It’s no secret that Brooklyn rental prices are skyrocketing.
But if you’re a potential renter (or buyer) and you would like an idea of the least and most affordable neighborhoods for rentals in Brooklyn, a new analysis by the New York real estate listing site PropertyNest, has made a list.
The list shines a spotlight on how Brooklyn certainly is a tale of two cities, but with one thing in common: It’s all expensive.
For a one-bedroom apartment in Brownsville, the average rent is $1,760, and you’ll need to earn on average $70,000 to qualify
The listing service found that across all Brooklyn neighborhoods and apartment sizes (one-bedroom, two-bedroom and three-bedroom), the average rent in Brooklyn is $2,848 per month and the required annual salary is around $113,920.
At the top of the list of where to find the most affordable rentals in the borough is the South Brooklyn neighborhood of Canarsie, where the average monthly rent is $1,900. For a one-bedroom in Canarsie, the average cost is $1,500. In other words, if you make $60,000 a year, it should comfortably afford you a one-bedroom in Canarsie.
The most expensive rentals can be found … you guessed it … in Dumbo. The average monthly rent in DUMBO is $7,570. For a one-bedroom apartment, the average rent is $4,450, and you’ll need to earn on average $178,000 to qualify.
For the analysis– data collected over one calendar year to reflect seasonal changes– PropertyNest aggregated rental averages from across different platforms for comparison and accuracy, such as Trulia, Apartments.com, Online Residential and PropertyNest’s proprietary data for Brooklyn. It also took into consideration apartment size, including one-bedrooms, two-bedrooms and three-bedrooms.
Here are the top 5 lists:
5 Most Affordable Neighborhoods to Rent in Brooklyn in 2020
- East New York
- Mill Basin
5 Most Expensive Neighborhoods to Rent in Brooklyn in 2020
- Downtown Brooklyn
- Cobble Hill
- Brooklyn Heights
- Fort Greene
The second most affordable rentals in the borough can be found in East New York, where the average monthly rent is $1,920. For a one-bedroom in East New York, the average cost to rent is $1,630. An annual salary of $65,000 a year should comfortably afford you a one-bedroom in East New York.
Right behind East New York, as far as affordability, is its sister neighborhood of Brownsville, where the average monthly rent is $1,950. For a one-bedroom apartment, the average rent is $1,760, and you’ll need to earn on average $70,000 to qualify these days for an apartment in Brownsville.
Also in the top-5 slot of most expensive is the Central Brooklyn neighborhood of Fort Greene, surely owed to its proximity to the Downtown Brooklyn Partnership of merchants and tourist attractions. The average monthly rent in Fort Greene is $4,050. And for a one-bedroom, the average rent is $3,210.
You would need to earn approximately $128,400 in yearly income to afford a typical one-bedroom apartment in the area.
To see the full report, go here.
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