This summer, New York City remained the second most expensive rental market in the country as the median price for a one bedroom remained steady at $3,100, while two bedrooms commanded $3,600. Despite a flat quarter, rent prices in the city have increased 3.3% and 2.9% for one and two beds in the past year, respectively.
By borough, median one bedroom rents in July included Manhattan ($3,285), Brooklyn ($3,095), Queens ($2,450), The Bronx ($1,450), and Staten Island ($1,125).
Manhattan
Though second to San Francisco in terms of price, Manhattan still holds the most expensive neighborhoods to rent in the United States. At the highest level, these were NoMad ($4,630, +2.4% M/M), Flatiron District ($4,300, +0% M/M), Chelsea ($4,120, +5.6% M/M), and Tribeca ($4,100, +2.5% M/M). More affordable finds were located in Upper Manhattan, including Central Harlem and West Harlem, both with a median of $2,100 for a one bed, and Washington Heights at $1,750.
Brooklyn
Higher rents have continued to creep further inland in Brooklyn, with a number of neighborhoods seeing strong increases this past quarter. Asking prices in Greenpoint have risen over 8% in the past three months, while Crown Heights is up over 11% in the same period. Historically expensive areas such as DUMBO and Vinegar Hill have also rebounded slightly, though still off their highs from late last year.
Neighborhood Breakdown (Top 60)
If you’re interested to see how New York stacks up to the rest of the United States, view our National Rent Report for August, which analyzes over 1 million active listings available in the prior month.
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