The pandemic has led to skyrocketing rents in NYC, with one-bedroom apartments now averaging $3,676, but some neighborhoods have surprisingly decreased in rent.
Prospect Lefferts Garden has seen a notable 5% drop in median asking rent, followed by Bay Ridge with a 4.2% decrease, demonstrating shifting trends.
Rising costs have softened demand in previously hot rental markets in Brooklyn and Manhattan, highlighting changing dynamics in New York City’s rental landscape.
While NYC rents overall have surged, neighborhoods like Midtown Manhattan and Hamilton Heights show a decrease, indicating potential opportunities for renters.
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