The Real Deal New York

Brooklyn rents closing in on Manhattan’s

April 13, 2014 12:00PM

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From left, Jonathan Miller, Plymouth Street in Dumbo

From left, Jonathan Miller, Plymouth Street in Dumbo

The median monthly rent in north and northwest Brooklyn rose to $2,900 in March, more than 13% higher than it was last year, 26% higher than it was the year prior and roughly 35% above what it was back in 2008.

According to estimates by Miller Samuel Inc. and Douglas Elliman Real Estate, Brooklyn rents are closing in on those of Manhattan’s.

The median monthly rent in Manhattan inched up to $3,200 in March, which is less than 0.2% higher than it was last year, and only 3% greater than it was in 2008.

“The convergence between Manhattan and Brooklyn rents is definitely happening,” said Jonathan Miller, president of Miller Samuel, in an interview with Quartz.

It used to cost some $1,000 more to rent an apartment in Manhattan than in Brooklyn. But now it fluctuates between $200 and $300. In February, it cost only $210 more to rent in Manhattan, the smallest difference since Miller began tracking the data.

High Brooklyn rents are being led by neighborhoods like Williamsburg and Dumbo, where some of the city’s most expensive apartments can now be found. [Quartz] —TRD

  • SILKY SLIM

    That “greater fools” willingly overpay to live in NY is one of the great “free market” success stories.

  • Crian Bashman

    Not sure what you mean by “overpay”, demand plays a role in the rents you know.

  • steve

    Northwest and North Brooklyn is only a handful of neighborhoods , and do not represent the entire Brooklyn. Why is the author ignoring the other parts of Brooklyn, like Bay Ridge, Midwood etc where the rents are considerably cheaper? The whole premise of the article about convergence of rents becomes false.

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