Rents are actually down in some Brooklyn neighborhoods this year

November 22, 2024 Brooklyn Eagle Staff

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BOROUGHWIDE — WHILE MEDIAN RENT IS UP 2.1% to $3,676 in New York City this year, some neighborhoods have actually experienced year-over-year declines, and landlord concessions reached their highest level since July 2021, according to StreetEasy’s October Market Report. The Brooklyn neighborhoods where rents are falling the most include Prospect Lefferts Gardens, where the median rent fell 5% to $2,850, and Bay Ridge, where the median rent declined by 4.2% to $2,300. Manhattan neighborhoods experiencing declines in October include Midtown (down 3.6% to $4,895), the Upper East Side (down 2.3% to $3,908) and Hamilton Heights (down 1.8% to $2,750).

Don’t expect to get a break in DUMBO, Brooklyn, however, where the year-over-year rent has increased 6.9% to $6,198. The full report can be found at streeteasy.com.

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