Gentrified Neighborhoods Feel New York's Rent Slowdown The Most
New York's multifamily rents have been stagnant or worse this year, and gentrified neighborhoods are feeling the effects the most.
While average rents have been stagnant year-over-year in Brooklyn so far, Williamsburg and Greenpoint have seen 3% drops, and Bushwick has seen a 4% drop, according to a Miller Samuel study as reported by Crain's New York. All three neighborhoods are among the five most-gentrified areas of the city since 1990, according to the NYU Furman Center.
Manhattan's average rent has increased by 1.6% year-over-year, but rapidly gentrifying East Harlem has experienced a 2% decrease over the same period. It may be a distressing sign for landlords betting on a neigborhood's "hip" reputation to carry it above larger market trends, but it is a respite for neighborhood residents who are used to seeing rent skyrocket.
