Following up on the map of Manhattan apartment rental prices, this week we present the Brooklyn Apartment Rental Price Heatmap (click for zoomable map):
Map of Current Median Rents for Brooklyn Rentals
Reading the Brooklyn Rental Prices Heatmap:
- Red indicates areas with the highest median rents (compared to Brooklyn overall)
- Green indicates areas where renters can hope to find rental deals (#HiddenGems)
- Blue indicates areas where rents fall in line with median rents for BK overall
(For you data lovers, weve supplemented the heatmap's color coding with the median rent figures for 1-bedroom and 2-bedroom vacancies by BK neighborhood.)
Based on approximately 5,000 Brooklyn apartment listings from the past 30 days, the map's color-coding reveals the most and least expensive individual blocks within the borough. As with Manhattan, the winter represents an optimum time to score a rental deal (well, as optimum as paying rent in NYC can get) given the ratio of inventory to renter demand tilts to the renter's advantage over property managers and landlords.
If you'd like to post the Brooklyn Apartment Prices Map on your own blog or site, just use the embed code below:
Brooklyn Neighborhoods to Avoid if Cheap Rent is a Priority
No surprises here. The most expensive neighborhoods in BK have been three of the trendiest destinations in the borough for years:
Where to Find the Best Rental Deals in Brooklyn
- Fort Greene: For those who wish they could live in Brooklyn Heights / Cobbile HIll, Fort Greene presents a strong value, plus better access to subways, the outdoor Brooklyn Flea and tons of parks.
- Greenpoint: For those who wish they could live in Williamsburg, go one stop over to Greenpoint and you could save over 25% in rent on a two bedroom.
- Windsor Terrace: For those of you who love Park Slope, go one neighborhood south and get the same charm -- plus you'll enjoy convenient access to Prospect Park!
Hidden Gems with for Rental Deals in Brooklyn
In addition to the neighborhoods that have the better deals in Fort Greene, Greenpoint and Windsor Terrace, tiny pockets of green on the Pricing Heatmap indicate that unexpected opportunities for rental deals await in Brooklyn Heights (along Atlantic Avenue), Cobble Hill (along the waterfront) and Boerum Hill (around 3rd avenue). But be prepared with your paperwork, deposit, and groveling skills ready to go, because these neighborhoods ordinarily run toward the more expensive end of the price spectrum.
The Best and Worst Values for Brooklyn 2-Bedroom Rentals
2BR apartments are typically considered a smart value play. Indeed, borough-wide, a two bedroom in Brooklyn should run you about 1.3x the cost of a one bedroom apartment in the same neighborhood.
However, our analysis reveals that two bedroom vs. one bedroom cost ratios vary widely by neighborhood.
Great Brooklyn Neighborhoods for Two Bedroom Apartments
On the cheap side, Bath Beach leads the pack, with its median 2BR listing offered at just 1.1x the median 1BR listing in the same neighborhood. (Of course, Bath Beach is one of the cheapest neighborhoods in Brooklyn outright as well.)
The really great news for renters seeking a two bedroom, however, is that Bushwick and Greenpoint -- the former one of the trendiest up-and-coming neighborhoods and the latter an established, popular area -- feature a median 2BR listing that's just 1.1x the cost of the median 1BR.
Pricey Brooklyn Neighborhoods for Two Bedroom Apartments
On the "low-value-for-2-bedrooms" side, Bay Ridge (still a very affordable neighborhood by absolute dollars) lists its median 2BR rental at 2.1x the rent of its median 1BR rental.
Super-hot Brooklyn Heights has a median 2BR apartment listing that's 1.4x that of the median 1BR.
Kensington, while approximately 1/2 as expensive as BK Heights in absolute dollar terms, has a similar 2BR : 1BR cost ratio of 1.4x : 1.0.