New York City’s notoriously high rents have actually gotten a bit cheaper in certain neighborhoods.
That’s according to a new study from the local listings portal StreetEasy, which found that house hunters searching for a new lease to sign may want to look at Prospect Lefferts Gardens in Brooklyn.
There, the median asking rent in October hit $2,850, marking a 5% year-over-year decrease — the largest annual decline tallied city-wide in the report. That exact monthly price, for instance, can now rent a one-bedroom garden-level residence at 297 Lincoln Rd. with a private backyard and a large eat-in kitchen, according to a StreetEasy search.
Farther south in Brooklyn, Bay Ridge emerged in second place for the sharpest annual decline in median asking rent. That neighborhood saw a 4.2% year-over-year decrease in the figure, lowering to $2,300 last month. Another search through the site’s listings shows that sum can get a 720-square-foot residence at 190 72nd St. co-op being rented out by its owners. The unit has one bedroom, a kitchen with stainless steel appliances and herringbone hardwood floors.
Meanwhile, in Manhattan, 9-to-5 workers looking at ongoing return-to-office mandates can find a deal if they’re looking for breezy commutes to their desks. They’d need some deeper pockets, however. Midtown ranked third in the sharpest city-wide declines, with a 3.6% annual slip in October to a still-high $4,895. For those now searching for a new home in Midtown, there’s an alcove studio listed for $4,895 per month at 242 W. 53rd St., which looks out to wide skyline views through floor-to-ceiling windows. Also in Manhattan, the Upper East Side saw declines in median asking rent. There, it lowered 2.3% to $3,908 per month.
Farther uptown, Hamilton Heights — a northern stretch of Harlem that’s known for its charming Sugar Hill historic district, plus restaurant and bar options along Broadway — had a median ask of $2,750, down 1.8% from last October. At 528 W. 152nd St., a three-bedroom unit with exposed brick touches asks that sum, StreetEasy shows.
Overall, the city-wide median asking rent increased 2.1% year-over-year to $3,676, according to the study. And while there are bargains to have in certain areas, other parts of the city saw their rents really spike.
Greenwich Village saw the largest annual jump: a 12.1% increase to $5,600. Next up, Forest Hills in Queens had prices climb by 11.8% year-over-year to $2,795 per month. As for the others with the most pronounced price hikes, they’re the usual suspects. Soho’s $8,000 median marks a 9.6% year-over-year jump. Flatiron’s $6,375 is a 9% increase from a year ago. Across the East River, Dumbo now has a $6,198 median, 6.9% more than its October 2023 tally.
Throughout the five boroughs, Queens had the greatest overall climb in rents. There, the median asking rent was $3,000 in October, up 3.4% from the previous year, the report says.
