It’s no secret that apartment hunting in our beloved city is a challenge, so learning that the NYC median asking rent has risen within the last year is par for the course.
According to a new report from StreetEasy, the winning number allotted to $3,676 in October 2024, which was up 2.1% from last year. (Good thing the City Council voted to eliminate broker fees, right?!)
While the numbers might still seem daunting, there are a few eye-catching finds from this study that might give prospective dwellers some hope: Rental inventory is rising in Queens and Brooklyn — and amenity-rich rentals hit a record 19% — though decreasing in Manhattan, and there are several neighborhoods featuring a sharp annual decline.
Curious? We can’t say we blame you.
Neighborhoods with the sharpest annual declines in median asking rent
According to the StreetEasy findings, which analyzed data in throughout NYC neighborhoods with 200+ listings, these locales have the sharpest declines:
- Prospect Lefferts Gardens ($2,850) -5%
- Bay Ridge ($2,300) -4.2%
- Midtown ($4,895) -3.6%
- Upper East Side ($3,908) -2.3%
- Hamilton Heights ($2,750) -1.8%
Neighborhoods with the sharpest annual rise in median asking rent
Conversely, there are certain nabes that are climbing in prices. Here’s who earned a spot on this list:
- Greenwich Village ($5,600) 12.1%
- Forest Hills ($2,795) 11.8%
- Soho ($8,000) 9.6%
- Flatiron ($6,375) 9%
- Dumbo ($6,198) 6.9%
You can read the study in full on StreetEasy. But if these numbers still seem overwhelming, fear not: we asked the pros how to apply for affordable housing units in NYC, and actually land a top spot in one of NYC’s most coveted locales.
And if you want to test the waters, there’s a luxury spot in Astoria we’d highly recommend — modern appliances, marble countertops, rooftop access and more…with units starting at $828.