Gentrified Neighborhoods Feel New York's Rent Slowdown 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.