NYC's Most Expensive & Cheapest Rental Neighborhoods in 2024: A Shocking Report
New York Post 9 months ago
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NYC's Most Expensive & Cheapest Rental Neighborhoods in 2024: A Shocking Report

REAL ESTATE
nycrent
realestate
apartment
rentalmarket
tribeca
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Summary:

  • Tribeca is the most expensive NYC rental neighborhood in 2024, with a median rent of $8,295.

  • SoHo and Flatiron follow closely behind, with median rents exceeding $5,900.

  • Dumbo, Brooklyn, is the most expensive Brooklyn neighborhood, seeing an 82% increase in rental inventory.

  • Renters highly desire in-unit laundry, dishwashers, pet-friendly options, and elevators.

  • Prospect Lefferts Gardens in Brooklyn offers a rare decrease in rental prices, with a 5% drop year-over-year.

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">
  1. 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">
  1. Flatiron: Median asking rent: $5,900
  1. 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">

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