Brooklyn Heights is lovely — and a good place to negotiate a lower rent.
When it comes to negotiating power, the cards are usually stacked against renters. High demand during the NYC rental season gives landlords the upper hand and leaves renters little power to negotiate. As StreetEasy’s latest market report showed, city rents hit an all-time high over the summer.
Still, the very hugeness of the NYC market can produce some surprises. To find areas where renters have the most bargaining power, we looked at neighborhoods with a high median rate of discounts, but where median rents are below $3,200 (in order to eliminate ultra-luxury enclaves like Tribeca). We ended up with 10 neighborhoods across Manhattan and Brooklyn: some fancy, some plain, many featuring smaller buildings that tend to be owned by individual landlords, allowing further flexibility in price. Each will give haggling home-seekers an extra edge in cutting a deal. Read on to see what they are.
1. Red Hook
- Median asking rent: $2,750
- Annual change in median asking rent: -6 percent
- Median rental discount: 9 percent
Red Hook is an interesting, if incongruous, rental market. On the one hand, it appeals to Brooklynites looking for homes with historic character and willing to pay a high price for it. On the other hand, it’s also infamously isolated and far from subways, making it less appealing to mainstream renters. We see these opposing dynamics play out in a high, but declining, median asking rent — 5.5 percent over the borough-wide median of $2,599 — coupled with the highest median rental discount on this list. With lofty prices that don’t seem to fly, Red Hook is a promising place to negotiate.
2. Carnegie Hill
- Median asking rent: $3,196
- Annual change in median asking rent: -4 percent
- Median rental discount: 6.5 percent
Known for doorman buildings, a high density of prep schools, and proximity to Central Park, Carnegie Hill has long been seen as one of Manhattan’s fanciest neighborhoods. While the housing stock remains as stately as ever, interest in the area seems to be cooling, as reflected by a 4 percent decline in median rent from last year and a high median rental discount. It’s also worth noting that the median asking rent in Carnegie Hill is actually 3 percent lower than the Manhattan-wide median of $3,300, which means Carnegie Hill renters have a chance to lock in a good value.
>>See Rentals in Carnegie Hill
3. Brooklyn Heights
- Median asking rent: $3,100
- Annual change in median asking rent: 0
- Median rental discount: 6.4 percent
Brooklyn Heights is the outer-borough equivalent of Carnegie Hill, more or less. It’s traditionally one of the toniest neighborhoods in the city, known for lovely and expensive brownstones, tons of private schools, and a bedroom-community vibe. In recent years, as Williamsburg, Greenpoint and Fort Greene have become popular among the trendy Brooklyn set, the Heights has seen diminished appeal among renters, as reflected in its stagnant median rents and high rental discounts. It offers a great opportunity for renters looking for a nice neighborhood popular before Brooklyn was even on the map.
>>See Rentals in Brooklyn Heights
4. Boerum Hill
- Median asking rent: $3,195
- Annual change in median asking rent: -3 percent
- Median rental discount: 6.2 percent
Boerum Hill is another well-established Brooklyn neighborhood with some lovely housing stock. Like Brooklyn Heights, homes in Boerum Hill are big and full of beautiful historical detail, typically commanding high prices. While the median asking rent in Boerum Hill still clocks in over the borough-wide median by a solid 18.6 percent, rents are down this year, and the median rental discount offered is high at 6.2 percent. Although the neighborhood is unlikely to offer bargain-basement prices, higher-end renters may have additional negotiating power here.
5. Morningside Heights
- Median asking rent: $3,200
- Annual change in median asking rent: -3 percent
- Median rental discount: 6.2 percent
Tucked between Harlem and the Upper West Side, Morningside Heights is often overlooked by Manhattan renters. Although the neighborhood is small and features a lot of Columbia student housing, it offers a solid stock of prewar apartments at prices below the Manhattan median of $3,300. With rents down since last year and discounts high, Morningside Heights will offer renters good value (by the borough standards) and strong negotiating power.
>>See Rentals in Morningside Heights
6. Carroll Gardens
- Median asking rent: $2,925
- Annual change in median asking rent: -8 percent
- Median rental discount: 6 percent
Like the other brownstone Brooklyn neighborhoods, Carroll Gardens is a go-to for renters seeking elegance. When it comes to good schools, gorgeous streets and historic housing stock, Carroll Gardens has it all. But with a substantial decline in asking rent since last year, and a median discount of six percent, it offers opportunity for a savvy renter to come in and negotiate.
>>See Rentals in Carroll Gardens
7. Prospect Heights
- Median asking rent: $2,950
- Annual change in median asking rent: +5 percent
- Median rental discount: 6 percent
While Brooklyn Heights, Boerum Hill and Carroll Gardens are the stalwarts of brownstone Brooklyn, Prospect Heights figures as the new darling of the borough. The median asking rent in Prospect Heights now exceeds that of Carroll Gardens and the borough at large by nearly 12 percent. Unlike the other Brooklyn neighborhoods on this list, prices are showing a steady 5 percent growth over last year. Yet with a median discount of 6 percent, the neighborhood’s success has perhaps led to asking rents that are a little too aggressive.
>>See Rentals in Prospect Heights
8. Prospect Lefferts Gardens
- Median asking rent: $2,200
- Annual change in median asking rent: +4.7 percent
- Median rental discount: 5.4 percent
Prospect Lefferts Gardens offers renters a similar opportunity as Prospect Heights. It’s a historic Brooklyn neighborhood with beautiful architecture that long remained under the radar. Lately, though, the area has become popular with renters looking for quintessential Brooklyn vibes at good value. With median asking rents of $2,200, 18 percent below what the rest of the borough commands, Prospect Lefferts still promises good value. Prices are rising, but the high discounts suggest that savvy renters may still have some leverage.
>>See Rentals in Prospect Lefferts Gardens
9. East Harlem
- Median asking rent: $2,450
- Annual change in median asking rent: 0
- Median rental discount: 5.4 percent
For renters seeking negotiating power and low rents in Manhattan, East Harlem is a best bet. Prices are 34 percent below the Manhattan median of $3,300, and the discounts are solid. These two factors suggest that while the rest of Manhattan offers little-to-no bargaining power for renters, they have a strong hand negotiating in East Harlem.
10. Bay Ridge
- Median asking rent: $2,000
- Annual change in median asking rent: 0
- Median rental discount: 5.3 percent
Bay Ridge is the definition of a sleeper Brooklyn neighborhood. Far from the city, stacked with single family homes, and dense with old-school Brooklyn types, Bay Ridge has managed to buck the influx of new renters and rising prices. The rents here are the cheapest of all neighborhoods on this list. Renters seeking strong negotiating power will find plenty.
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