If you are looking for a new rental in New York City, you are undoubtedly shockingly high rental prices. Median rental prices for new rental contracts rise month after month and have set several new records this year.
Low inventory – a consequence of the rate law and insufficient levels of New construction—Amid big question is the fault for this nose blood that the rental prices asks.
In August 37,656 rental properties were available in the city, a decrease of 8.8 percent compared to a year ago, wrote Kenny Lee, Streetesy economist and author of a new one NYC Sales and Rental Market report.
Although the rental stock had risen considerably – with 9.4 percent compared to August 2022, “when the market was up to its best,” said Lee, “the city still has a large housing shortage to fill due to decades of survey.”
There are some clear places for tenants, kind of: Lee’s report identified some NYC neighbors who saw decreases in the median who asked for rent contracts last month.
Neighborhoods with the biggest falls in the median who ask for rent in August
Neighbourhood | Town | Median asks rent | Yoy change | |
1 | Dumbo | Brooklyn | $ 5,600 | -8.2% |
2 | East -New York | Brooklyn | $ 3,000 | -7.7% |
3 | Battery Park City | Manhattan | $ 5,524 | -5.6% |
4 | Midwood | Brooklyn | $ 2,683 | -4.2% |
5 | Jamaica | Queens | $ 2,963 | -2.9% |
6 | Mott Haven | Bronx | $ 3,137 | -1.4% |
7 | Roosevelt Island | Manhattan | $ 4,365 | -1.2% |
8 | Downtown brooklyn | Brooklyn | $ 4,477 | -0.5% |
Source: Streeteasy. Only the largest 30 percent of NYC neighbors were considered by rental stock.
The best neighborhood, Dumbo, saw a steep fall from the year to year of 8.2 percent, but with a median who asked the $ 5,600 rent that may not feel much for many tenants. It was a similar story in the third place of Battery Park City, where the median who asked the rent fell by 5.6 percent to $ 5,524.
East New York (#2) and Midwood (#4), both in Brooklyn, are better deals: the demand for rents fell 7.7 and 4.2 percent respectively, which resulted in the rental prices of $ 3,000 and $ 2,683 early.
#NYC #neighborhoods #median #rents #year