New York City is notorious for its high rent prices and competitive housing market. Good location, affordability, and space — anyone who’s navigated the delicate process of finding an apartment knows that in most cases, you can’t find all three of these qualities for your new home.
Real estate website Zumper crunched the data from the listings on its site to determine the most expensive and the cheapest neighbourhoods to rent in Manhattan and Brooklyn this spring.
Zumper looked at neighbourhoods primarily in Manhattan and Brooklyn, and a couple in Queens. It’s worth noting that they didn’t look at the Bronx or Staten Island. Already from March to April of this year, Zumper noted an increase in median rent prices across the city.
These are the most expensive neighbourhoods to rent in New York City this spring:
1. Tribeca ($US4,450)
2. Chelsea ($US3,920)
3. Greenwich Village ($US3,850)
4. DUMBO ($US3,720)
5. Gramercy Park and the West Village (tied at $US3,700)
6. Battery Park and the Financial District (tied at $US3,580)
7. Soho ($US3,500)
8. Garment District ($US3,480)
9. Upper West Side ($US3,400)
10. Midtown East ($US3,330)
Check out Zumper’s infographic below for complete data:
If staying in Manhattan is important to you, the best bet for affordable housing is in the Lower East Side ($US2,450), the Upper East Side ($US2,730), and the East Village ($US2,800).
However, all of the top ten most affordable neighbourhoods are in Brooklyn: Although rent prices are the lowest here, median rent is still on the rise (for the most part) in Brooklyn, as elsewhere.
Here are the most affordable neighbourhoods to rent in New York City this spring:
1. Ocean Hill ($US1,380)
2. Maspeth ($US1,430)
3. Canarsie ($US1,480)
4. East Flatbush and Sunset Park (tied at $US1,500)
5. Flatbush ($US1,530)
6. Flatlands ($US1,550)
7. Borough Park ($US1,570)
8. Kensington ($US1,600)
9. Brownsville ($US1,650)
10. Crown Heights ($US1,800)
Below is Zumper’s infographic with median rent prices in Brooklyn for spring 2015.
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