The Real Deal New York

“Priced-out” renters flocking to Upper East Side for bargains

Neighborhood's prices held steady in the past decade -- while Brooklyn rates soared

April 25, 2014 10:05AM

electra

354 East 91st Street

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

  • Crian Bashman

    “You’ve got a bank on every corner, and there’s a supermarket on every block,” says Joanna Siegel…

    Yes, banks!!! That is what makes a neighborhood great, tons of banks on every corner!

    • HughGass

      banks are better than quarter water bodegas who sell loosies and phone cards.

  • emnyc

    If you want a small studio in a doorman building, be prepared to pay $2,300 – $2,400 a month. That is what The Real Deal considers affordable.

    • it sounds nice

      read the article, the rent is from 1100 to 1800 which is cheaper than central Harlem because of anything too far from the center i.e. Broadway is less precious in Manhattan

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