I’m not sure if I thought I would ever say, Brooklyn is more expensive to live than Manhattan. Williamsburg and DUMBO homes have become so hot that people are being priced out — and Manhattan has become a cheaper alternative. Rising rents, cramped apartments and a cut throat rental market are what forced New Yorkers out of Manhattan but are quickly sending them back, a report claims.

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A report by brokerage firm, MNS Real Estate, said more affordable Manhattan neighborhoods which includes the Financial District, the Upper East Side, and Harlem have all become major alternatives to the hip and growing parts of Brooklyn. One Manhattan resident that recently moved from Brooklyn, stated that he has more space and pays a cheaper rent.

According to DNAinfo.com,

Rents increased 8.6 percent (up 2 percentage points from the previous year), with studios and one-bedrooms increasing far more than two-bedroom apartments.

Studio rents increased by 10 percent, one-bedrooms increased by 11.6 percent, and two-bedrooms increased by 5.8 percent.

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Rents will continue to rise as Brooklyn has become the latest hotspot. With its overall growth in entertainment from Barclays Center to high end brand retail shops and classy restaurants, more people just want to live here. Although Mayor Bill de Blasio continues to fight for low-income apartments, not many seem to be available and when they are, they fill quickly.

We can only hope that it doesn’t become too bad.

 

Photo Credit- NY Daily News