Landlords of homes in North Brooklyn should be happy, as rents in that part of the borough close in on the kind of payments usually seen in Manhattan.
In fact, North Brooklyn is now the fourth most expensive sub-market in New York City with an average rent of $3,278 according to new data from StreetEasy.
The sub-market saw an annual gain in rent of 6.7% to narrow its gap with Midtown Manhattan to just 4%, halving in the past year.
The three pricier sub-markets are Downtown Manhattan ($3,840), the Upper West Side ($3,432) and Midtown Manhattan ($3,413).
Brooklyn as a whole saw a 5.5% increase to $2,745 according to StreetEasy’s Brooklyn Rent Index.
The gain for Manhattan year-over-year was 3.6%.
"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," says StreetEasy economist Nancy Wu. "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."
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