Rents in February again reached all-time highs across New York City, with North Brooklyn prices approaching Manhattan levels, according to StreetEasy Market Reports. The StreetEasy Brooklyn Rent Index rose 5.5% to $2,745, the largest year-over-year increase of all boroughs analyzed and the biggest jump since 2013.
“As rents reach all-time highs, renters are realizing they can get more space and amenities in Brooklyn for the same prices they’re paying in Manhattan,” said Nancy Wu, StreetEasy economist. “This phenomenon is causing rapid price growth in areas that were once considered to be relatively affordable, and we don’t expect this trend to slow. Renters are entering a unique time in the market right now when flexibility and adaptability will be paramount.”
Brooklyn’s rent growth was led by North Brooklyn, home to neighborhoods including Williamsburg and Greenpoint, where rents rose 6.7% to $3,278. North Brooklyn is now the fourth-most expensive submarket in all of New York City — behind only Downtown Manhattan ($3,840), the Upper West Side ($3,432) and Midtown Manhattan ($3,413).
While rents in Manhattan still rose by 3.6% to $3,320, the even-larger surge in Brooklyn rents has the borough closing in on Manhattan prices. In February, North Brooklyn renters were paying 4% less than renters in Midtown Manhattan, at $3,278 vs $3,413. Just one year ago, there was an 8% difference between the two submarkets — $3,072 in North Brooklyn and $3,311 in Midtown. In February, it was cheaper to rent on the Upper East Side of Manhattan than in North Brooklyn or Northwest Brooklyn, which include neighborhoods such as Downtown Brooklyn, Dumbo and Cobble Hill.
