clock menu more-arrow no yes mobile

Filed under:

Price Gap Between Brooklyn & Manhattan Is Steadily Shrinking

New, 9 comments

Brooklyn rents may have dipped in August, but that by no means the borough is reverting to the good ol' Brooklyn-is-a-cheap-place-to-live days (who even remembers those days?). The borough's neighborhoods vary greatly in price, so for a detailed comparison, StreetEasy ran the numbers on median rents and sale prices for all 49 Brooklyn neighborhoods that they track and compared the data to the median rent and sale price for Manhattan. The report, aptly titled Mind the Gap, found that while Manhattan tops most areas, four Brooklyn neighborhoods—Dumbo, Carroll Gardens, the Columbia Street Waterfront District, and, somewhat surprisingly, Manhattan Beach—surpassed Manhattan in sale prices, and dozens outpaced Manhattan when looking at the 5-year price growth rate.

More than half of Brooklyn's neighborhoods outpaced Manhattan in rent growth, with Gowanus, Bushwick, Red Hook, and Bed-Stuy showing the greatest gains since 2010. Even Crown Heights is getting up there, with a $2,295 median monthly rent, but only two Brooklyn neighborhood topped Manhattan's $2,195 median rent: Dumbo, where the median rent is $4,000, and Williamsburg, where StreetEasy found the median to be $3,199. The next closest is Cobble Hill at $3,000.

· Mind the Gap [StreetEasy]
· All Market Report coverage [Curbed]