Could Brooklyn’s rent prices soon surpass those of Manhattan?
The common counsel to New Yorkers who found Manhattan too expensive was to “explore Brooklyn”. That might no longer hold true.
Brooklyn rentals have been escalating at a faster rate than those in Manhattan on a year-by-year basis. The median rental price for an apartment in Brooklyn (including studios, one-bedrooms, and larger) climbed 4% from the previous year to $2,650 in August. In contrast, Manhattan saw a 3.3% rise to $3,460 for a comparable rental, as reported by Zillow Group’s unit, StreetEasy Market Reports. Albeit Manhattan’s median rent is still higher, Brooklyn’s vacancy rate is lower at a mere 3%, versus Manhattan’s rate of slightly over 4.1% as per StreetEasy’s data scientist, Alan Lightfeldt.
For more details, check out MARKET WATCH.
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