Rents Fall in 8 NYC Neighborhoods

While rents across New York City have generally risen, eight neighborhoods saw declines this year, according to real estate platform StreetEasy. The data also shows that rental inventory in the city dropped by nearly 9% compared with last year.

Neighborhoods with lower rents include Dumbo and East New York in Brooklyn, Battery Park City and Roosevelt Island in Manhattan, Jamaica in Queens, Mott Haven in the Bronx, and several areas in Brooklyn such as Midwood and Downtown Brooklyn. The largest decrease was in Dumbo, Brooklyn, where rents fell by more than 8%.

Meanwhile, citywide rents continue to rise. The median rent across New York City increased 7.4% from a year ago, reaching $4,080 per month. Manhattan saw the largest rise at 9.6%, followed by Brooklyn at 6.9% and Queens at 7.9%.

Analysts say that although certain neighborhoods are seeing lower rents, the overall shortage of available apartments continues to put pressure on tenants across the city.