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NYC rental market pushing up interest in outer boroughs

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Brooklyn and Queens residents please note: eye-popping rent It’s prompting more and more New Yorkers to consider living beyond Manhattan.

Remote work and the rental market The ongoing affordability crisis New York, throwing in the towel in New York, has sparked a rising tide of urban slickers considering fleeing to other parts of the five boroughs.

“More and more renters are looking for rental properties in the Queens and Brooklyn neighborhoods, but several traditionally high-demand neighborhoods in Manhattan saw year-over-year declines in searches in July.” StreetEasy analysis I found.

(However, one district in Uptown Manhattan followed suit, East Harlem, despite the fact that the boroughs with the most year-on-year increases in search volume this July were primarily in the Kings and Queens districts. rice field.)

Brooklyn — Bushwick, Brownsville, East Flatbush, Borough Park, and Bushwick saw the biggest annual increases in searches, but even Brownsville, the cheapest of these neighborhoods, had a staggering median asking price. It turned out to be $2,197. Still, interest in hot pot is up 49% from last year.

In Queens, Maspeth, Woodside, Sunnyside, Jackson Heights and Elmhurst were soon to face the backwash conspiracies of the most expensive renters. The number of people considering moving to Maspeth has increased by 58% since summer 2021.

Interest in Brownsville has increased by almost 50% since last year.
Bloomberg via Getty Images

Meanwhile, the quintessentially popular Manhattan hubs of Chelsea, East Village, West Village, Greenwich Village, Lower East Side and Soho may still be attractive, but soaring rents are driving searches down “year-on-year.” It seems to have completely decreased. Their volumes are disillusioned and less than very wealthy tenants looking elsewhere.

Declining interest in such expensive neighborhoods may have finally trickled down to landlords at least. one economist We assure you this month that rent growth may finally level off.

“Big rent increases may finally be coming to an end as landlords adjust. Decrease in tenant budget The cost of groceries, gas and other regular spending is rising,” said Darryl Fairweather, chief economist at Redfin, The Post reported this week.

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