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Report: Rising Brooklyn Rents Giving Manhattan A Run For Its Money
By
Garth Johnston
Published Dec 12, 2012
Modified Dec 12, 2012
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By
Garth Johnston
Published Dec 12, 2012
Modified Dec 12, 2012
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Once upon a time Manhattanites turned to Brooklyn for cheaper rents. But that was many years ago. Now Kings County is counted along with Manhattan as one of the most expensive places to live in the U.S.—people are even moving back to Manhattan in trend pieces to escape the too damn high rents. And no wonder, according to a new report [PDF] median rents in the Nets' new borough rose 10.1 percent in the past year!
According to the latest market report out of Douglas Elliman, the median rent in the borough is now $2,698 a month. Manhattan is still pricier, with a $3,195 median rent, but this year that rose at the much slower pace of 1.4 percent.
"Brooklyn is catching up," analyst Jonathan Miller, who prepared the report, told the Post. Catching up, and fast! This year the median rent of a studio in Brooklyn was up 9.4 percent to $1,750—while Manhattan studios were down 2.1 percent to $2,300. The other large jump in rents was in three-plus bedrooms, where the median rent went up 13.4 percent to $4,423.
Oh, and in case you were wondering, the hottest neighborhoods in Brooklyn are the obvious ones: Williamsburg, Greenpoint, Brooklyn Heights and Cobble Hill. Bay Ridge you are still safe, for now. Meanwhile, St. George is looking better and better everyday.
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Garth Johnston
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