New York City continued to rank as the second most expensive rental market in the nation this month. The price of one bedroom units increased a slight 0.3% to a median of $2,940, while two bedroom units grew 2% to $3,490. Despite a slight uptick in rent this month, both one and two bedroom units are down over 12% sine this time last year.
While DUMBO and Vinegar Hill continued to reign as the most expensive Brooklyn neighborhoods this spring, Williamsburg ($3,060), Downtown Brooklyn ($2,975), Fort Greene ($2,800), and Boerum Hill ($2,800) were the next priciest areas. On the other end of the cost spectrum, Brownsville ($1,500) and Canarsie ($1,575) were the most affordable neighborhoods.
Ocean Hill and Flatbush had the fastest growing rents this quarter, both up over 7%.
If you’re interested in how New York City rent prices compare with the rest of the nation’s, view our National Rent Report for April.
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