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Trendy NYC Neighborhoods See Slowdown in Ballooning Rental Prices 

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For the longest time, New York City rents have been among the highest in the country. That trend hasn’t really abated even with the drastic economic downturn in 2008. But now there appears to finally be a slowdown in ballooning rents, even in popular neighborhoods that people were flooding into.

The drop in rents have been attributed to both overdevelopment and New York residents deciding they would rather have longer commutes to and from their apartments in exchange for larger living spaces at a cheaper cost. This was found through a recent study by a data-based real-estate start up named RentHop.  

The drop in rents has been especially noted in Chelsea where “starchitects” known around the world created luxury condominiums that have been been erected around the High Line area located from 14th Street, in the Meatpacking District, through Chelsea, to the upper edge of the West Side Yard on 34th Street near the Javits Convention Center.

The comparison of rents in New York City from the past till today is interesting, to say the least. Median prices from 2016, in the fourth quarter, compared to 2015 saw a 15.5% drop in Chelsea alone for one-bedroom, non-doorman apartments to $3,125.  According to RentHop data scientist, Shane Leese, “People are still leaving Manhattan in search of cheaper rents and larger apartments.  In Chelsea, the market is saturated. 

People are tired of paying $3,000 and $4,000 a month in rent and they’re moving to places like Bushwick, with longer commutes. The migration and gentrification of these areas is speeding up.”

In Long Island City, in Queens, rents dropped 7.22% to $2,250 for one-bedroom apartments in non-doorman buildings while those buildings classified as luxury doorman units saw a decrease in rents by 1.73% to $2,862. 

Williamsburg Brooklyn has long been a desired neighborhood for new residents due to its trendy reputation and status as a family-friendly place. That mystique may be disappearing now, as non-doorman buildings saw rents decrease 3.41% to $2,800 and luxury building rents decrease by 0.62%.

However, even with all the rent drops (found in 24 different neighborhoods total for one-bedroom apartments) at least 11 different New York City neighborhoods saw rent increases.  The West Village especially saw its rents grow. A luxury one-bedroom can be expected to go for $5,200 a month now, an increase of 7.83%.  

Dumbo, Downtown Brooklyn, and Boreum Hill all experienced rent hikes as well.  Basically for anybody looking to move to New York City, the boroughs may actually be more expensive than Manhattan at this point.  One bedroom non-doorman apartments became cheaper by 4.76% in Manhattan but increased in the boroughs as a whole: 7.41% in The Bronx, 8.33% in Queens and by 9.09% in Brooklyn.

By: Anat Ghelber

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