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.

The neighborhoods with the greatest one-year increases and decreases in median asking rent in October 2024.

Greatest increases

Median

asking rent

Oct. 2024

One-year

change

Neighborhood

Greenwich Village

Forest Hills

SoHo

Flatiron

DUMBO

West Village

Downtown Brooklyn

Chelsea

Bedford-Stuyvesant

Midtown South

+12.1%

+11.8%

+9.6%

+9.0%

+6.9%

+6.5%

+5.8%

+5.6%

+4.8%

+4.7%

$5,600

$2,795

$8,000

$6,375

$6,198

$5,250

$4,495

$5,395

$3,250

$4,973

Manhattan

Queens

Manhattan

Manhattan

Brooklyn

Manhattan

Brooklyn

Manhattan

Brooklyn

Manhattan

Greatest decreases

Median

asking rent

Oct. 2024

One-year

change

Neighborhood

Prospect Lefferts Gardens

Bay Ridge

Midtown

Upper East Side

Hamilton Heights

Mott Haven

Clinton Hill

Upper West Side

Lower East Side

Ridgewood

–5.0%

–4.2%

–3.6%

–2.3%

–1.8%

–1.6%

–1.3%

–0.3%

–0.3%

–0.2%

$2,850

$2,300

$4,895

$3,908

$2,750

$3,100

$3,750

$4,485

$4,198

$3,195

Brooklyn

Brooklyn

Manhattan

Manhattan

Manhattan

Bronx

Brooklyn

Manhattan

Manhattan

Queens

Greatest increases

Greatest decreases

Median

asking rent

Oct. 2024

Median

asking rent

Oct. 2024

One-year

change

One-year

change

Neighborhood

Neighborhood

Greenwich Village

Forest Hills

SoHo

Flatiron

DUMBO

West Village

Downtown Brooklyn

Chelsea

Bedford-Stuyvesant

Midtown South

+12.1%

+11.8%

+9.6%

+9.0%

+6.9%

+6.5%

+5.8%

+5.6%

+4.8%

+4.7%

$5,600

$2,795

$8,000

$6,375

$6,198

$5,250

$4,495

$5,395

$3,250

$4,973

Prospect Lefferts Gardens

Bay Ridge

Midtown

Upper East Side

Hamilton Heights

Mott Haven

Clinton Hill

Upper West Side

Lower East Side

Ridgewood

–5.0%

–4.2%

–3.6%

–2.3%

–1.8%

–1.6%

–1.3%

–0.3%

–0.3%

–0.2%

$2,850

$2,300

$4,895

$3,908

$2,750

$3,100

$3,750

$4,485

$4,198

$3,195

Manhattan

Queens

Manhattan

Manhattan

Brooklyn

Manhattan

Brooklyn

Manhattan

Brooklyn

Manhattan

Brooklyn

Brooklyn

Manhattan

Manhattan

Manhattan

Bronx

Brooklyn

Manhattan

Manhattan

Queens

Source: StreetEasy

By The New York Times

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