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Brooklyn rent prices soaring, experts say

July 25, 2012 2:31:19 PM PDT
With buying out of the question for many people, renting is the only option.

Manhattan has typically had some of the highest rental prices, but that may be changing with the growing popularity of Brooklyn.

It's leading some people to move back to Manhattan. Arthur Sanchez, 29, loves the fact that he can bike to work. He couldn't do that when he lived outside Manhattan, but now he's moved to Manhattan from Greenpoint. Like many others facing sky-high rents in places like Williamsburg, Greenpoint and Dumbo, Arthur did a cost-benefit analysis.

"I pay like $200 more, but now, it's just so much easier to get to work," Sanchez said.

They say the price difference between certain parts of Brooklyn and Manhattan is now negligible. Soon, many Brooklyn rents could be pricier. Check out the latest numbers from MNS Real Estate. The change in rent prices for one bedroom apartments is most dramatic. In Manhattan, rent is 4.7 percent higher for one bedrooms than last year. In Brooklyn, the increase since last year for one bedrooms is 9.8 percent. Factor in the commute and, we asked the experts, why stay in Brooklyn???

"It's still very hip. It's just another kind of crowd. It's not the hip artists as much as the people who can spend 32-hundred dollars on a one bedroom, and still want to feel hip," John Brandon of Citi Habitats said.

For others, it's Manhattan's East Side, places like Stuyvesant Town or, on the West Side, Hell's Kitchen that appeal.

Now of course, not everyone can afford the rent across the river in Manhattan either, so what are your other options? Experts say other places in Brooklyn, like East Williamsburg, Bayridge or Bushwick.

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