Rental Supply Is Growing In These 10 NYC Neighborhoods, Study Finds

NEW YORK CITY — New York City is finally flush again with available apartments, but there's a catch: the rent remains too damn high.

Rental inventory grew nearly 5 percent in April over the past year, meaning there are more than 30,000 more apartments across the city, a new StreetEasy study found.

Asking rents were typically $3,700 during April, with prices growing faster than recent months, but still much slower than the 14 percent rise apartment hunters saw at this point last year, according to the study.

"Rising inventory across the city likely signals a calmer rental market this year, though NYC still faces a severe housing shortage," the study states.

Some neighborhoods, particularly those near the water, saw their stock of available rentals grow more than others.

Here are the top 10 neighborhoods in the city with the largest increases in rental inventory, according to the study.

Many Brooklyn and Queens renters likely saw them getting priced out, as both borough saw asking rents rise.

The median asking rent in Brooklyn rose 4.5 percent year-over-year to $3,450 during April, according to the study. Typical rent increased 11.1 percent to $2,999 in Queens, the study found.

"Soaring rents reflect heated competition among renters for limited inventory in these two boroughs," the study states.

"However, rental inventory has been rising steadily in both boroughs, with the potential to slow rent growth. Half the neighborhoods seeing the largest increases in the number of rentals on the market are in Brooklyn and Queens."

Manhattan's rent, by contrast, held relatively steady at a sky-high $4,440 in April, the study found.

More than 15,000 rentals were on the market in April, a 1.7 percent increase in the past year, according to the study.

"The borough's rising inventory amid the slowdown in tech and finance hiring is likely keeping rent growth in check," the study states.

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