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Here's Where One-Bedroom Rents Are Rising and Falling Fastest

By Amy Zimmer | January 25, 2017 9:59am

NEW YORK CITY — What do Hunts Point, Mott Haven, East Flatbush and Flatbush have in common?

They were among the areas in the city that saw the fastest rising rents for one-bedroom units over the past year, according to a recent heat map analysis by real estate listings site Zumper.

All of these areas — generally considered relatively affordable — had double-digit increases.

Hunts Point prices saw the most dramatic increase to $1,260 a month on average, a 14 percent rise compared to the same time last year.

Mott Haven and East Flatbush prices were up 13 percent to $1,480 and $1,490 a month, respectively. Flatbush saw prices jump 10 percent to $1,825 a month.

Zumper, which looked at median rents for one-bedrooms across 64 neighborhoods in parts of The Bronx, Queens, Manhattan and Brooklyn, also found that prices in Manhattan rose fastest in East Harlem to $2,300 a month and the Lower East Side, to $2,700 a month, both up 8 percent.

Meanwhile, the biggest price drops were in pricey areas.

In Brooklyn, Boerum Hill led the way with a 12 percent dip, followed by its neighbor Cobble Hill, down 10 percent, both to $2,750 a month.

Battery Park City and Gramercy Park also saw 10 percent declines, to $3,750 and $3,600 a month, respectively.

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The rent trends show the “interest moving away from the centrally located, and usually on the pricier end, neighborhoods to the outer, more affordable areas of the city,” said Crystal Chen, data analyst at Zumper.

Overall in Manhattan, there were four times as many neighborhoods that had recent rent drops compared to the same time last year, Zumper found.

While neighborhoods like Battery Park City, Gramercy Park and SoHo had some of the fastest growing rents last year, this year, these areas cooled down.

Meanwhile, neighborhoods in upper Manhattan, like East Harlem, West Harlem, and Washington heights, all had growing rent prices.

“Although many new, luxury buildings have been offering incentives, like 4 to 6 weeks of free rent, waived or reduced security deposits and parking fees, it seems even those options are not enough to justify the steep rents that are required to live in those buildings,” Chen said. “There is more interest now to move to less expensive areas, even if the neighborhood is much less central.”

A similar pattern can be seen in Brooklyn, she noted, where rents are plateauing in Williamsburg and DUMBO, while growing in Flatbush and Bushwick.

“The demand for housing in New York City will remain high in 2017, so even if the plateauing/gradual decline of prices may be a trend in many of the expensive neighborhoods in Manhattan, the neighboring boroughs, especially Brooklyn and The Bronx, will see a large influx of demand and prices there will only continue to surge,” she added.