Top 10 Most Expensive & Cheapest Brooklyn Neighborhoods to Rent for 2024

It's a great time to look at the numbers for the past year.

The top 5 neighborhoods probably won't be a significant surprise as, historically, they have been listed as the most expensive neighborhoods in Brooklyn in recent years.

However, you may be curious to discover the top 5 lowest priced neighborhoods in Brooklyn, as this subject is less frequently discussed.

To put things in perspective, let's look at a snapshot of the rental price averages by the number of bedrooms per apartment.

Top 5 Brooklyn Neighborhoods with Priciest Rent

We're counting down to the highest-priced area in the borough and looking at what it costs to live there.

PropertyNest took the average of all one-, two-, and three-bedroom rentals to extract our top 5 list.

Most of the neighborhoods in the top five became more expensive than most other areas in Brooklyn, seeing a decline in their prices.

We're also listing the estimated annual income needed to rent a one-bedroom according to the average in the neighborhood using our affordability calculator.

Remember that you may be able to find an apartment for less or more within each respective neighborhood, as these numbers are averages.

While other neighborhoods saw a dramatic drop in rental prices, Williamsburg held on to its popularity better than others.

An influx of Manhattanites searching for cheaper rent probably helped prop up Williamsburg during tough times.

Williamsburg has a gorgeous waterfront and many city amenities and shops a Manhattanite might expect, making it a great transitional neighborhood.

The excessive development and building in the neighborhood also give renters and buyers many housing options.

The average income needed to rent a one-apartment in Williamsburg is $164,000.

DUMBO

Another year has passed with DUMBO sitting in the second spot of highest average rents in Brooklyn.

Rents completely rebounded from the pandemic's start and only continue to rise as more and more new buildings are under construction.

The good news is that the neighborhood, long lacking in restaurants and supermarkets, is finally getting its day--ironic for one of the most popular areas in Brooklyn, and many more shops and stores have opened up.

DUMBO is hot and thriving, not just for people who want to live or work there, but as one of the top tourist destinations in the city.

On average, you'll need to earn $166,000 to rent a one-bedroom in DUMBO.

Downtown Brooklyn

Perhaps no neighborhood has seen such a dramatic and sudden shift in its market as the Downtown Brooklyn area in the past ten years.

While there has always been a fair amount of activity in the area as it has served as the base for the civic and commercial life of the borough, recent rezonings have facilitated significant development coming to the site.

While rent prices have taken a hit during the past year, this area is due for a new landmark event--the birth of the borough's first mega skyscraper when 9 Dekalb completes construction.

This residential-commercial mixed-used building will be among the city's top ten tallest when it tops out.

The estimated annual income needed to afford a one-bedroom in Downtown Brooklyn is $164,000.

Williamsburg

While other neighborhoods saw a dramatic drop in rental prices, Williamsburg held on to its popularity better than others.

An influx of Manhattanites searching for cheaper rent probably helped prop up Williamsburg during tough times.

Williamsburg has a gorgeous waterfront and many city amenities and shops a Manhattanite might expect, making it a great transitional neighborhood.

The excessive development and building in the neighborhood also give renters and buyers many housing options.

The average income needed to rent a one-apartment in Williamsburg is $164,000.

Brooklyn Heights

Brooklyn Heights' first-place ranking should come as no surprise.

The neighborhood has been considered one of the most expensive areas of Brooklyn for decades.

It's long been synonymous with Brooklynites who have money. Today's Brooklyn Heights real estate market continues to highlight that.

Only in the past 20 years have we seen other neighborhoods in Brooklyn, like DUMBO and Williamsburg, rise to dominate the borough in popularity.

However, Brooklyn Heights still maintains its place in the real estate market.

An annual salary of $140,000 can fetch the average one-bedroom apartment in the neighborhood.

Carroll Gardens

Carroll Gardens is arguably one of the most charming neighborhoods of Brooklyn. Historic townhouses and shops line its quaint streets.

Carroll Gardens is near desirable areas like the Columbia Waterfront District and fellow price-topper Cobble Hill.

You might feel like you're walking through a quaint town rather than the city while walking through much of Carroll Gardens (although there is one busy street).

It also has some of the borough's best public schools and restaurants.

While their typical 1, 2, and 3 bedrooms are cheaper than Downtown or Williamsburg, their larger apartments place this neighborhood at number three, with the median rent at $13,000 for a 4-bed or larger.

Honorable Mentions of Most Expensive Neighborhoods

The Columbia Waterfront District, Cobble Hill, and Fort Greene were just edged out of the top five for most expensive.

Rent prices are back on the rise in New York City as people return to the city, and there is more competition for rental units. Landlords are not as willing to give concessions to new prospective tenants.

However, this seems more accurate in Manhattan than in Brooklyn, where the prices are rising but still not entirely where pre-pandemic levels were.

Other Expensive Neighborhoods in Brooklyn

Gowanus has slipped from the top five but remains in the top twenty priciest neighborhoods. Perhaps popularity will increase once the cleaning of the Gowanus Canal will get underway and completed.

Fort Greene

Fort Greene remains in the top ten for most expensive areas in Brooklyn.

While it hasn't been considered one of the most affordable neighborhoods for the past ten years, it has even previously beaten Williamsburg in sales and rental prices.

The rise is probably partly due to the recent development boom in the south end of its borders. Moreover, its proximity to other hot neighborhoods like Downtown Brooklyn, DUMBO, Prospect Heights, and Boerum Hill make it an appealing choice.

