Photo: Robert Clark
New York City remained the second most expensive rental city in the US in January. The median rent for a one-bedroom apartment citywide is $2,870 — just shy of San Francisco, the most expensive rental city, where a one-bedroom costs $3,400 per month.
And despite some neighborhoods seeing an increase in rent, prices cooled in most areas in January. That’s according to a new report released earlier this week by the rental listing site Zumper.
The Tribeca neighborhood in downtown Manhattan retained its title as NYC’s most expensive neighborhood, despite the median one-bedroom rent sliding 5.1 percent from last year to $4,350 in January. Ease of access to mass transit, vibrant nightlife and relative peace and quiet help make Tribeca a desirable place to live.
Nomad, known primarily for its luxury condos and posh hotels, ranked second. The median one-bedroom price rose 2.3 percent annually to $3,950.
Manhattan’s trendy West Village took the number 3 position with a median one-bedroom rent of $3,800, down 4.1 percent from the same time last year.
DUMBO (Brooklyn) and Battery Park City (Manhattan) were tied, landing in the fourth and fifth positions, respectively.
DUMBO recorded a median rent of $3,750 for a one-bedroom in January, which was down 3.4 percent from last year. At the same time, the median rent for a one-bedroom unit in Battery Park City fell 1.5 percent to $3,750.
Rounding out the top 10 most expensive neighborhoods were SoHo ($3,650), Flatiron District $3,645), Greenwich Village ($3,600), Chelsea ($3,550) and Vinegar Hill ($3,500).
Of the top 10 most expensive neighborhoods for renters, 8 were in Manhattan and 2 were in Brooklyn.
The hot Queens neighborhood of Long Island City (LIC), which has seen a huge amount of new development in recent years, landed in the 32nd position on the list, the highest ranking neighborhood for the borough. But the impending L-train shutdown later this could give the neighborhood a big boost.
“The L-train shutdown will definitely affect that stretch of Brooklyn, particularly Williamsburg which has seen a lot of higher-end new construction come to market. I would expect LIC to become much more of a destination — continuing its already upward trajectory,” Zumper’s Director of Strategic Marketing Devin O’Brien tells BuzzBuzzNews.
Rents were down from last year in 7 of the 10 most expensive neighborhoods.
“NYC rents are down slightly compared to a year ago (between one and two percent, depending on bedroom type), as more inventory has come to market. While rent prices have remained relatively stable this winter, renters can expect prices to jump slightly as we move into spring and summer busy seasons,” O’Brien says.
Zumper compiled the list using data from over 50,000 active listings, comparing the median asking rent across NYC.
Click here to read the entire release.