Between 2002 and 2014, New York City rents saw meteoric increases in many neighborhoods, topping 45 percent in northern Brooklyn and northern Manhattan. But amidst the overall trend toward gentrification, three neighborhoods actually saw rents drop over those 12 years.
According to a new report by the Community Service Society of New York, rents in two Brooklyn neighborhoods declined when adjusted for inflation, 1 percent in Canarsie and 3 percent in Bay Ridge. The South Shore of Staten Island saw the city’s biggest decline during this time period, with rents 5 percent lower, according to Gawker.
Harlem saw an astonishing 90 percent increase, and Bushwick rents went up about 63 percent. Other neighborhoods with extreme rent spikes were Brooklyn Heights/Fort Greene (59 percent increase), Washington Heights (55 percent increase) and Williamsburg/Greenpoint (54 percent increase).