Brooklyn’s rent prices might soon surpass those of Manhattan. Traditionally, New Yorkers who found Manhattan too pricey were advised to look into Brooklyn. That advice might not be valid anymore.
Rentals in Brooklyn have been increasing faster than those in Manhattan year over year. In August, the median rental price for an apartment in Brooklyn (including studios, one-bedrooms, and larger) went up by 4% from the previous year, reaching $2,650. Meanwhile, Manhattan saw a 3.3% rise to $3,460 for similar rentals, according to reports from StreetEasy Market Reports, a Zillow Group unit. Although Manhattan’s median rent is still higher, Brooklyn’s vacancy rate is lower, sitting at just 3% compared to Manhattan’s slightly over 4.1%, as noted by StreetEasy’s data scientist, Alan Lightfeldt.