The Real Deal New York

Brooklyn neighborhoods push NYC rents higher

April 11, 2012 09:30AM

Source: RentJuice

Asking rents in several “trendy” and traditional Manhattan neighborhoods slumped even as the city’s average asking rents increased 7 percent in the first quarter, according to a market report released today by online rental management firm RentJuice. Meanwhile, rents in key Brooklyn neighborhoods skyrocketed.

The average asking rent in Gramercy plummeted 29 percent quarter-over-quarter to $3,846, the figure fell 8 percent in the East Village to $3,859, and stumbled 7 percent in the Upper West Side to $4,406. At the same time, just south of the East Village asking rents increased 9 percent on the Lower East Side to $3,095 and just east of the Upper West Side average asking rents grew 7 percent to $4,103.

The city’s overall average rent was $4,054, according to RentJuice, and the average asking price per square foot was $5.

Brooklyn was responsible for much of the asking rent gains, as popular neighborhoods including Brooklyn Heights (23 percent), Park Slope (18 percent), Williamsburg (10 percent) and Greenpoint (10 percent) showed double-digit rent increases. Brooklyn Heights’ average first quarter asking rent was $4,974, an increase of more than $900 over the fourth quarter of 2011, making it the most expensive neighborhood in the borough. By comparison asking rents reached $3,547 in Park Slope, $2,847 in Williamsburg and $3,424 in Greenpoint.

Two more noteworthy trends RentJuice revealed in its report were the declining availability of studios, as total inventory for those units fell 15 percent last quarter, and the surprising relative cheapness of highly walkable neighborhoods. Bowery, East Village, Lower East Side, Financial District and Kips Bay were deemed, in order, the five neighborhoods with the most amenities within walking distance by WalkScore.com, yet all of them had average asking rents at least $200 less than the city as a whole.

RentJuice divides Manhattan into 34 neighborhoods, and tracks 52 neighborhoods across Manhattan, Brooklyn, the Bronx and Queens. — Adam Fusfeld

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