It’s no secret that renting in New York City comes at a price. During the peak rental season, when many renters sign new leases, rental prices increase to sometimes staggering heights. However, some neighborhoods grow more expensive than others year over year. This year, we at RentHop wanted to find out: where have rental prices increased the most since last summer?
To find out, we analyzed rental listings on RentHop.com over three months this summer to determine the median rental price in each neighborhood. We then compared results to the same period last year to see which neighborhoods have the largest increase in rental prices. Continue reading to see our results.
Key Findings
- Rents increased the most in Sheepshead Bay, rising 19.20% since last year.
- Nine of the Top 20 Increases reside in Brooklyn, and half of the Top 10 increases occurred in Queens. Five of the Top 20 Increases reside in Manhattan.
- Less expensive neighborhoods like Bay Ridge and Flushing witnessed significant increases over the past year.
- Traditionally expensive neighborhoods like Bowery and SoHo became less expensive this year.
Top 20 NYC Neighborhoods with the Highest Rental Increases
Sheepshead Bay in Brooklyn witnessed the most drastic rental increase this year, with the median price for a one-bedroom jumping 19.20% since 2022. In this neighborhood, a growing volume of new developments, like 2733 East 12th Street and 2442 Ocean Avenue, increase the median rental price.
Jackson Heights, Queens, saw rental prices increase 15% year over year. The third-highest increase occurred in Midwood, where renters paid 13.51% more this year. Manhattan and Queens each host five drastic increases this year. The Bronx only had one increase that marked our Top 20 List, Riverdale.
Less Expensive Neighborhoods Increased the Most
All of the neighborhoods on the Top 20 List have a median one-bedroom rental price that is below the city’s average of $4,188. Neighborhoods that offer lower rental prices attract more renters, and that growing interest allows landlords and management companies to increase their prices.
Brooklyn Witnessed the Most Increases
Brooklyn renters paid a hefty sum more to rent apartments in 2023. The borough’s growing residential properties, like 375 Dean Street, offer exclusive amenities for renters, increasing rental prices. As renters look to escape high rental prices and sign leases outside of Manhattan, other neighborhoods are building new developments to satisfy growing demand.
Rental prices across Brooklyn and Queens increased more than their Manhattan neighbors. As renters look to escape high rental prices and sign leases outside of Manhattan, other neighborhoods are building new developments to satisfy growing demand. With more developments on the way, renters who are used to high prices in Manhattan or Greenpoint will find financial relief in the outer neighborhoods, while existing renters who cannot afford higher rents will face a more competitive market.
Methodology
This report analyzed the New York City rental market using rental listings drawn from the RentHop database between June 1 and August 31 of 2022 and 2023. Median one-bedroom rent prices for each year were then compared to calculate the yearly percentage change in price. For the purpose of this report, only neighborhoods that accumulated over 20 listings during the time period were included.
For more information on our methodology or to contact our data team, please email press@renthop.com.
