At one time, Manhattan residence left the borough to find less expensive rent in Brooklyn. Now, according to DNAinfo.com, a reverse exodus is occurring, and skyrocketing rental prices in Brooklyn are driving residents back to the historically pricier area. MNS Real Estate reports that while rental prices in Manhattan rose 5.8 percent in 2012, they jumped 8.6 percent in Brooklyn, in large part because of low availability.

For example, the average rent for a studio apartment in Williamsburg was $2,709 in December, while the rent for a similar studio in a non-doorman building in both the Upper East and West Sides ran $1,905 and $1,892, respectively.

“You’re seeing some people go back to Manhattan,” said Andrew Barrocas, MNS’ CEO. “It’s not a big trend, but you’re seeing it happen.”
And Rolando Guzman, deputy director of community preservation for the North Brooklyn nonprofit St. Nick’s Alliance, told DNAinfo that the skyrocketing rents place the worst burden on the borough’s longtime residents.

“Every year the Williamsburg rents are getting higher and higher and a lot of residents are being displaced,” the affordable housing advocate said.

“That’s the biggest issue that we see.”
Guzman explained that the increased rents are driving some longtime residents out of the city altogether, even out of state.