According to our most recent national Rent report, New York City continued to rank as the second most expensive city in the country last month. The price of one bedrooms remained flat at $2,900, while two bedrooms grew 1.7% to $3,500. On a year over year basis, rental growth trends for both bedroom types are fairly flat as well, with one bedrooms down 1.4% and two bedrooms up a slight 0.3%.
Manhattan & Bronx
While Port Morris (+21%) and Foxhurst (+13%) had the Fastest Growing Rents in the Bronx last quarter, Soho (+9%) and Chelsea (+8%) were the Manhattan neighborhoods that saw the largest price spikes. On the other end of the growth spectrum, Morrisania in the Bronx (-11%) and Gramercy Park in Manhattan (-7%) saw the biggest rent dips.
This Spring, Tribeca ($4,000), Soho ($3,800), and Chelsea ($3,700) were the most expensive neighborhoods to rent in Manhattan while Port Morris ($1,700) and Mott Haven ($1,640) were the priciest areas in the Bronx.
While Crown Heights and Brownsville had the fastest growing rents last quarter, both up 10%, Borough Park and Prospect Heights took the largest rent dips, down 14% and 8%, respectively.
Vinegar Hill ($3,800), DUMBO ($3,700), and Downtown Brooklyn ($3,200) were the most expensive neighborhoods to rent this spring. More affordable areas, priced under $2,000, included Greenwood Heights, Kensington, and Flatbush.
If you’re interested in how New York City rent prices compare with the rest of the nation’s, view our National Rent Report for April.
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For a more in-depth discussion of our methodology, check out our post here.
The post Mapping New York City Neighborhood Rent Prices This Spring 2018 appeared first on The Zumper Blog.
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