Brooklyn neighborhood rents growing much faster than Manhattan’s

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

New York /
Aug.August 10, 2015 11:30 AM

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.

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


Related Articles

arrow_forward_ios
(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
Why Brooklyn and Queens buyers are “camping out”
Why Brooklyn and Queens buyers are “camping out”
Why Brooklyn and Queens buyers are “camping out”
arrow_forward_ios

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

Loading...