Indeed, rents are falling in these NYC neighborhoods

New York City’s sky-high rents have actually gotten a little cheaper in certain neighborhoods.

That’s according to new research from local listings portal StreetEasy, which found that house hunters looking for a new lease to sign may want to check out Prospect Lefferts Gardens in Brooklyn.

There, the median asking rent in October hit $2,850, marking a 5% year-over-year decline — the biggest annual drop reported citywide in the report. That exact monthly price, for example, can now rent a garden-level one-bedroom at 297 Lincoln Rd. with a private backyard and a large eat-in kitchen, according to a StreetEasy search.

Further south in Brooklyn, Bay Ridge came in second for the biggest annual decline in average asking rent. This neighborhood saw a 4.2% year-over-year decline in the figure, falling to $2,300 last month. Another search through the site’s listings shows that some can get a 720-square-foot condo at 190 72nd St. cooperative that is rented by its owners. The unit has one bedroom, a kitchen with stainless steel appliances and hardwood floors.

Meanwhile, in Manhattan, 9-to-5 workers looking at constant back-to-office mandates can find a deal if they’re looking for fresh rides at their desks. However, they needed some deeper pockets. Midtown ranked third in the sharpest declines citywide, with a 3.6% annual drop in October to a still-high $4,895. For those looking for a new Midtown home right now, there’s an alcove studio listed for $4,895 a month at 242 W. 53rd St., which takes in expansive skyline views through floor-to-ceiling windows. Also in Manhattan, the Upper East Side saw a decline in average asking rent. There, it dropped 2.3% to $3,908 a month.

Further uptown, Hamilton Heights — a northern extension of Harlem known for its charming historic Sugar Hill neighborhood, plus restaurant and bar options along Broadway — had an average ask of $2,750, down 1.8% from last October . At 528 W. 152nd St., a three-bedroom unit with exposed brick touches is asking that much, StreetEasy shows.

Overall, the citywide median asking rent rose 2.1% year-over-year to $3,676, according to the study. And while there are bargains to be had in certain areas, other parts of the city saw their rents really rise.

Greenwich Village saw the biggest annual jump: a 12.1% increase to $5,600. Then Forest Hills in Queens had prices that rose 11.8% year-over-year to $2,795 a month. As for the others with the most pronounced price increases, they are the usual suspects. Soho’s $8,000 median marks a 9.6% year-over-year increase. Flatiron’s $6,375 is up 9% from a year ago. Across the East River, Dumbo now averages $6,198, up 6.9% from the October 2023 figure.

Across the five boroughs, Queens had the largest overall increase in rents. There, the median asking rent was $3,000 in October, up 3.4% from a year earlier, the report said.