Median rental prices in Manhattan were down 18.5% year-over-year in April, according to the most recently available Elliman data; Brooklyn was down 16.2%, while Queens fell 13.1%. Those discounts helped propel the number ofBut for some tenants looking to move into hotspots, it’s been hard to find a new place to live.
“It’s new listings coming into those most coveted type areas,” says Hal Gavzie, the executive director of leasing at Douglas Elliman Real Estate, of the heightened competition. That includes Boerum Hill and Cobble Hill in Brooklyn, and the West Village, Meatpacking District, SoHo and Tribeca in Manhattan.
“We're in a little bit of a scarcity moment,” he says. “You go to StreetEasy, and you type in ‘Park Slope, any budget, three bedrooms, two baths and a washer/dryer,’ and you've got eight listings.”