Led by Manhattan and Brooklyn, New York City Rents Down 3.7% in 2017

Real estate and rental search site Zumper recently analyzed their data for 2017 and found that citywide, rents have fallen by 3.7 percent. Led by Manhattan and Brooklyn neighborhoods which saw market-rate corrections following inflated rents in previous years, most neighborhoods in those saw a medium to drastic decline in rents.

On Manhattan, only Central Harlem (+6%) had rent growing more than 5%. In terms of rent dips, Hell’s Kitchen (-9%), Tribeca (-6%), and Financial District (-5%) saw the biggest of those.

Rents Down 3.7% in 2017 - Manhattan Map
Rents Down 3.7% in 2017 - Manhattan Map
Photo: Zumper

The Brooklyn neighborhoods with the fastest growing prices this year were East Flatbush (+7%), Brownsville (+5%), and Williamsburg (+5%). However, the downward rent trends were much larger than the upwards, with Windsor Terrace, Greenwood Heights, and Borough Park all falling around 13%.

Rents Down 3.7% in 2017 - Brooklyn Map
Rents Down 3.7% in 2017 - Brooklyn Map
Photo: Zumper

Check out the accompanying article for more insights into the data.

via Zumper

Matt Coneybeare

Matt Coneybeare

Editor in Chief

Matt enjoys exploring the City's food scene with his Wife and the outdoors with their dog. He is an avid marathon runner, and spends most of his time eating, running, and working on cool stuff.

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