What, what, what are you doing, Brooklyn?
The borough is officially this close to eating its own tail. According to the Daily News and a report from Douglas Elliman, the rental price gap between North/Northwest Brooklyn and Manhattan, a.k.a. the most significant difference between Brooklyn and Manhattan, has narrowed to a mere $210.
At present, the median rent in N/NW Brooklyn is $2,890 while our neighbors across the East River are facing a median rent of $3,100. Just six years ago, that gap was $1,125.
“My take is that Brooklyn is attracting more renters–[there’s] new quality inventory entering this market with better amenities, layouts, finishes,” Douglas Elliman Executive Vice President Yuval Greenblatt told us. “Sales markets have been extremely strong velocity-wise, which is also likely pulling renters to sales.”
So, it looks like the ongoing argument that moving to Brooklyn is clearly the more economic choice is finally moot. Where do we go from here? New Jersey? Westchester? Mordor?
We hear that since the Dark Lord Sauron fell, the neighborhood has really improved.
Follow Nikita Richardson on Twitter @nikitarbk