Finding a good deal in NYC when it comes to renting can be like finding a unicorn, but, contrary to popular belief, there are some neighborhoods in NYC where renters will find their rent saves some extra money in their pockets.
According to StreetEasy data, these neighborhoods include Greenpoint, Brooklyn, and Nolita, Flatiron District, Chelsea, and the East Village in Manhattan.
Trends show that more New Yorkers are looking at neighborhoods other than those that are typically sought-after, looking for homes that fit closer into their budget–this is especially important since soaring rents in NYC are pricing out a third of tenants.
Consequently, rent is taking a turn for the better in these neighborhoods.
For example, median asking rents in Manhattan’s two most-searched neighborhoods, West Village and Greenwich Village, has slowed to 12% and 10% over the past six years.
Landlords are also increasingly offering more discounts on rental units–which is opposite of what we saw during the pandemic when the rental market was highly competitive.
17.9% of rental listings in NYC cut asking rents in December (6.8 percentage points higher than in December 2021), most of which were in Manhattan where about one in five rental listings cut asking rents during December. And even 15% of rental listings citywide offered at least one month of free rent.
So, what can renters expect moving forward?
Asking rents will continue to decline this year as the rental market continues to rebalance itself post-pandemic, both through rising inventory and rental units cutting asking rents. According to StreetEasy, “renters can expect a less competitive rental market this spring and summer compared to 2022.”