbush to work as a sous chef and live in a Black community and another about a renter who had to leave her beloved Flatbush neighborhood because of a lousy neighbor.

10. Carnegie Hill, Manhattan

Carnegie Hill is a sub-neighborhood in Manhattan’s Upper East Side. While searches for this area were up just 2.3 percent from the previous year, the median asking price jumped by 12.3 percent and median rent by 5.3 percent.

The area’s housing stock is largely co-ops, but several multi-million-dollar townhouses—plus proximity to Central Park—contribute to the neighborhood’s $2.4 million median asking price.

Cultural institutions here include the Metropolitan Museum of Art, Guggenheim, Cooper Hewitt, and Jewish Museum.

Did you know Carnegie Hill is ranked one of NYC’s quietest neighborhoods. That’s saying a lot—in a quiet way, of course.

You Might Also Like

The Market Manhattan median rent 'is falling faster than anticipated'

Getting Ready 2024 NYC real estate forecast: Buyers and sellers emerge, renters gain leverage

Sell More than two-thirds of Manhattan deals in the fourth quarter were all cash