The median asking rent in New York City rose 1.7% year-over-year to $3,700 in April — the highest since September 2023. A new market report from StreetEasy found that while rental inventory is rising across the city, rents continue to rise in Brooklyn due to limited inventory.
The median asking rent in Brooklyn rose 4.5% year-over-year to $3,450 in April, according to a news release.
In Brooklyn, 9,838 rentals were on the market in April, led by Greenpoint, which saw a substantial 47.4% year-over-year increase in inventory — the second highest in all of NYC.
The median asking rent in Greenpoint rose 4.1% from the previous year to $4,350.
A 2005 rezoning of the Greenpoint and Williamsburg waterfront allowed the previously industrial area to transform into a bustling destination with plenty of housing. Between 2005 and 2019, the waterfront area saw 12,500 net new housing units, including 2,100 newly built income-restricted units, according to the NYC Department of City Planning.
Meanwhile, median asking rent in East Flatbush rose 5.7% from the previous year to $2,800, while median asking rent in Bushwick was at $3,350, up 3.1% from the same time last year.
In Brooklyn, soaring demand has led to tough competition so far this year, according to StreetEasy.
While the decades-long housing shortage suggests competition among renters isn’t going away, rising inventory will gradually increase renters' opportunities and lead to slower growth in asking rents, the real estate company said.
Meanwhile, wages have not kept up with rental growth, the company said last week. NYC rents grew more than seven times faster than wages last year — the largest gap in the country.
