Rent Prices Are Declining In These 8 NYC Neighborhoods: See Where

"NEW YORK CITY - While rent prices in the city continue to trend upwards, a number of neighborhood have seen prices decline over the past year. According to August's market report, eight neighborhoods saw declining rent prices. Other findings in the report include the citywide median rent prices was $4,080, up 7.4 percent from a year ago. Manhattan saw the largest increase, with a 9.6 percent jump in median asking rent to $4,722 - marking the 12th consecutive month of year-over-year rent increases."

"In addition, rental inventory decreased by 8.8 percent citywide compared to last year, as the busy summer rental season left fewer available homes for those aiming to move before fall, according to StreetEasy. The biggest decline in rent prices was in Brooklyn's DUMBO neighborhood, with the median asking rent hitting $5,600 in August, an 8 percent decrease since last year. Another Brooklyn neighborhood - East New York - took second place with the median asking rent price at $3,000, a 7.7 percent decrease from last year."

Citywide median rent is $4,080, up 7.4 percent year-over-year. Manhattan's median asking rent rose 9.6 percent to $4,722, marking the 12th consecutive month of year-over-year increases. Rental inventory fell 8.8 percent citywide, leaving fewer available homes after the summer rental season. Eight neighborhoods recorded year-over-year declines in median asking rent. DUMBO saw the largest decline, with a $5,600 median asking rent, down 8.2 percent. East New York's median asking rent was $3,000, down 7.7 percent. Battery Park City, Midwood, Jamaica, Mott Haven, Roosevelt Island, and Downtown Brooklyn also posted declines ranging from 5.6 to 0.5 percent.

Read at New York City, NY Patch