Although this neighborhood has been known for sky-high rents and scarce availability, Dumbo is now delivering a rare note of relief in New York City’s otherwise pricey rental chorus.

As of August, the waterfront Brooklyn enclave saw its median asking rent fall 8.2% year-over-year — marking one of the steepest drops among high-inventory neighborhoods across the five boroughs, according to a recent StreetEasy analysis.

The dip stands in contrast to much of the city, where rental inventory remains tight and asking prices have stayed stubbornly high. 6

The shift in Dumbo is being driven in part by an influx of new construction.

This year, 90% of all rentals in the neighborhood were in buildings constructed since 2010, and rental listings were up 3% compared to the previous August.

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