Rent prices may be on a slight decline in both Brooklyn and Manhattan, but not enough to remove NYC from its position as the country’s most expensive to rent a one-bedroom in.
New data from Zumper, a real estate website, breaks down the average rent for a one-bedroom across several neighborhoods in Manhattan and Brooklyn; so if you’re looking for those deals, this might mean good news for you!
Real Estate agency, Douglas Elliman, recently released a report which highlighted the dip in Manhattan’s median rents, with one-bedrooms decreasing in rent by 1.3 percent to $3,350. Zumper’s report confirms Elliman’s numbers.
Neighborhoods like Washington Heights, East Harlem, West Harlem, and Central Harlem (in Manhattan) have the lowest rent prices for one-bedrooms within the borough. While Chelsea, the West Village, Tribeca, and Battery Park are still pricey options, averaging rent prices over $3,350.
When it comes to Brooklyn, the median price for a one-bedroom has decreased by one percent down to $2,850 in the pricier neighborhoods like Williamsburg, Dumbo, Boerum Hill, Gowanus, Vinegar Hill, Fort Greene, Brooklyn Heights, and Downtown Brooklyn. If you are willing to venture deeper into Brooklyn, Brownsville’s rent averages out to around $1,490 a month, but cheaper options can be found in neighborhoods such as East Flatbush, Canarsie, Sunset Park, and Kensington.
The decrease on the rent prices may be attributed to a couple factors; like he availability of new development units, creating the need for competition to lure renters or the willingness of landlords to lower their prices. Even with the decrease on prices, it’s still safe to say that NYC is still very expensive to live in.