Brooklyn and Queens residents, beware: Eye-watering rents are pushing more and more New Yorkers to consider living beyond Manhattan.
Remote work and the rental market’s ongoing affordability crisis have sparked rising tides of city slickers considering throwing in the towel on New York, New York, and fleeing to other parts of the five boroughs.
“An increasing number of renters are looking for rentals in Queens and Brooklyn neighborhoods, while several traditionally in-demand neighborhoods in Manhattan saw a yearly decline in searches in July,” a new StreetEasy analysis has found.
(But despite the fact the neighborhoods with the largest year-over-year search volume increase this July were primarily in the boroughs of Kings and Queens, one Manhattan neighborhood also followed suit: uptown’s East Harlem.)
In Brooklyn: Bushwick, Brownsville, East Flatbush, Borough Park and Bushwick saw the most significant annual search growth although even Brownsville, the cheapest of these neighborhoods, was found to have a whopping $2,197 median asking rent. Still, interest in the nabe has increased 49% since last year.
In Queens: Maspeth, Woodside, Sunnyside, Jackson Heights and Elmhurst received the most soon-to-be-outpriced renter backwash intrigue. The amount of people considering moving to Maspeth has increased by 58% since summer 2021.
Meanwhile, typically hot Manhattan hubs like Chelsea, the East Village, the West Village, Greenwich Village, the Lower East Side and Soho may still be attractive — but skyrocketing rents appear to have caused an “outright year-over-year drop” in search volumes for them as disenchanted, less-than-super-deep-pocketed tenants look elsewhere.
The decreasing interest in such pricey areas may finally be getting through to landlords, with at least one economist vouching this month that rising rents may finally be plateauing.
“Big rent hikes may finally be coming to an end as landlords adjust to waning tenant budgets that are being strained by the rising cost of groceries, gas and other regular expenses,” Redfin chief economist Daryl Fairweather said, as The Post reported this week.
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