Real estate and rental search site Zumper recently analyzed their data and found the Manhattan and Brooklyn neighborhoods which have the greatest increase and decrease in median rental prices since Fall of last year. Average one-bedroom rents are down a fraction of a percentage, whereas average two-bedroom rents are up a fraction of a percentage across the City. We are still the 2nd most expensive rental city in the nation behind San Francisco (yay?).
Coming ahead of San Jose, Los Angeles, and Boston, New York City ranked as the second most expensive rental market in the nation last month with the price of one bedroom rent decreasing 0.7% to $2,850, while two bedrooms increased 0.3% to $3,280.
In Manhattan and South Bronx:
In terms of growth, the Lower East Side had the fastest growing rent in Manhattan since last quarter, up over 9%, while Mott Haven and Morrisania prices had the largest growth rates in the Bronx, both up over 9% as well. On the other hand, Soho saw the largest rent dip in Manhattan, down 6%, while no neighborhoods in the Bronx had notable decreases since last quarter.
While Fort Greene and Prospect Heights had the fastest growing rents since last quarter, both up over 10%, Canarsie and Vinegar Hill‘s prices saw the largest rent dips, both down around 12%. DUMBO continued to reign as the most expensive neighborhood with one bedroom rent priced at $3,920.
Check out the accompanying article for more analysis on New York City rental prices in Fall 2018.
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