Cheaper rents lure Brooklynites to Manhattan

New York /
Jul.July 25, 2012 09:30 AM

The cheaper rents that lured legions of young people to Williamsburg and Park Slope over the past decade have largely dissipated, and now, according to the Wall Street Journal, many of those pioneers are continuing their chase for reduced rents — in Manhattan.

Over the last year, rents for studios and one-bedrooms have risen faster in Brooklyn, 10.5 percent and nearly 10 percent, respectively, than they have in Manhattan at less than 8 percent and less than 5 percent, the Journal noted. In fact the mean rent for a studio in Williamsburg is better than $2,700, compared to $2,500 for non-doorman studios in Greenwich Village.

“Rents are going up so much in Williamsburg,” Citi Habitats agent John Brandon told the Journal. “If you want to live in Manhattan, it’s kind of six of one, half a dozen of another” compared with Brooklyn.

One popular Manhattan alternative for former Brooklynites is the Upper East Side, where the rental market is less competitive than other parts of the island below 96th Street. Predictably, “trendy establishments” have followed. [WSJ]


Related Articles

arrow_forward_ios
(iStock)
Brooklyn, Manhattan rental markets “beginning to pivot”
Brooklyn, Manhattan rental markets “beginning to pivot”
(iStock)
Dead weight: A breakdown of NYC’s rental listing glut
Dead weight: A breakdown of NYC’s rental listing glut
Living founders Devin Someck and Jon Bakhash
Living New York acquires Mdrn. amid tumult in rental market
Living New York acquires Mdrn. amid tumult in rental market
(Credit: iStock)
Residential rents continue upward march in Manhattan, Brooklyn and Queens
Residential rents continue upward march in Manhattan, Brooklyn and Queens
Benchmark Real Estate Group's Aaron Feldman (left) and Jordan Vogel (right) with 25 Monroe Place in Brooklyn (Credit: LinkedIn)
Benchmark looks to sell BK Heights rental building for $70M
Benchmark looks to sell BK Heights rental building for $70M
From left: 278 Henry Street and 296 Sackett Street
Brooklyn’s resi market saw 20 contracts close above $2M last week: Stribling
Brooklyn’s resi market saw 20 contracts close above $2M last week: Stribling
Brooklyn and Queens rents rise as incentives decline: Elliman
Brooklyn and Queens rents rise as incentives decline: Elliman
Brooklyn and Queens rents rise as incentives decline: Elliman
(Chart by Miller Samuel)
Cautious buyers are pushing up Manhattan rent prices
Cautious buyers are pushing up Manhattan rent prices
arrow_forward_ios

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

Loading...