When looking for a place to rent in Downtown Brooklyn, it is beneficial to have a clear idea of what to expect with the rental market in that area. By going in prepared and with the proper expectations, you will be better capable of finding the rental that best suits your needs. Similarly, you will also be mentally prepared to handle the difficulties that can come with finding a place to rent in Downtown Brooklyn.
Inventory Shortages
Housing inventory is low in New York City, making it difficult for many potential renters to find a place to live. This fact remains true with Downtown Brooklyn, where the inventory is very limited. Many of the buildings in the neighborhood have been developed over the last 10 years, with more development needing to be done in order to meet demand.
Rental Costs
While several new developments in Downtown Brooklyn offer affordable options of under $1,000 per month, only a limited number of affordable homes are available. Furthermore, if you hope to land one of the affordable apartments, you will have to compete for a spot through one of the housing lotteries. These lotteries typically have tens of thousands of applicants, making the chances of winning a spot quite slim.
Within the standard market, rental costs within the new developments in Downtown Brooklyn are quite high. Studios typically range in price from around $2,800 to $2,900 per month and may go as high as $3,500 depending on the view they have to offer. One-bedrooms typically range from $3,500 to $4,500, while two-bedrooms range in price from $5,000 to $6,000 perm month. Three-bedrooms can get as high as $8,500 per month in Downtown Brooklyn. One way for those in need of a two-bedroom to keep the price down a bit is to look for a one-bedroom with a home office, which typically runs at around $4,000 per month.
Unfortunately, there aren’t any areas of Downtown Brooklyn that are generally less expensive than others. This is because the majority of the area consists of new development. Rather than being affected by location, costs within the neighborhood are affected more by space and amenities.
Enjoying the Neighborhood
With is location near to DUMBO, Brooklyn Heights, Cobble Hill, Boerum Hill and Fort Greene, Downtown Brooklyn is a short walk away from a number of the city’s attractions. These include the Brooklyn Heights promenade and Brooklyn Bridge Park, offering green space and views of Lower Manhattan. Downtown Brooklyn itself is also home to a number of popular restaurants, breweries and other attractions.
While the competitive market within Downtown Brooklyn could help you find some great discounts for the first year, be sure to consider what you will pay if you choose to stay in the rental for a second year. Read the fine print and know what you are getting into before signing a lease. In this way, you will be more likely to be pleased with your choice when searching for a rental in Downtown Brooklyn.