A new study has found that the median rent in Brooklyn has risen by 10 percent as apartment hunters search for alternatives to Manhattan. The median rent in Brooklyn is currently $2,698 a month, a 10.1 increase over the same time period last year. At $3,195, the median rent in Manhattan is still higher, but has only increased by 1.4 percent since last October, which is the lowest increase in over a year.
The more affluent Brooklyn neighborhoods, such as Williamsburg, Greenpoint, Brooklyn Heights, and Cobble Hill are the most sought after. Aside from affordability, Brooklyn has become a popular destination because of a credit market that has made renting more attractive than purchasing a home. Analyst Jonathan Miller, of Miller Samuel Inc., also says that the rental market is more "responsive" to changes in employment.
This makes studios particularly attractive; the median rent for a Brooklyn studio is now $1,750, up 9.4 percent from last year. That can be attributed to newly-hired workers seeking entry-level housing. The median rent for a Manhattan studio is $2,300, down 2.1 percent from last year.
People are also more likely to move when their leases expire thanks to rent increases. Brooklyn saw a 59 percent jump in new rentals, whereas Manhattan saw a 41 percent increased compared to last year.
[via NY Post]