Rent prices in these NYC neighborhoods are falling the most (And climbing the fastest)
NEW YORK CITY - Looking to rent in New York City and don't know which neighborhood to settle in?
StreetEasy’s latest Market Report is taking a look at the rental market in the Big Apple. The citywide median asking rent is $3,676, which is up 2.1% from last year but 2.0% lower than September.
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Under a system that exists in New York and almost nowhere else in the country, tenants are often forced to pay the commission of a real estate agent before moving into an apartment, even if that agent was hired by the landlord.
But rents are actually falling in some parts of the city. Here's where rents are falling the most, and rising the fastest:
Rents are falling here the most
Prospect Lefferts Gardens, Brooklyn
- Median asking rent in October: $2,850
- Year-over-year change: -5.0%
Bay Ridge, Brooklyn
- Median asking rent in October: $2,300
- Year-over-year change: -4.2%
Midtown, Manhattan
- Median asking rent in October: $4,895
- Year-over-year change: -3.6%
Upper East Side, Manhattan
- Median asking rent in October: $3,908
- Year-over-year change: -2.3%
Hamilton Heights, Manhattan
- Median asking rent in October: $2,750
- Year-over-year change: -1.8%
Rents are rising here the fastest
Greenwich Village, Manhattan
- Median asking rent in October: $5,600
- Year-over-year change: 12.1%
Forest Hills, Queens
Median asking rent in October: $2,795
Year-over-year change: 11.8%
Soho, Manhattan
- Median asking rent in October: $8,000
- Year-over-year change: 9.6%
Flatiron, Manhattan
- Median asking rent in October: $6,375
- Year-over-year change: 9.0%
DUMBO, Brooklyn
- Median asking rent in October: $6,198
- Year-over-year change: 6.9%
To see the full report, click HERE.