Rents in Brooklyn and Queens Nearly As Pricey as Manhattan

Median Manhattan sales prices have reached a new high just shy of $1 million since the recession, and median rent in the borough is expected to follow suit and reach $3,092 in 2015. While that's not all that surprising—everyone knows Manhattan is expensive—and at this point, it's not even all that surprising that some Brooklyn neighborhoods are gaining on Manhattan's. StreetEasy broke down the median rent for neighborhoods in Manhattan, Brooklyn, and Queens, and found some interesting tidbits. Dumbo is the fourth most expensive neighborhood in the city with a median rent of $4,079, and comes in just behind Central Park South ($5,898), Tribeca ($5,542), and Flatiron ($4,177). Even at $3,092, four Brooklyn neighborhoods have surpassed the median Manhattan rent: Dumbo, Williamsburg ($3,229), Cobble Hill ($3,220), and Downtown Brooklyn ($3,210). The most expensive neighborhood in Queens is of course Long Island City ($2,756), and it's still about 11-percent less expensive than Manhattan's median rent.

Rising median rents are not the only way to pinpoint hot neighborhoods. StreetEasy also broke down the growth of neighborhood median rents over the past five years. Topping the list with greatest median rent growth since 2010 is Astoria, where prices have risen 78.6 percent to $2,256, Morningside Heights where they've risen the same to $2,976, and Clinton Hill, where the median rent has risen 76 percent over the last five years to $2,741.

· Price Gap Separating Manhattan, Brooklyn and Queens Getting Smaller [StreetEasy]
· As Manhattan Prices Keep Climbing, Inventory Plummets [Curbed]
· It's Time To Stop Thinking About Brooklyn and Queens As Cheap [Curbed]
· Manhattan Apartments Have Never Been So Expensive [Curbed]
· Market Reports archives [Curbed]