Downtown is down right expensive.
Tribeca was the most expensive neighborhood for rentals in 2024 with a median asking rent of $8,295, according to StreetEasy.
Yet, Midtown East was the most-searched neighborhood for renters — though it didn’t even make the list for the top ten most expensive.
Following Tribeca, SoHo ($6,100) and Flatiron ($5,900) rounded out the list of the top three priciest neighborhoods for those wanting to rent in Gotham.
Brooklyn then made the list at No. 4 with asking prices in Dumbo coming in at about $5,750.
And beyond wanting to live in Manhattan over any other borough, New Yorkers — and aspiring New Yorkers — were on the hunt for several amenities.
Renters searching for an apartment in the Big Apple were hoping to find a place with in-unit laundry, dishwashers, a pet-friendly spaces, laundry in the building (if the first one didn’t work out) and an elevator, in that order — wouldn’t that be nice?
But what amenities are buildings actually adding to their listings?
“Pets allowed” saw a 200% year-over-year increase in search volume among rental listings, “outdoor space” jumped 128% and “pool” rose 61%.
These new additions are likely happening over the bridge in Brooklyn.
Dumbo had the largest growth in rental inventory in 2024 growing 82%.
In Pictures via Getty Images
The Bronx pulled through with Mott Haven jumping 63% now offering 2,653 rentals.
But Brooklyn continued to have the biggest expansion with Greenpoint increasing by 36%, East Flatbush growing 32% and Prospect Lefferts Gardens developing 25%.
Despite the growth, searching for an apartment in the city is as difficult as ever as wannabe renters compete to secure any space — much less an affordable one.
In August 2024, the median asking rent for apartments in Manhattan, Queens, the Bronx, and Brooklyn was $3,425 — a $76 increase from a year ago.
The Big Apple’s median rent price is nearly double the national median of $1,753; it is one of the only major cities where rents are still rising, with the exception of a few neighborhoods.
A study from StreetEasy found that house hunters searching for a new lease to sign may want to look at Prospect Lefferts Gardens in Brooklyn.
Getty Images
There, the median asking rent in October hit $2,850, marking a 5% year-over-year decrease — the largest annual decline tallied city-wide in the report.
So here’s to hoping you’re one of the lucky few already locked into a good lease.