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New York

Brooklyn neighborhood rents growing much faster than Manhattan’s

Dumbo rents grew 18 percent in 2014, compared to 10 percent in Tribeca

Washington Street in Dumbo
Washington Street in Dumbo

While Manhattan rents are still the highest in the city, housing costs in Brooklyn’s trendiest areas are growing at considerably faster rate, according to recently released data.

The data, from tech-based startup brokerage TripleMint, compared rent prices in similar Manhattan and Brooklyn neighborhoods that many renters find themselves deciding between.

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So while Dumbo and Tribeca are close cousins when it comes to rental searches by prospective tenants – and prices in both neighborhoods are among the highest in their respective boroughs – Dumbo rents grew 18 percent yearly in 2014 compared to only 8 percent in Tribeca, according to Capital New York.

Downtown Brooklyn saw 31 percent overall growth in rental costs between 2013 and 2014, compared to only a 10 percent rise in the Financial District. And Fort Greene rents went up 22 percent in the same period, while Upper West Side rents remained relatively flat.

TripleMint CEO David Walker said the boom in demand, and consequently rents, for Brooklyn neighborhoods was due to greater corporate interest in the borough – particularly among startup and tech companies that are setting up shop there. [Capital New York] – Rey Mashayekhi

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Rental Market