Brooklyn and Manhattan battle it out for renters

A breakdown of where prices have dropped most in the rival boroughs

New York /
Nov.November 20, 2009 11:14 AM
From the November issue: Brooklyn has long been a haven for renters looking for cheaper deals than they can get across the river in Manhattan. In the current downturn, however, rents have dropped faster in Manhattan than in Brooklyn. This month, The Real Deal stacks up the rival boroughs next to each other, comparing year-over-year rent drops to see where the biggest declines have been. According to the real estate Web site StreetEasy, average rental listing prices fell 21 percent in Manhattan between the third quarter of 2008 and the third quarter of 2009, while coming down only 15 percent in Brooklyn.

In addition, price declines have been far steeper in certain Manhattan neighborhoods, a phenomenon that has made headlines and prompted many Brooklyn renters to give Manhattan another look. Indeed, brokers say, budget-conscious renters arriving in New York for the first time — who in the past may have gone straight over the Brooklyn Bridge to hunt for an apartment — are now weighing Manhattan as a comparable alternative. more


Related Articles

arrow_forward_ios
Canada’s Public Sector Pension Investment Board CEO Neil Cunningham (left) and Allianz SE CEO Oliver Bäte (PSP Investments, Allianz, iStock)
Canadian pensions, Asian wealth funds eye single-family home rentals
Canadian pensions, Asian wealth funds eye single-family home rentals
A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
RXR makes $220M apartment bet in Brooklyn
RXR makes $220M apartment bet in Brooklyn
BHS CEO Bess Friedman, Sotheby’s CEO Philip White REBNY head James Whelan, Douglas Elliman executive chairman Howard Lorber and Corcoran CEO Pamela Liebman (Getty, iStock)
Broker fee ban an “error,” court rules
Broker fee ban an “error,” court rules
New Jersey Gov. Phil Murphy (Getty)
NJ order tapping security deposits to pay rent is back in court
NJ order tapping security deposits to pay rent is back in court
Carl Heastie, Andrew Cuomo and Andrea Stewart-Cousins. (Getty)
NY close to approving $2.4B rent relief bill — but its rollout will be the real test
NY close to approving $2.4B rent relief bill — but its rollout will be the real test
Carl Heastie, Andrea Stewart-Cousins and Andrew Cuomo. (Getty)
Lawmakers near deal on $2B in rent relief
Lawmakers near deal on $2B in rent relief
(iStock/Illustration by Kevin Rebong for The Real Deal)
Investors increasingly compete with first-time buyers for homes
Investors increasingly compete with first-time buyers for homes
The price gap between median rent in Manhattan and Brooklyn shrank to $171 in November 2020. (iStock)
Brooklyn rents have nearly caught up with Manhattan’s
Brooklyn rents have nearly caught up with Manhattan’s
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...