The Upper East Side is turning into a hot destination for bargain-seeking renters, particularly couples and millennials.
Prices in the traditionally wealth-friendly neighborhood have remained largely stable, with average rent rising a mere 7 percent to $1,834 today from $1,709 per month in 2000, according to Douglas Elliman data. In contrast with Brooklyn, average rents in Fort Greene and Brooklyn Heights soared 58 percent over that period, city controller’s office data show.
“When you get priced out, it becomes apparent that Manhattan has pockets that are affordable, and the Upper East Side certainly is one of them,” appraiser Jonathan Miller told the New York Daily News.
The median income for a household on East 91st Street is up 38 percent since 1999 – to $80,000 from $58,000, the Daily News reported. [NYDN] — Mark Maurer