)
Three NYC neighborhoods have actually seen multifamily rents decline between 2002 and '14, according to a report by the Community Service Society, which is a pretty good sign the cool kids haven't found them yet. The report shows that after adjusting for a 32% rise in inflation, rents reported by recent movers from those three ‘hoods fell over those 12 years, according to the Wall Street Journal. (Overall, the city as a whole saw a 24% rise in rents in during the same period.) Two of the neighborhoods are in Brooklyn: Bay Ridge (above) and Canarsie (the third is Staten Island's South Shore). Locals cite poor subway service and lack of amenities as some possible reasons. Another impact: high ownership rates and owners lacking the funds to upgrade their units. The neighborhoods are all a lot further from Manhattan than the areas with the steepest rent growth in the borough, but that alone does not a cheap neighborhood make. Rents went up 13% in the Rockaways (about as far out as you can get), and 17% in Baychester in the Bronx over the same 12-year span. [WSJ]
)
)
)
)
)
)
)
)
)
)
)
)