Brooklyn rents closing in on Manhattan’s

TRD New York /
Apr.April 13, 2014 12:00 PM

The median monthly rent in north and northwest Brooklyn rose to $2,900 in March, more than 13% higher than it was last year, 26% higher than it was the year prior and roughly 35% above what it was back in 2008.

According to estimates by Miller Samuel Inc. and Douglas Elliman Real Estate, Brooklyn rents are closing in on those of Manhattan’s.

The median monthly rent in Manhattan inched up to $3,200 in March, which is less than 0.2% higher than it was last year, and only 3% greater than it was in 2008.

“The convergence between Manhattan and Brooklyn rents is definitely happening,” said Jonathan Miller, president of Miller Samuel, in an interview with Quartz.

It used to cost some $1,000 more to rent an apartment in Manhattan than in Brooklyn. But now it fluctuates between $200 and $300. In February, it cost only $210 more to rent in Manhattan, the smallest difference since Miller began tracking the data.

High Brooklyn rents are being led by neighborhoods like Williamsburg and Dumbo, where some of the city’s most expensive apartments can now be found. [Quartz] —TRD

Related Articles


Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Unrealistic pricing bogs down Miami luxury condo market: TRD Showcase & Forum

From left: RealPlus' Eric Gordon, Corcoran's Pam Liebman, Halstead's Diane Ramirez, Douglas Elliman's Howard Lorber and Brown Harris Stevens' Bess Freedman (Credit: Eric Gordon by Emily Assiran, Getty Images, Halstead, BHS, iStock)

Terra sells part of RealPlus stake to Corcoran and Elliman

The Real Deal’s E.B. Solomont receives Front Page Award

Rents increased year over year this September in Manhattan and Brooklyn to $4,336 and $3,366

Rents tick up and concessions fall amid broader economic uncertainty

Long Island City, Queens (Credit: iStock)

Queens sale prices set record despite signs of trouble