Brooklyn's Rising Rent Prices Are Forcing Renters Back Into Manhattan

DUMBO, loft, NYC, New York City, Brooklyn

Photo: Flickr / dumbonyc

Brooklyn is losing its reputation as a cheap alternative to Manhattan’s high cost of living.Skyrocketing rents in some of Brooklyn’s neighborhoods are forcing Brooklynites to consider moving into the city to save money, according to the Wall Street Journal.

Rent prices for studios in Brooklyn have increased more than 10 per cent since June 2011, compared to an 8 per cent increase for studio rent prices in Manhattan in the past year.

Rent prices for one-bedroom Brooklyn apartments have also increased by almost 10 per cent, compared to a 5 per cent increase in rent for a one-bedroom apartment in Manhattan.

The average rent price for a Williamsburg or Dumbo studio in June was slightly more than $2,700 per month. But in Manhattan, a non-doorman Greenwich Village studio cost just over $2,500 per month.

Other Manhattan districts, like Chelsea and Murray Hill, had average rent prices in June of about $2,200 — significantly cheaper than Williamsburg and Dumbo apartments.

Not all of Brooklyn has succumbed to this trend, though. In South Brooklyn neighborhoods like Bay Ridge, the average rent price of a studio is around $1,200.

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