Housing
With a population of 2.5 million, Brooklyn continues to be perhaps "the largest apartment market that very few people have heard about" (BNET Business Network, June 6, 2007). A construction boom that did not anticipate the downturn in the economy has led to predictions that hundreds of new apartments designed as condominiums will soon become rental units as the real estate market cools. Rents in many areas of city are beginning to reflect this oversupply and recently have declined by as much as 20% in some neighborhoods. Despite this retreat in rental pricing, Manhattan rents are still largely out of reach for all but the highest-paid professionals.
In contrast, Brooklyn offers options for just about everyone, with a variety of apartments that run the gamut from very affordable to new high-end construction. Yet for many renters, the issue in not only affordability, it is lifestyle. Rentals here are popular because the wide range of housing options gives people with varied income levels, including graduate students, the chance to live in one of the greatest cities in the world: Brooklyn offers a stimulating urban environment, cultural diversity, natural treasures, and close proximity to Manhattan.
Flatbush and Midwood are the main areas for housing around Brooklyn College. Prospective renters can choose from among six-story brick apartment houses, high-rises, or apartments in private homes, including in renovated Victorian and Colonial Revival houses. Monthly rents for one-bedroom apartments average $900 to $1,200; very often, the apartments are larger than those in most parts of Manhattan, making sharing both logical and comfortable. Living close to the Brooklyn College campus means that graduate students spend more time on their research and course work instead of sitting (or standing) on crowded subways and commuting to other parts of the city. They also can walk or bike to work without needing to spend money on a car.
