No longer can New Yorkers look to Brooklyn for lower rental prices. According to a new report from the Douglas Elliman real estate group, Brooklyn saw its average rental prices rise to $3,035 in July, an 8.2 percent increase from last year. Comparatively, the average rental price in Manhattan was $3,822 in July, up 1.7 percent from last year. Okay, so Brooklyn isn't quite as expensive as Manhattan.
The rising Brooklyn rental costs could end up pricing out New Yorkers, but to where? According to the Douglas Elliman report Williamsburg, Cobble Hill, Greenpoint, and Brooklyn Heights are the areas in Brooklyn seeing the demand increase the most. The New York Post reports that as residents continue to get priced out of Manhattan, they look towards Brooklyn for a cheaper alternative, making the prices rise along with the demand.
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