Brooklyn is hot – even hotter than Manhattan. What used to be known for easy rent, Brooklyn is now becoming a sought-after place to live. Read on to learn why many are saying, “The new place to be when in New York, is Brooklyn.”
For most people, quality living means good space and a desirable environment all at a price they can afford. Price comparison to Manhattan is definitely not an argument; however, a discussion can be had on how much space you can obtain to live in Brooklyn verses in Manhattan. More space for the same price, plus fresh air, parks, tree-lined streets – people who will actually say “hello” – and neighbors who look out for each other, only adds more value.
While some neighborhoods in Manhattan still attract newcomers as well as established New Yorkers, Brooklyn is proving to be the highest yielding borough in regards to the most desired living amenities. The rental market in Brooklyn is constantly in flux, with prospective tenants getting priced out of once-popular neighborhoods like Cobble Hill, Williamsburg, and Boerum Hill. Neighborhoods such as Williamsburg, Dumbo, Cobble Hill, and Brooklyn Heights have been a favorite in recent years causing prices to rise steadily.
To compensate, adjacent neighborhoods like Bedford-Stuyvesant, East Williamsburg/Bushwick, Midwood, and Clinton Hill, have seen a huge increase in activity over the last couple of years. This trend has given way to a massive expansion within the borough. Previously unnoticed areas began to gain notoriety as the “best kept secret”, such as Prospect Park South, Bushwick, or Red Hook as well. While rents have risen somewhat, they are still moderate compared to the more established neighborhoods.
The need to go to Manhattan is no longer felt by Brooklynites. They can proudly say they can be Manhattan-less for days or even weeks. Those who are already established will tell you Brooklyn overall truly has a neighborhood feel. With nice restaurants, art galleries, music events, fairs in the park, and places to bring the children on a Sunday afternoon, it lends nothing to envy of any other place.
Having at least some subway expertise can prove to be an invaluable asset for those who would need to commute daily into the city. A 45-minute car trip can turn into a 20- to 30-minute ride with the right combination of express lines, and boarding the train on the less crowded end of the platform. (Nice hint!)
Some advice for those seeking a new home in New York – be flexible! Your friends who moved here two years ago got settled in a neighborhood that is now much more expensive, and might not work for you. Explore all areas; you might just discover the “new”, hot neighborhood.
- The median asking rent for a Brooklyn apartment (everything from a studio to a one-bedroom and more) in August was up 4% over last year, to $2,650, compared to a 3.3% increase to $3,460 for the same rental in Manhattan, according to StreetEasy Market Reports
- While the median rent in Manhattan is still higher, the vacancy rate in Brooklyn is lower, at just 3%, compared to just over 4.1% in Manhattan, according to StreetEasy data scientist Alan Lightfeldt.
If you're considering moving to Brooklyn or Manhattan, read our other blog post on the topic: "Brooklyn: Is It Actually Cheaper (Or Better)?"
Written by Rina Shatku, from Dwellworks NYC office.