Rent Prices Are Declining In These 8 NYC Neighborhoods: See Where

NEW YORK CITY — While rent prices in the city continue to trend upwards, a number of neighborhood have seen prices decline over the past year.

According to August's market report, eight neighborhoods saw declining rent prices.

Other findings in the report include the citywide median rent prices was $4,080, up 7.4 percent from a year ago. Manhattan saw the largest increase, with a 9.6 percent jump in median asking rent to $4,722 — marking the 12th consecutive month of year-over-year rent increases.

In addition, rental inventory decreased by 8.8 percent citywide compared to last year, as the busy summer rental season left fewer available homes for those aiming to move before fall, according to StreetEasy.

The biggest decline in rent prices was in Brooklyn's DUMBO neighborhood, with the median asking rent hitting $5,600 in August, an 8 percent decrease since last year.

Another Brooklyn neighborhood — East New York — took second place with the median asking rent price at $3,000, a 7.7 percent decrease from last year.

Rounding out the top three is Battery Park City in Manhattan, which saw rent prices decrease by 5.6 percent compared to last year.

NYC Neighborhoods with Largest Declines in Median Asking Rent:

1. DUMBO:

Median asking rent: $5,600 - Year to Year Change: 8.2 percent

2. East New York

Median asking rent: $3,000 - Year to Year Change: 7.7 percent

3. Battery Park City

Median asking rent: $5,524 - Year to Year Change: 5.6 percent

4. Midwood

Median asking rent: $2,683 - Year to Year Change: 4.2 percent

5. Jamaica

Median asking rent: $2,963 - Year to Year Change: 2.9 percent

6. Mott Haven

Median asking rent: $3,137 - Year to Year Change: 1.4 percent

7. Roosevelt Island

Median asking rent: $4,365 - Year to Year Change: 1.2 percent

8. Downtown Brooklyn

Median asking rent: $4,477 - Year to Year Change: 0.5 percent

You can read the full report here.