Could Brooklyn’s rent prices soon surpass those of Manhattan?
New Yorkers often turned to Brooklyn when Manhattan’s rent got too high, but that may not be a viable option anymore.
Brooklyn’s rental prices have been rising faster than those in Manhattan year over year. In August, the median rental price for an apartment in Brooklyn—which includes studios, one-bedrooms, and larger units—increased by 4% from the previous year, reaching $2,650. Meanwhile, Manhattan saw a 3.3% increase, with the median rent sitting at $3,460 for similar types of apartments, according to StreetEasy Market Reports from Zillow Group.
Although Manhattan’s median rent is still higher, Brooklyn has a lower vacancy rate at just 3%, compared to Manhattan’s slightly over 4.1%, as noted by StreetEasy’s data scientist, Alan Lightfeldt.