Where Are Rent Prices Rising the Most in New York City?

The median asking rent in New York City rose 2.1 percent from October 2023 to October 2024, according to a report from StreetEasy. But even if the average rental is a bit more expensive, the annual growth rate has slowed as inventory has increased, according to researchers, “indicating a calmer market.”

To find where median asking rents rose or fell the most over the course of the year, the study compared StreetEasy data in New York neighborhoods with more than 200 listings.

Citywide, the median asking rent rose slightly, to $3,676 per month. Broken down by borough, the Bronx was way ahead — up nearly 14 percent, to $2,900; Queens saw a roughly 3 percent rise, to $3,000; Brooklyn’s median was up nearly 3 percent, to $3,499; and Manhattan’s was up around 2 percent, to $4,300. (Staten Island’s median asking rent shot up around 29 percent, to $2,750, though the borough had only 61 listings in October, according to StreetEasy.)

Why so much growth in the Bronx? A spate of new developments has expanded both market-rate and affordable options, according to the study. But because the borough still has a comparatively small pool of market-rate inventory, the addition of more amenity-rich units in mixed-income buildings meant an increase in higher-end listings. In Mott Haven, the South Bronx neighborhood that has seen plenty of development recently, the median asking rent dipped 1.6 percent, to $3,100. That’s still a little higher than the borough’s overall median, suggesting better deals can be found elsewhere in the Bronx.

Queens and Brooklyn led the city in inventory growth, while Manhattan supply shrank. The median asking rent in Greenwich Village was up 12.1 percent, to $5,600. Forest Hills, Queens, was right behind it, up 11.8 percent, to $2,795 (the only neighborhood in the top five with a median of less than $5,600). Some Brooklyn neighborhoods are loosening: The median asking rent in Prospect Lefferts Gardens dropped 5 percent, to $2,850. In Bay Ridge it slipped 4.2 percent, to $2,300.

Some Manhattan neighborhoods are coming down, too: In Midtown, the median dipped 3.6 percent, to $4,895, while on the Upper East Side it was down 2.3 percent, to $3,908.

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