Rents Rising Fastest In These NYC Neighborhoods, Report Shows

NEW YORK — The South Bronx's housing market is heating up as the New York City swelters this summer. Two neighborhoods there and one in Brooklyn saw the city's sharpest increases in asking rents this spring, a recent report shows.

The median rent for a one-bedroom apartment in the Concourse Village neighborhood jumped 13.33 percent to $1,700 from March to June, according to the July 24 Zumper report. That's the biggest spike among the 64 neighborhoods that the real estate website analyzed.

Not far behind was Brownsville, Brooklyn, where the median rent rose 12.5 percent to $1,800 last month, Zumper says. Another South Bronx neighborhood, Concourse, took the No. 3 spot with the median price jumping 10 percent to $1,650 quarter to quarter, according to the report.

Those jumps came despite the city's typical price for a one-bedroom falling 1.3 percent to $2,940 last month, Zumper says, while the median rent for a two-bedroom rose 2.4 percent to $3,380.

Some 37 neighborhoods included in the report saw median one-bedroom rents increase quarter to quarter, while prices fell in seven nabes and dropped in 20.

New Yorkers seeking a cheaper place should turn their eyes to Borough Park, where the typical one-bedroom went for $1,600 in June, down 7.25 percent from the March price, according to Zumper.

That was the sharpest price drop in the city, but Maspeth, Queens wasn't far behind — the median rent there fell 6.06 percent to $1,550 in June, the report shows. Renters with bigger wallets could also try Tribeca, which saw the city's third-biggest price decrease at about 6 percent but the fifth-highest median rent at $3,900, Zumper says.

Zumper compiles its rent reports based on more than 1 million active listings. Its data includes proprietary Zumper Pro listings and others received from third-party providers, according to the site's methodology.

Read Zumper's full report here.