Sunday, July 08, 2007

Rents Are Up in Brooklyn...

So as most of the places I've been renting to clients these days have been in Brooklyn, I have noticed with amazement just how expensive this little borough is getting! I mean, rents in Brooklyn Heights and Dumbo are almost to the $3000/month mark for some of the new construction apartments and condos that are going out on the rental market. Pretty crazy.

But even down in my little neck of the woods -- that being Windsor Terrace, Kensington, and Ditmas Park -- rents are much higher than two years ago. Right now, in Kensington you are lucky to get a one-bedroom for $1300/month. In Ditmas Park, I don't see them below $1200/month. Two bedrooms in Kensington are pushing $2000. We have some $1600/month two bedrooms in the Ditmas Park area over on Ocean Avenue, but since most people want to live on the "cool" side, down near Coney Island Ave, they can be a hard sell (although the gorgeous renovations and the promise of a dishwasher has been enough to get a lot of people interested!).

For my money, I think the next coolest place in Brooklyn is going to be the Brooklyn College area. Yes, the neighborhood is on Flatbush Ave and Bedford runs right down there as well. The campus is open for people to walk through during the days, but at night or on weekends, only people with BC ids can get in. But that doesn't change the fact that there's already a Starbucks over there, and a Shakespeare & Co book store, aimed at the students. Now, a full-sized Target is in construction, probably going to open late this year. There are lovely leafy streets on the east side of Nostrand, along Aves I, J, and K. I got a Zipcar from there once, and it was very pleasant! Nostrand along BC campus is going to be amazing. Right now, there are a lot of local businesses, and I think if there were just a few extra boutique retail businesses, a lot of people would wake up and realize how nice it is down there. But we'll see. For now, the busy-ness of Flatbush Ave keeps people on the other side of Ocean Ave, near the Q train. But I see it coming!

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