NYC neighborhoods with declining rents: Brooklyn, Manhattan, Queens

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Brownstone apartments in Manhattan, New York City, United States of America on July 6th, 2024. (Photo by Beata Zawrzel/NurPhoto via Getty Images)

NEW YORK - Affordability remains a major issue in New York City, but some neighborhoods experienced major declines in rent this year.

NYC neighborhoods with the largest declines in rent

By the numbers:

StreetEasy data shows that rental inventory in the city decreased by nearly 9% when compared to last year. Asking prices for rent increased in most city neighborhoods, but eight actually experienced declines.

1. DUMBO (Brooklyn) – 8.2% decline
2. East New York (Brooklyn) – 7.7% decline
3. Battery Park City (Manhattan) – 5.6% decline
4. Midwood (Brooklyn) – 4.2% decline
5. Jamaica (Queens) – 2.9% decline
6. Mott Haven (Bronx) – 1.4% decline
7. Roosevelt Island (Manhattan) – 1.2% decline
8. Downtown Brooklyn (Brooklyn) – 0.5% decline

Manhattan Bridge seen from Dumbo area in Brooklyn in New York City, United States of America on July 7th, 2024. (Photo by Beata Zawrzel/NurPhoto via Getty Images)

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Rental market everywhere else in the city

The median citywide asking rent price increased by 7.4% percent from one year ago, sitting at $4,080.

Manhattan saw the largest increase (9.6%), but Brooklyn and Queens also experienced jumps of their own (6.9% and 7.9%, respectively).