Keyur Khamar/Bloomberg
The Williamsburg Bridge. With Williamburg and other hot Brooklyn areas in demand, tenants are facing big rent increases.
Soon enough, no one will be able to afford a rental in Brooklyn.
The price spread between the red-hot borough and Manhattan narrowed to just $ 300 in August — the second-smallest gap on record — according to a report from Douglas Elliman.
The median rent in Brooklyn last month was $ 2,850, up 4.6% from August 2012. It was the borough’s highest median rental price since the brokerage firm began tracking rents more than five years ago.
In Manhattan, the median rent was $ 3,150, up 1.8%.
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The Douglas Elliman report tracks the north and northwest regions of Brooklyn, which includes neighborhoods such as Greenpoint, Williamsburg, Cobble Hill and Brooklyn Heights.
Richard Corkery
Some credit Lena Dunham, creator of the HBO show “Girls,” for making the Greenpoint neighborhood in Brooklyn popular — therefore jacking up rents.
As rents continue to rise more swiftly in Brooklyn than in Manhattan, the borough’s rep as a more affordable alternative continues to fray.
Brooklyn renter Joe Ammon, 28, left the East Village after graduating from NYU in 2007 because of rising rents there. Last year, he moved into a one-bedroom railroad apartment in Greenpoint, where he just saw his rent go up by more than 4%, to $ 1,620 from $ 1,550.
But he considers himself lucky, because elsewhere in Greenpoint, tenants have seen rents jump by about 10%.
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“Damned Lena Dunham,” Ammon added, referring to the creator of the HBO show “Girls,” which has been widely credited with making Greenpoint one of the hottest neighborhoods in the booming borough.
Don’t expect to see rent relief in Brooklyn anytime soon.
Antonelli, Ron
In Greenpoint, tenants have seen rents increase by 10%.
“There is probably more upside to Brooklyn” rents, said Jonathan Miller, CEO of appraisal firm Miller Samuel, which compiles the Douglas Elliman reports.
With Brooklyn no longer seen as a bargain, Queens is increasingly being added to apartment seekers’ lists, said Mark Menendez, Douglas Elliman’s director of rentals, Manhattan.
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Two-bedrooms in Brooklyn showed the biggest year-over-year gains of all size categories, with the median rent for this size apartment surging 30% to $ 3,257.
The Manhattan rental market, while still very strong, is showing evidence of price resistance.
A separate report, from Citi Habitats, said the average rent in Manhattan in August was $ 3,434, down $ 8 when compared with July and down $ 27 from August of last year.
The borough’s vacancy rate in August was 1.31%, up slightly from July’s rate of 1.28% and up from 1.19% in August 2012.
“The vacancy rate is slowly climbing,” said Citi Habitats President Gary Malin. “If that continues, that should mean better conditions for tenants.”
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