Brooklyn Apartments No Bargain Compared to Manhattan
While it’s not exactly breaking news that rents in Park Slope and Williamsburg are very high, did you know that median rents in the two neighborhoods are steeper than they are in Hell’s Kitchen and the Lower East Side? The Observer has an article this morning about how rents in A-list Brooklyn neighborhoods continue to…
While it’s not exactly breaking news that rents in Park Slope and Williamsburg are very high, did you know that median rents in the two neighborhoods are steeper than they are in Hell’s Kitchen and the Lower East Side? The Observer has an article this morning about how rents in A-list Brooklyn neighborhoods continue to rise while prices in the Manhattan rental market begin to dip—taken together, the trends suggest that Brooklyn’s days of being an affordable alternative to Manhattan are long gone (as if anyone needed a newspaper to tell them that!). According to listings on StreetEasy, the median monthly rent in Park Slope is $3,050, while Williamsburg’s median is $2,900. Both numbers are higher than the median rent on the Lower East Side ($2,700). In addition, rents in prime Brooklyn neighborhoods have gone up at a startling pace over the past couple of years: The median rent for Park Slope in ’05 was a comparatively affordable $1,090. Conclusion, per the article: “Queens, anyone?”
Park Slope Living at Manhattan Rents! [NY Observer]
Photo by DEDE_LE
$1090 in 2005 in Park Slope? Maybe 3rd Avenue…
I’m not married-with-kids but I has no idea it was that expensive to live in Williamsburg.
Right, a proper data collection would compare 1 bedroom rent with 1 bedroom rent and 3 bedroom rent with 3 bedroom rent. 9:41 am who posted about her apartment search and finding a 3 bedroom in Windsor Terrace for $3,200. Even at $4,500, which was the price of better 3 bedrooms — I’m not sure you could find a comparable 3 bedroom in Manhattan for less than $6,000. Did you actually find nice 3 bedrooms in Manhattan for $4,500?
So the conclusions of this report are meaningless. Sure, rents have definitely gone up in brownstone Brooklyn and it’s a more desirable destination, but I’d like better evidence that it is more expensive than Manhattan.
williamsburg has had expensive rents for quite awhile because tons of single 20/30 somethings that live there. my cousin – late ’30’s – just rented a one bedroom in williamsburg for $2900 (a ONE! bedroom) because he goes out a lot and living in williamsburg is way way quieter and less hectic than either the LES or the east village but still super close and filled with amenities.
also, living in williamsbur you are in walking distance to clubs, bars, and restaurants that you might have been going to anyway. think the married with kids set on this site does not realize the extent to which williamsburg is a destination for people from all over the city and the burbs because of the vast amount of live music being offered.
Those stat are pretty useless. I agree that price per square foot would be more informativel. The last time I looked for a rental (about 3 years ago) in both Manhattan and Brooklyn I saw apartments in my price range in both locations, but the one-bedrooms in Manhattan were mostly dumpy, noisy, odd, etc. and the one-bedrooms in Brooklyn were by far larger and more attractive in comparison. Many of the Manhattan one-bedrooms were actually studios with flimsy walls added to create a separate bedroom. The differences may be less obvious now–and there are always some bargains to be had if you are tenacious in your search, or lucky–but I would still think you usually get more for the rent money in Brooklyn. But also more of a commute and less excitement, of course.
Yes, agree with many above — Manhattan living is actually less desirable in many ways. The interesting cultural nexus of artists, designers, musicians, architects, etc — many of them prefer Brooklyn. Manhattan is a playground for trustafarians and corporate hacks. Not my people.
Median rents don;t actor in sq footage. I’d be shocked if $ / sq foot are cheaper in the LES (or Hell’s Kitchen for that matter) than Park Slope (or maybe Williamsburg). Data doesn’t lie, but it can be used to mischievous effect.
“According to listings on StreetEasy”
How many rental listings actually make it to StreetEasy?
Please, even Craigslist would be a more reliable resources for data.
Don’t believe the hype.
And Carroll Gardens rents? I was in a Corcoran office the other day and 2BRs were going for like 7,000-10,000 a month!
Fuggedaboutit!