NEW YORK (PIX11) — With rent prices surging — and the possibility for more hikes looming — New Yorkers might be asking themselves “are there any affordable neighborhoods in the city?”
According to real estate firm SERHANT, the answer is “yes.” The firm released a report of the 10 most affordable neighborhoods in Manhattan, Brooklyn and Queens.
In Manhattan, the median rental rate is up 38% from May 2021, SERHANT found. The average apartment cost nears $4,000 — however, prices are increasing less sharply in Upper Manhattan. The subsection of the borough has seen a 10% increase year-over-year, less than the 40% increases seen elsewhere in Manhattan.
The six most affordable markets in Manhattan are Inwood, Washington Heights, East Harlem, Hamilton Heights, West Harlem and Central Harlem, the report found. Inwood saw a 4% increase in rent prices year-over-year.
Average rental rates are up 36% in the Brooklyn neighborhoods closest to Manhattan, but increases are steadier in the southern parts of the borough. Bath Beach was ranked the most affordable Brooklyn neighborhood by SERHANT, with an average apartment cost of $1,850.
Other Brooklyn neighborhoods saw rent decreases, SERHANT reported. Bensonhurst, Bay Ridge, Brighton Beach and Dyker Heights are currently all more affordable than they were pre-pandemic, with the biggest decrease (7%) being Brighton Beach.
Queens still “presents the most affordable options,” according to SERHANT. Its most affordable neighborhoods ask less than $2,100 on average, and the average price of an apartment borough-wide is $2,350.
Jackson Heights was ranked the most affordable Queens neighborhood, with just a 3% average increase since 2019. Briarwood, Corona and Rego Park also provide affordable rental options, with SERHANT reporting the average price as below $2,000 for all three neighborhoods.
Tenants in around 1 million apartments and homes in New York could soon see increases in their rent following a vote from the city’s Rent Guidelines Board. The board voted Thursday for 2-4% increases on 1-year leases and 4-6% increases on 2-year leases in for rent-stabilized units.
The 5-4 vote was a preliminary one with a final round of voting to come in June.