Upper West Side Rental Market Picks Up in Summer 2018

Posted July 26th, 2018 by Richard Pretsfelder, Sophie Smadbeck

A recent map published by Zumper shows the median rent for 1-bedroom apartments in each neighborhood across New York City for the summer of 2018. According to the map, the median rent for a 1-bedroom on the Upper West Side is $3,100/month, a strong number relative to the rest of the City. In fact, the Upper West Side had the fastest growing rent in Manhattan last quarter—a promising trend for landlords in the neighborhood. The number seems especially strong compared to the Upper East Side, which had a median 1-bedroom rent of $2,700/month.

The highest prices for 1-bedroom apartments can be found in Tribeca, with the median being $4,145/month. The lowest median price for a 1-bedroom in Manhattan (south of Harlem) is the Lower East Side at $2,650/month. Washington Heights and Central Harlem have the lowest median prices in Manhattan, at $1,810/month and $2,200/month, respectively.

Even though the median rents for 1-bedroom apartments in New York City have decreased about 3-4% year-over-year, the Upper West Side is certainly on an upward trend in the rental market, which in turn could spill over into the sales market as rent rolls increase and apartments in the area become more valuable.