Brooklynites who first moved to the borough to save money are flowing back to Manhattan for the cheaper rents, The Wall Street Journal reports.
As prices in neighborhoods such as Park Slope, Cobble Hill and Williamsburg have jumped up, the young professionals who helped gentrify those areas in the first place are increasingly unable to afford the rental rates.
Dumbo, Brooklyn’s priciest neighborhood, ranks as New York City’s eighth-most expensive neighborhood, behind Tribeca, SoHo and Chelsea, DNAinfo reports. A Dumbo studio rents for an average of $2,750 per month, and a Williamsburg studio for $2,712, according to MNS Real Estate‘s June 2012 report. That’s costlier than non-doorman studios in Greenwich Village and the Financial District, which command average monthly rents of $2,542 and $2,291, respectively.
In addition, rents in Brooklyn are rising faster than equivalent spaces in Manhattan.
Rents for studios in Manhattan were up almost 8 percent on average in June from the same month a year earlier, in contrast to a 10.4 percent gain in Brooklyn, the MNS report states. One-bedrooms also inched up by less than 5 percent in Manhattan during the same period, while Brooklyn one-bedrooms jumped up almost 10 percent.
“I lived (in Williamsburg) for the postindustrial charm or the affordability and neither of those really exist anymore,” advertising executive and six-year Brooklynite Philip Bjerknes told The Wall Street Journal. He recently moved to a one-bedroom apartment in Alphabet City for under $2,400 a month. “I love Brooklyn. It’s adorable, with great places to eat, but they also have that in Manhattan.”
Don’t worry, Philip — we’ll always have the Bedford Avenue J. Crew.