NYC Rental Market 2024: Where to Find the Most (and Least) Expensive Apartments

This year's rental market in NYC presented a mixed bag, with some neighborhoods experiencing sky-high prices while others offered more affordable options. A recent StreetEasy survey revealed the most expensive areas for renters in 2024:

1. Tribeca: Median asking rent: $8,295

<img src="https://nypost.com/wp-content/uploads/sites/2/2024/11/101224lowermanhattan6CS.jpg?w=1024" alt="NYC skyscape">

2. SoHo: Median asking rent: $6,100

<img src="https://nypost.com/wp-content/uploads/sites/2/2024/07/view-historic-buildings-along-mercer-84507095.jpg?w=1024" alt="Historic buildings along Mercer Street in the SoHo neighborhood of Manhattan, New York City with a clear blue sky">

3. Flatiron: Median asking rent: $5,900

4. Dumbo (Brooklyn): Median asking rent: $5,750

<img src="https://nypost.com/wp-content/uploads/sites/2/2024/02/empire-state-building-framed-manhattan-77300745.jpg?w=1024" alt="Manhattan Bridge which is framed by the red brick buildings of Washington Street, Dumbo, Brooklyn">

Interestingly, Midtown East was the most-searched neighborhood, despite not being among the top ten most expensive.

Most Desired Amenities

Renters prioritized these amenities:

1. In-unit laundry
2. Dishwashers
3. Pet-friendly
4. Building laundry
5. Elevator

The demand for pet-friendly apartments and outdoor spaces increased significantly year-over-year.

Rental Market Growth

While Manhattan remains the most sought-after borough, Brooklyn saw considerable growth:

• Dumbo: 82% growth in rental inventory
• Greenpoint: 36% growth
• East Flatbush: 32% growth
• Prospect Lefferts Gardens: 25% growth

The Bronx also showed growth, with Mott Haven's rental inventory increasing by 63%.

Finding Affordable Options

Despite the overall growth, finding an affordable apartment in NYC remains a challenge. However, there's a glimmer of hope: a StreetEasy study revealed that Prospect Lefferts Gardens showed a 5% year-over-year decrease in median asking rent in October, marking the largest annual decline citywide. The median asking rent across Manhattan, Queens, the Bronx, and Brooklyn in August 2024 was $3,425, a significant increase from the previous year.

<img src="https://nypost.com/wp-content/uploads/sites/2/2024/03/sunset-aerial-view-downtown-manhattan-78952483.jpg?w=1024" alt="Sunset aerial view of Downtown Manhattan">