New York City remained the second most expensive city in the country for renters this month, according to the listing site Zumper. But while NYC rents rose slightly this month, they were lower than at the same time last year.
City-wide, the median price of a one-bedroom apartment rose 0.3 percent to $2,940, while two-bedrooms recorded a 2 percent increase to $3,490 this month. Both one- and two-bedroom rents were down over 12 percent year-over-year this month, says Zumper’s data.
Meanwhile, in the first quarter of this year, the Manhattan neighborhoods of Tribeca, Greenwich Village and the Financial District were the borough’s most expensive for renters — with median rents for one-bedroom units of $4,200, $3,950, and $3,750, respectively. Washington Heights was the most affordable, with a median rent of $1,775.
West Harlem and Central Harlem median rents rose 6 percent from last quarter — the largest gains recorded in the borough.
In Brooklyn, DUMBO and Vinegar Hill remained the priciest neighborhoods this quarter — with median rents of $3,950 and $3,750, respectively. The median rent in Williamsburg was $3,060, among the borough’s most expensive this quarter. On the other end of the spectrum, Brownsville was the most affordable Brooklyn neighborhood this quarter, where the median one-bedroom rent was $1,500.
The Ocean Hill and Flatbush neighborhoods recorded the largest gains from the previous quarter, both up over 7 percent, according to Zumper.
Zillow had reported earlier this month that rent in the US was appreciating at its slowest pace in nearly five years — rising 0.7 percent year-over-year last month. Dr. Svenja Gudell, the listing site’s chief economist, cited construction finally meeting demand as the main cause of the slowdown in appreciation.
But Zumper’s CEO Anthemos Georgiades offered a different take.
“Fluctuation within and between markets may be an indication that peak moving season is quickly approaching and landlords are beginning to price apartments to reflect the upcoming higher turnover,” he said.