Skyrocketing Rents in Brooklyn
Brooklyn neighborhoods that once provided a release valve for Manhattan pricing have now become more expensive then Manhattan apartments. In many Brooklyn neighborhoods, “the rent just keeps going up and up – even in the sluggish economy, even in the slight downturn in the housing market,” according to a recent article that appeared in the real estate section of the Wall Street Journal. Most people who turned to Brooklyn because it was seen as a slight bargain are now being forced to look elsewhere. A $2500-a-month studio apartment in Manhattan’s West Village is now cheaper than a studio apartment in Williamsburg, Brooklyn at $2700 a month!
In reality, though, only a handful of people are leaving Brooklyn for Manhattan. Most others venture into Southern Brooklyn, Queens or the Bronx where rents remain more reasonable.