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
1 North Moore and Platinum Properties CEO Khashy Eyn (Google Maps, Platinum Properties)
Tribeca penthouse rents for $85K per month, possibly setting NYC record
Tribeca penthouse rents for $85K per month, possibly setting NYC record
New lease signings broke August records in Manhattan and Brooklyn, but fell short of activity seen in April, May and June as return-to-office plans were delayed. (iStock)
Manhattan, Brooklyn break August leasing records, but fall short of spring rebound
Manhattan, Brooklyn break August leasing records, but fall short of spring rebound
Leasing activity in New York City is on the rise, but there are hints of cooling as inventory and concessions fade. (iStock)
Another record month for new leases as Covid discounts dry up
Another record month for new leases as Covid discounts dry up
Competition for Rentals Heats Up in Manhattan, Brooklyn, Queens
Competition for NYC rentals intensifies as listings dwindle
Competition for NYC rentals intensifies as listings dwindle
Tenants are singing longer leases to lock in low rent. (Getty)
Tenants locking in longer leases as apartment rents rise
Tenants locking in longer leases as apartment rents rise
149 Clinton Street (Google Maps, iStock)
Brooklyn’s priciest rental will run you $30,000
Brooklyn’s priciest rental will run you $30,000
Venn co-founders Or Bokobza and Chen Avni (Photos via Owler, The Centre for Conscious Design)
This startup creates community to help landlords retain tenants
This startup creates community to help landlords retain tenants
(iStock)
NYC rents hit record lows at the start of 2021
NYC rents hit record lows at the start of 2021
arrow_forward_ios

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

Loading...