As rents increase, more NYC tenants are looking to leave Manhattan

The record-breaking rents are pushing New Yorkers to search for more affordable options in the outer boroughs. The demand for apartments in Brooklyn and Queens skyrocketed in July, while Manhattan rentals with a hefty price tag began to lose their appeal to tenants. 

StreetEasy has compiled the list of the top 10 NYC neighborhoods with the biggest increase in online searches. The list includes five neighborhoods in Brooklyn, four in Queens, and only one – East Harlem – in Manhattan. The popularity of East Harlem comes from its affordability. Median rents in this neighborhood are 35 percent below Manhattan’s median, which jumped to $4,200 a month in July. 

“Renters are looking farther away from Manhattan, even if that means a less convenient commute to middle and lower Manhattan,” StreetEasy economist Kenny Lee wrote in the report. “This finding is consistent with our previous analysis indicating expiring pandemic-era discounts in Manhattan are pushing renters to other boroughs, with ripple effects on affordability in these boroughs.”

Searches for rentals in Maspeth, Woodside, Sunnyside, and Jackson Heights have increased by at least 40 percent this July. Brooklyn neighborhoods, including Brownsville, Sunset Park, East Flatbush, and Borough Park, have also been popular among NYC renters. 

By contrast, the search volume for sought-after Chelsea, East Village, Greenwich Village, West Village, Lower East Side, and SoHo has decreased significantly. These neighborhoods offer a convenient location and many entertainment options. But they are also more expensive. 

In July, the median asking rent in these six neighborhoods climbed to $4,852, according to StreetEasy data. The recent shift in searching activity shows that NYC tenants are willing to live farther away from the city’s center to avoid high rental prices and bidding wars.

Resources:

“As Affordability Shrinks, Renter Demand in Outer Boroughs Soars,” by Kenny Lee (StreetEasy, 2022)

“NYC Renters Search for Cheaper Options Farther From Manhattan,” by Claire Ballentine (Bloomberg, 2022)