Median rent was down ~4% in 2017 [1], some areas like UWS, Hell's Kitchen, LIC are down ~10%. Those are also incidentally the places with the most new construct

Median rent was down ~4% in 2017 [1], some areas like UWS, Hell's Kitchen, LIC are down ~10%. Those are also incidentally the places with the most new construction. The whole Hunter's Point area in LIC has been completely transformed in just a few years from industrial to residental. 3K in Hunter's Point will now get you a new construction with all the bells and whistles and a few free months. https://ny.curbed.com/2018/1/24/16925172/nyc-rent-2017-decrease-2016 https://ny.curbed.com/2018/1/24/16925172/nyc-rent-2017-decre...