This confirms everything we suspected but hoped wasn’t actually true: Brownstone Brooklyn is being overtaken by affluent out-of-towners. A recent survey of renters in the charming tree-lined neighborhoods of the borough put out by Ideal Properties Group today shows the number of new out-of-state tenants in Brownstone and North Brooklyn is up, as is their annual income. Well, we told you that Brooklyn was over!
Signs that Brownstone Brooklyn was getting richer and richer, mysteriously, miraculously, have been abundant for some time. How was it that $12 was the new normal for a cocktail, $22 a completely average price for an entree and Park Slope boutiques multi-hundred dollar cashmere shrugs in their sale section?
The answer, apparently, is that the borough has been drawing transplants from Connecticut, California and New Jersey, according to the Profile of Tenants in Brownstone Brooklyn—with 22 percent of all new tenants in the area coming from out-of-state in the first quarter of this year, up from 18 percent at the same time last year. And just imagine how bad things will get when all the college grads, bank-rolled by mom and dad, start arriving on the city’s doorstep come June. (A caveat: we expect that the results of the survey do not reflect the entirety of the borough given that they were culled from Ideal Properties tenant profile data.
The report also shows the population skewing wealthier; for example, during the first quarter of last year, 21 percent of tenants signing new leases made under $49,999 a year, whereas this year it was a mere 13 percent. The percentage of residents in the $50,000 to $74,999 salary range also dropped, and there was a sizable leap in those earning $75,000 to $99,000—the majority of new tenants fell into this income category—and small gains in the categories above that.
Meanwhile, the number of Manhattanites, who made up 13 percent of the total number of newcomers, continued to drop since last year. (Perhaps because the borough’s quainter, closer-to-Manhattan corners have ceased to offer any real cost savings as compared to Manhattan?)
On the bright side, sort of, is that 40 percent of tenants signing new leases in Brownstone Brooklyn already lived there. And bizarrely, media professionals were the most represented profession among tenants at 15 percent—though surely there aren’t a whole lot of journalists in the upper income bracket? We certainly don’t know any, anyway.