New York neighborhoods report average rent decreases and increases in four boroughs

Closeup of red, white for rent sign attached, hanging on wooden apartment, house, home, building door with glass windows
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Rent prices across four boroughs increased slightly in March, but some areas saw more dramatic increases and decreases than others, a report by MNS Real Estate showed.

The rent market stayed fairly steady, with Brooklyn reporting the greatest increase of just over 1% in average rent and Queens posting the lowest increase, just 0.12%, according to the report.

In Tribeca, one of the most expensive areas of Manhattan, the report found that one-bedroom apartments without a doorman dropped in price by more than 16%, beating out SoHo one-bedrooms with a doorman, which only dropped by 15%.

SoHo did post one of the greatest price increases in Manhattan, however, with average non-doorman studio prices up nearly 14%, flanked by Financial District non-doorman studios up 12.3% and Lower East Side non-doorman studios up 11.8%.

Brooklyn, which had the greatest overall increase, posted modest price decreases, with the greatest price drop coming in Bay Ridge two-bedroom units at a 6% drop.

Despite the borough’s top spot in increased rent, Brooklyn’s neighborhoods show average rent increases less than Manhattan’s, with Bay Ridge studios claiming the top spot with a 10% increase.

Studio apartments in Queens’ Ridgewood neighborhood boasted the most dramatic drop of any neighborhood in the city, with a drop in average price of just over 22%.

Queens paired that drop with very limited rent increases, with the highest reported Rego Park one-bedrooms at 5.3%.

In the Bronx, studio apartments in Mott Haven saw the greatest decrease, with a 6.8% decline in average price. One-bedrooms in the same neighborhood also saw the greatest price hike at 8.6%.