New York City's peak rental season often leads to high demand and staggering rental prices with many renters looking to move and sign a lease during the summer months. A new study from RentHop has analyzed which neighborhoods were impacted the most by this jump in rental prices.
Over the course of three months this summer, RentHop determined the median rental price in each neighborhood, then compared results to the same period last year to see which neighborhoods have the largest increase in rental prices.
Nine of the top 20 rent increases have taken place in Brooklyn, with Sheepshead Bay having the most dramatic rental increase this year, with the median price for a one-bedroom jumping 19.20% since 2022. The growing volume of new developments, like 2733 East 12th Street and 2442 Ocean Avenue, have drastically increased the median rental price.
In Midwood, Brooklyn renters have paid 13.51% more this year. Other highly affected Brooklyn neighborhoods include Park Slope, which jumped 13.44%, Bay Ridge, which increased by 10% and Carroll Gardens, which increased by 9.22%.
Brooklyn witnessed the highest rate of rent increases over the past year. As renters look to escape high rental prices in areas like Manhattan, Brooklyn is building new developments to satisfy growing demand. Renters who are used to high prices in Manhattan or Greenpoint will find financial relief in the outer neighborhoods, while existing renters who cannot afford higher rents will be forced into a more competitive market.
Top 20 NYC Neighborhoods with the Highest Rental Increases