Brooklyn's rents rival Manhattan's - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Brooklyn's rents rival Manhattan's

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NEW YORK (MYFOXNY) -

Apparently being hip comes with an increasing price tag, as many Manhattan escapees are finding out. For years, apartment hunters considered Brooklyn the inexpensive alternative to pricey Manhattan. But it looks like those days may be quickly ending.

Just released figures show the average rent in Brooklyn has soared to just over $3,000 a month, an increase of about 8 percent from this time last year. That's only about $800 less than the average rent in notoriously high-priced Manhattan.

For those willing to pay for it, Prospect Heights, Crown Heights and the neighborhoods near Downtown Brooklyn are the hottest right now.

Many living there now have a Plan B should they find themselves priced out: move to Bay Ridge or other neighborhoods in southern Brooklyn.

The advice coming from industry experts is: stay put unless you can absolutely afford to move.

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