The State of Brooklyn Rentals
After a sleepy first ten months of the year, the rental market in Brooklyn exploded at the end of the year, according to a year-end report from Ideal Properties Group. Only 10 percent of the year’s transactions happened in the first quarter of 2009, compared to more than 15 percent in December alone. Part of…
After a sleepy first ten months of the year, the rental market in Brooklyn exploded at the end of the year, according to a year-end report from Ideal Properties Group. Only 10 percent of the year’s transactions happened in the first quarter of 2009, compared to more than 15 percent in December alone. Part of that can be attributed to the fact that prices continued to adjust downward over the course of the year: Overall rents in Brownstoner Brooklyn declined just over 6 percent with two-bedrooms, the most ubiquitous format, declining an average of $225/month to $2,380. The percentage of No Fee listings also continued to rise. Brooklyn Heights continued to be the most expensive neighborhood to rent in: One-bedrooms averaged more than $2,500 a month and two-bedrooms topped $3,100.
Brooklyn ’09 Rental Report Smugly Lords It Over Manhattan [Curbed]
Brooklyn Rental Market Ends with a Bang [TRD]
Re: the above listings. For everything that says “Prospect Heights,” substitute, “Crown Heights,” and for everything (almost) that says, “Bed Stuy,” substitute, “Ocean Hill,” or sometimes, “Bushwick,” (Halsey St JMZ stop). I have seen things going out to Broadway Junction described as Bed Stuy. The “jr 1 BR” near the G train is between the Flushing Ave and Myrtle Willoughby G stops and is 1/2 floor of a townhouse.
To me a “nice” 1 BR in Bed Stuy is within walking distance of the A/C stop at Utica Ave (or Nostrand less preferably) and is actually a floor-through in a townhouse (so a 1 1/2 BR most likely) with hardwood floors throughout, original details and modern conveniences like D/W and W/D at least in the building, if not in the unit. That is more like $1500 to start, and is well worth it.
Stuyvesant Heights is GORGEOUS and happening and TOTALLY convenient to Manhattan (11 mins. on the A train from Utica Ave to Bway Nassau downtown — better than the 2/3 from GAP or Bergen St in Park Slope).
more4less,
ok, judging from all the data
and trends, it looks like the
best move is this;
you buy a 4 family in bed-stuy
and live in two of the units.
-price is reasonable, so monthly
cost is comparable to renting
-location is close to manhattan.
-rent control/rent stabilization
don’t necessarily apply
-you have tax benefits of ownership
-you have benefits of appreciation
-you don’t have as many hassels of
owning a one family with all the
mortgage burden on you.
-in time you can retire to
costa rica and still collect the
rent.
and the city has never been safer.
man, at this rate, I’ll be staying at my apt forever. house prices aint dropping enough to buy and rents aint dropping enough to sell & rent.
I’ll say this now that we are renting in one of those failed condo buildings:
I’d SOOOO much rather be renting an apt in a brownstone building with good ol’ fashioned radiator heating with brick walls and buidling materials other than steel or tin or foil or whatever they use nowadays….
LOL omg me too. sorry!
*rob*
Oh snap!
I thought this was the OT!
The title of the article is:
BREAKING: ATLANTIC TERMINAL SOMEHOW GETS *EVEN* UGLIER
Rob, I didn’t know you write for f*ckedinparkslope.com.
I like this quote from the report:
“Park Slope (North), Carroll Gardens, Boreum Hill, Cobble Hill – are back in style.
Ideal did a good job with this report, I think.
Oh and average rental prices on studios in Park Slope went UP from $1521 a month in 2008 to $1541 a month in 2009. Same story in Prospect Heights as well. Prices also went UP on 2 and 3 bedrooms in Ft. Greene from 2008 to 2009.
This report shows that Brownstone Brooklyn rental prices are holding up quite well compared to Manhattan.
The Atlantic Terminal article on F*CKEDInParkSlope.com is funny and also pretty informative re: the design.