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