Queens takes the lead as Manhattan rents stall
Manhattan may still be the most expensive New York borough, but Queens is where rents are rising fastest.
In the last three months of 2016 Manhattan rents grew by just 1%, as did rents in Brooklyn. Queens, on the other hand, saw rents rise by 5%, closely followed by The Bronx with a 4% increase, as renters start looking for more affordable places to call home.
With 44% of New York City's roommates living in Brooklyn, 40% in Manhattan and just 11% in Queens, it's clear most people are still living in expensive areas. Even with a slowdown in rent growth, Manhattan has an average monthly room rent of $1,535. That means moving from Manhattan to Queens would save the average roommate almost $600 a month. Moving to The Bronx would save $713 - that's over $8,500 a year.
But if you're intent on making Manhattan home, the only way to go is up. Upper Manhattan is the last neighborhood left on the island with average room rents under $1,000 per month (and that only just scrapes in at $995, leaving you barely enough left for a sandwich). So, if affordable rent is what you're looking for, maybe it's time to leave the island. And if you've already made the move to Brooklyn, perhaps you should be looking at Queens.