Data Says East Harlem Has The Highest Rental Increase In Manhattan
Gentrification is a full blown reality in Spanish Harlem, where the rental increase outstrips all other Manhattan neighborhoods.
Worrying about gentrification in East Harlem is like worrying about a Trump presidency. It’s now an inevitability. The only thing to fret about now is how bad it’s going to get. If the latest findings on real estate site Zumper are anything to go by, things might get pretty bad for long term residents. In November, El Barrio rents for a one-bedroom apartment were the fastest rising in Manhattan. The median rent in the area is now $2,300 a month—two hundred dollars more expensive than the median rent of $2,100 in Central Harlem.
Fueling the ascension is the glut of new development and the high prices in other parts of Manhattan. High-end neighborhoods like Tribeca, Greenwich Village and Battery Park City are all inching up to the $4,000 a month mark. The West Village is priced at $3,800, Gramercy Park – $3,790 and the Financial District – $3,700. The best deals in Manhattan are still to be found in Washington Heights, where the median rent is $1,750. The Bronx at Concourse Village is even lower—at $1,610.
Brooklyn can officially claim to rival the highest priced Manhattan neighborhoods. The median rent in DUMBO ($3,890) and Vinegar Hill ($3,500) for a one bedroom apartment make the short commute over the East River a non-issue. Williamsburg, Downtown Brooklyn and Brooklyn Heights, all upscale and in demand, had a median November rent of $3,000.
However, as with East Harlem in Manhattan, Brooklyn’s most aggressive rental increase came from the areas still caught in the grip of gentrification. Ocean Hill and Bushwick both experienced increases of 6 percent last quarter. All of brownstone Brooklyn (BedStuy and Crown Heights) have median rents of $2,000 a month.
Generally speaking, the deluge of new rental properties across Manhattan and Brooklyn account for a steady cooling of rents over the last few months—as well as seasonal fluctuations.
In July, HomeUnion collated the most expensive rental zip codes in the country—using data from the U.S. Census Bureau and Maponics. They found Tribeca was the priciest zip in the country, with he median rent amounting $8,762 a month. Given the fact that the median household income in Tribeca is around $205,000, it means that some New Yorkers are paying over half their yearly income in rent to live in a flashy zip. Maybe it’s time they considered moving.
AGORAFYStefano Boeri, the architect mastermind behind the famous plant-covered skyscrapers, is now designing Forest Cities in Liuzhou, China. #ForestCity #China https://goo.gl/PsTUwv
AGORAFYAuction is the second scheduled in a month for a One57 unit and it could set a NYC foreclosure record. #BillionairesRow #Foreclosures https://goo.gl/NZ3zqD
AGORAFYOnce a couch-surfing website, Airbnb moves on to luxury properties, further disrupting hospitality industry. #Airbnb #Luxury https://goo.gl/7TpLk6