Over the last decade, Brooklyn has undergone an incredible transformation. It went from a borough filled with industrial districts, housing projects, and mid-lower income bracket neighborhoods, to what is now one of the hottest, trendiest areas to live on the East Coast, with condos and lofts priced as though they were on the other side of the bridge in Manhattan.
Just recently, a pair of adjacent apartment buildings in the Kensington section of Brooklyn has sold for a net record price of $10.33 million. The buildings located at 241-245 Ocean Parkway commanded a price of $323,000 per residential unit, which sets a new record in the area for price per-unit.
Rent has been on the rise across New York City, but the increases in Brooklyn have reached new bounds. In monthly rental market reports for April 2015, the biggest news is that Brooklyn's median rental price jumped 5.6 percent from last year to and incredible $2,961, according to Jonathan Miller, preparer of the Elliman Report. This figure is the highest since January 2008 when Miller Samuel began tracking rents in northwest Brooklyn!
According to a report by CurbedNY regarding notable trends in Brooklyn, the average rent rose both month-to-month and year-over-year. The calculated average monthly rent in Brooklyn for April 2015 is $2,714.14. This is up 0.48 percent from the month before, March, and a 2.26 percent jump from April of last year.
With average monthly rents nearing $3,000, a family with two members working for minimum wage full-time, would still not have a combined income high enough to cover the rent alone! So if you’re not a millionaire and considering a move to Brooklyn, do yourself a favor, and ‘fahgettaboudit.’