Every few months, there appears to be a report stating Brooklyn is the most expensive place to live or the least affordable place to live. But how much does it really cost to live in Brooklyn? And how much do rents vary by neighborhood?
In the summer of 2013, we caught up with Michael Guerra, Douglas Elliman's EVP and managing director, but rents have increased in the last three years. Here's an updated list for 2016, based on current listings in the rental on the market.
Just to note, the rental market is highly competitive in certain areas, especially those with coveted zoned elementary schools. Yet, there is a sign of hope. The New York Times reported the potential for a glut caused by an abundance of construction in the Downtown Brooklyn area. According to the New York Times Article, discounts and incentives are currently being given at "At 7 DeKalb, a new 23-story tower atop the City Point mall complex, the landlord is offering two months of free rent with a 14-month lease, and use of the building’s fitness center and other amenities for a year without charge. That means a one-bedroom, one-bathroom place can be had for $3,428 a month; a two-bedroom, two-bath apartment goes for $5,057."
If you want to find a new apartment in Brooklyn, here are the twelve top Brooklyn neighborhoods, organized alphabetically.
Bay Ridge is a stable residential community with a lot of restaurants, stores, and shopping, including Century 21 discount store.
Current rentals on the market: Studio $1425, A Seven Hundred-Foot One Bedroom $1600, and a various Two Bedrooms averaging $2400.
For decades one of the most desirable locations because of its proximity to Manhattan, the Brooklyn Bridge (and now Brooklyn Bridge Park), at its highest end, Brooklyn Height's real estate market rivals Williamsburg. And for those very special vintages or historic properties that are dripping with charm, Brooklyn Heights rentals are amongst the priciest in the borough.
Current rentals on the market: Studio $2200, One Bedroom $2950, and a Two Bedroom $4,795.
Bushwick — once crime-ridden but now rapidly gentrifying beyond any old Brooklynite's wildest imagination — is exploding with growth. Low rents and large spaces once attracted artists, but now deals are harder to find. It's still a bargain compared to Williamsburg and other hip neighborhoods.
Current rentals on the market: One Bedroom $1900, Two Bedroom $2100, Four Bedroom $4000.
Carroll Gardens was once the setting for the film Moonstruck, the area was home to many Italian shops and bakeries. Although a handful remains, the area is incredibly family friendly and also attracts many French families, who want to attend the local public school, which has a French bilingual program.
Current rentals on the market: There are a few One Bedrooms for around $2600, and Two Bedrooms around $3300.
This neighborhood, which shares trendy Smith and Court Streets with Carroll Gardens (but is closer to the Borough Hall subway hub) has rents that are just a tad higher than neighboring Carroll Gardens.
Current rentals on the market: Two Bedroom for $4200 and a Four Bedroom for $6,995.
The rental range in this transitional neighborhood "is the one of the broadest in the borough," said Guerra. That's because Crown Heights, a sprawling area that's home to a large Caribbean immigrant, Hassidic and now growing hipster population, is a study in urban change.
Current rentals on the market: If you have roommates or a family, there are numerous three bedrooms on the market averaging $3500.
Rentals in this increasingly popular neighborhood near to verdant Prospect Park tend to be priced slightly lower than Windsor Terrace. Both Kensington and Windsor Terrace are less bustling and upmarket than nearby (and larger) Park Slope, but are close enough so residents can easily get to shops and cafes in the Slope. This is a popular area for families who feel they need more space and you also have access to the park.
Current rentals on the market: A Three bedroom with one and a half bath on Ocean Parkway for $3250.
Proximity to Brooklyn College has bumped up prices in Midwood, especially in the swath from Coney Island Avenue to Ocean Avenue that's between Avenues H to M. Here, as well along as some of the more beautiful streets such as Glenwood Road, you can find a potpourri of different kinds of housing, mostly smaller buildings, with rentals. You're deep in the heart of...Brooklyn.
Current rentals on the market: A few Two Bedrooms around $1500, Three bedrooms with one and a half bath for $2500.
Rated as one of the most desirable neighborhoods in New York City, Park Slope's real estate can run to the pricey, especially along Prospect Park and on the old tree-lined streets near the park. However, new buildings along the 4th Avenue corridor have introduced more apartment options.
Like Cobble Hill, the average rent in this neighborhood would be in the $40s per square foot, though some apartments are much more expensive. Elements that bump up the price: outdoor roofs, decks or garden space, beautiful renovations, fireplaces, and historic architectural detail, and is just steps to Prospect Park. Individual three-and-four story brownstone homes in the landmarked district, though rarely on the rental market, can rent for well over $10,000 a month.
Current rentals on the market: A few Two Bedrooms around $2500, Three bedrooms around $3800.
Prospect Heights is a pretty neighborhood with many brownstones and a growing number of low-rise apartments as well. Depending on whether the apartment is nearer to the Brooklyn Botanic Garden or Barclay's Center, prices can vary. Rents are similar to those in Carroll Gardens and Park Slope — all three are neighborhoods with a large housing stock of handsome turn-of-the-20th-century brownstones — with higher prices paid for rentals in beautifully renovated historic properties.
Current rentals on the market: A Studio for $2000 and a One Bedroom for $2500.
There's Williamsburg... and then there's Williamsburg! from a real estate perspective. This area has some very expensive, new properties. But historically the housing stock here was working class homes, often two or three-family houses with aluminum siding. Some have been nicely brought up to date, and others have been carved up without much love and rented out for maximal profit.
Some renters, at the high end, are paying as much as $70 per square foot for the most sought-after properties, which tend to be apartments in spanking brand new high-rises with views and amenities galore (including in one case a huge pool), located on the East River waterfront. However, there is a lot of variation in this large, sprawling neighborhood.
Current rentals on the market: numerous one bedrooms in luxury buildings for around $3500.
Long home to the families of Brooklyn's Irish firemen and policemen, Windsor Terrace has many small, homey apartments and houses. And the neighborhood is just a sneeze away from Prospect Park. But depending on where you look, the subway can be a hike away. And some properties have not been renovated fashionably. Those factors might explain why, in general, rentals in Windsor Terrace track lower than in nearby Park Slope.
Current rentals on the market: A few two bedrooms ranging from $2400 to $3700.