Rent prices in Manhattan rose just 2.6 percent to an average of $3,150 in January, whereas Brooklyn remained the same at an average, $2,527, according to the Daily News.
While this is a significant jump from decades past when apartments used to go for $18 a month in Brooklyn, according to Bloomberg news reports, prices since 1940 may be slowly capping off from their roughly 6,629 percent hike.
Today, the migrating youth have money in their pockets and are willing to spend it, but with high rents now stretching deeper and deeper into Brooklyn neighborhoods, time and space may be running out for wide-eyed investors interested in making a quick buck at inflating the rent on old Bed-Stuy apartment buildings.
And though the borough has not seen the end of it’s revitalization, the tapering Brooklyn rent prices, up just 2.7 percent last month according to NY Curbed, recent growth seems to have slowed, and even concentrated at newly established boom-towns like Williamsburg, Greenpoint and Bushwick. This is also a good sign for landlords looking to close the gap on vacancy rates.
In Queens, neighborhoods like Long Island City and Astoria are also seeing their own evolution.
According to reports last month, one-bedrooms in Astoria are going for just under $400,000 as LIC rings in at a standard $500,000.
This news might be good for current landlords, who can now sit comfortably knowing their investments have paid off and the migrating “hipsters” can now start to fill in the space, however the eyes are now quickly wandering for prospecting investors looking to capitalize on what’s left of the expanding boroughs.
Maybe it’s Queens and maybe it’s Brooklyn, but either way, leaseholders can only fork over so much to work and play in the busiest city in the world.