Welcome to the Sixth Edition of the BOND Rental Report
Much like Manhattan in Q2, Brooklyn saw rent increases between 2% and 6% in almost every neighborhood, with the most prime areas often in even greater demand than Manhattan’s toniest districts. Carroll Gardens, Park Slope, Brooklyn Heights, Fort Greene, Williamsburg, and Greenpoint all demonstrated that apartments priced like the most popular Manhattan rentals move quickly and at asking price, while Bushwick, Crown Heights, and Bed Stuy offer renters some relief from such high prices in similarly leafy and historic settings.
While Brooklyn is never a lifestyle compromise - in fact, many believe it offers a wider variety of options for self-expression and entertainment than Manhattan for similarly-situated renters - Brooklyn’s average pricing is currently a full $700 to $1,000 per month less expensive for studios, one, and two bedrooms than Manhattan in many neighborhoods. Another bright spot in an otherwise challenging market is that rents are not increasing as precipitously this year as they were between 2022 and 2023, as landlords have come to terms with the realities of tenant rent fatigue as well as the need to keep prices attainable for the professional New Yorkers they seek to attract.
One thing is for certain: the mix of low housing supply and high prices have been a catalyst for many apartment hunters to expand their home searches well outside traditionally prime locations, and at BOND New York, we are finding unexpected deals (on both the low and high ends of the spectrum) from the Verrazano Bridge all the way north to Greenpoint Landing. Influenced by a spate of boutique and smaller new rental developments throughout the borough as well as the high profile launches of several of the largest luxury rental properties over the past year, Brooklyn is the undisputed winner when it comes to offering prospective renters the widest range of lifestyle and budget choices.
Regardless of which neighborhood you choose to call home, the rental market throughout Brooklyn moves rapidly, and apartments don’t last long on the market. Having a BOND agent as your guide and ally will provide you with the context, the comps, and the confidence to make your homefinding a success. Whether renting, buying, leasing, or selling in the NYC residential market, BOND New York stands ready to bring your dreams home.
While Brooklyn is never a lifestyle compromise - in fact, many believe it offers a wider variety of options for self-expression and entertainment than Manhattan for similarly-situated renters - Brooklyn’s average pricing is currently a full $700 to $1,000 per month less expensive for studios, one, and two bedrooms than Manhattan in many neighborhoods. Another bright spot in an otherwise challenging market is that rents are not increasing as precipitously this year as they were between 2022 and 2023, as landlords have come to terms with the realities of tenant rent fatigue as well as the need to keep prices attainable for the professional New Yorkers they seek to attract.
One thing is for certain: the mix of low housing supply and high prices have been a catalyst for many apartment hunters to expand their home searches well outside traditionally prime locations, and at BOND New York, we are finding unexpected deals (on both the low and high ends of the spectrum) from the Verrazano Bridge all the way north to Greenpoint Landing. Influenced by a spate of boutique and smaller new rental developments throughout the borough as well as the high profile launches of several of the largest luxury rental properties over the past year, Brooklyn is the undisputed winner when it comes to offering prospective renters the widest range of lifestyle and budget choices.
Regardless of which neighborhood you choose to call home, the rental market throughout Brooklyn moves rapidly, and apartments don’t last long on the market. Having a BOND agent as your guide and ally will provide you with the context, the comps, and the confidence to make your homefinding a success. Whether renting, buying, leasing, or selling in the NYC residential market, BOND New York stands ready to bring your dreams home.
