The NYC rental market continued to be red hot last month. When compared with our January data, the city saw higher rents in a number of core neighborhoods, especially those in the Southwest. Tribeca, the most expensive neighborhood once again, saw an increase of over 5% in the period, where a 1-bed will now run you over $4,200. However, not all hoods were affected. Rent in the Upper East Side, Murray Hill, Midtown, and the East Village remained fairly constant through the period.
In Brooklyn, much of the same occurred. Previously expensive areas like DUMBO, Downtown Brooklyn, and Vinegar Hill remained hot, while higher rent continued to creep south into areas like Boerum Hill and Carroll Gardens. The most expensive neighborhood was again DUMBO with a median 1-bed running $4,075 a month.
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