Gowanus

While Gowanus made the list last year, it has slipped significantly since. Gowanus currently is not in the top ten priciest neighborhoods of Brooklyn.

Over the past decade, Gowanus has slowly but surely become one of those "hip" spots in the borough. With a mix of industrial and residential, it always had the bones of a real starter neighborhood.

Whole Foods and a slew of great restaurants, bars, and bakeries are some of the biggest draws to this neighborhood.

Cobble Hill

One visit to picturesque Cobble Hill will make it no surprise why this neighborhood has remained in the top ten most expensive while it has dropped out of the top five.

It's slipped past Carroll Gardens and even the Columbia Waterfront District, a somewhat transitional neighborhood between Cobble Hill and Carroll Gardens.

The neighborhood is no stranger to high prices and an active real estate scene.

It once set a record in 2015 for the highest residential sale in Brooklyn--a townhouse that sold for $15.5 million.

Cobble Hill is also a base for popular shops, restaurants, parks, and gorgeous townhouses.

Top 5 Cheapest Brooklyn Neighborhoods for Rent

We hear much about Brooklyn's hottest and most expensive neighborhoods, but the most affordable areas are seldom discussed.

A neighborhood being lower cost may cause anyone to think that these typically are more impoverished income areas or maybe even crime-ridden.

This top 5 list may surprise you as you learn about neighborhoods not as frequently explored.

Once again, we list the estimated annual salary needed to afford a one-bedroom in these areas.

Bay Ridge

While real estate prices have risen somewhat over the years, Bay Ridge has remained affordable.

The big draw to this neighborhood is its family-friendly vibe, the good public schools, proximity to the harbor, and the waterfront parks.

Bay Ridge is undoubtedly one of Brooklyn's hidden gems. One of the reasons it probably remains a bargain is because it's not exactly close to Manhattan. However, that doesn't mean commute times are that long.

Some houses even brag about a 20-minute commute to the Financial District.

The community is safe and diverse, making this a handsome prospect for those looking for a great neighborhood with great prices.

You'll need to earn, on average, around $72,000 to afford a one-bedroom in this area.

East Flatbush

East Flatbush has remained an affordable option for many over the past ten years as prices rise considerably in neighborhoods in much of North and Central Brooklyn.

However, it may not last on the list of the top five cheapest neighborhoods as development is rising as bargain hunters expand their territorial search from areas like Prospect Lefferts Gardens and Flatbush/Ditmars.

After being priced out of those neighborhoods, your following logical conclusion would be drawn at East Flatbush, which borders these areas.

Much like Flatbush, East Flatbush is full of historic pre-wars and single-family homes.

Last year, we saw a significant jump in the prices of two-bedroom apartments.

Brighton Beach

If you don't know much about Brighton Beach, just from the name, you'd be correct in assuming there is a beach in the neighborhood.

Brighton Beach borders Coney Island and enjoys a beautiful, less crowded stretch of beach than Coney Island.

This diverse neighborhood, while remaining relatively affordable, does have its fair share of luxury condos and developments.

Also unique to this neighborhood is the large number of Russian-speaking populations that hail from former Soviet countries and Russian-speaking central Asian nations, so much so that there's a Little Odesa in the heart of this neighborhood.

The restaurants and shops also reflect the heritage of this area's residents, with much of the Cyrillic signage, cuisine, and groceries hailing from their Russian and Slavic-speaking homelands.

Prospect Park South

Prospect Park South has become a popular alternative for those looking around Prospect Park but is priced out of Prospect Lefferts Gardens, South Slope, or Windsor Terrace.

Situated right below the park's parade grounds and by neighboring Flatbush, this neighborhood has much to offer besides affordable rent.

This tiny neighborhood is jam-packed with beautiful pre-war buildings and historic Victorians. There are even two train stops in this area!

Restaurants and shops are easily accessible in nearby Flatbush.

One of the reasons this neighborhood has stayed affordable is that it truly is a hidden gem and is often overlooked by apartment hunters.

If you want to afford a typical one-bedroom here, make sure you earn around $71,000.

Sunset Park

When people think of great Brooklyn riverfront neighborhoods, they usually think of DUMBO or Red Hook. However, if you skipped over Sunset Park, you'd be making a grave mistake.

Situated on the other side of Greenwood Cemetary, Sunset Park has more to offer than just bargain rent prices.

Sunset Park is an excellent spot for diverse restaurants that reflect the community's diversity.

Furthermore, you have the upside of enjoying not only the gorgeous waterfront of Sunset Park itself but also the best development in recent years, which has been the opening of Industry City.

Four and a half blocks of renovated warehouse buildings transformed into a hub for arts, music, food, businesses, and events.

To afford the average one-bedroom in Sunset Park, you must earn around $70,000 a year.

Honorable Mentions

A few other neighborhoods are worth mentioning, as they can offer the average renter a lot of savings while remaining a somewhat reasonable distance from the city.

Bushwick and Ocean Hill border much of each other along Broadway and are in the top ten most affordable neighborhoods.

Bushwick

Bushwick is an undoubtedly popular neighborhood, especially with young professionals, artists, and students.

While one-bedroom apartments in the area can be pricier than the most affordable neighborhoods in Brooklyn, you start seeing savings when considering larger apartments.

For example, two-bedroom and three-bedroom apartments, on the whole, are not much more than one-bedroom apartments.

This means that if you're willing to move in with housemates or if you have a family, you can save big.

Bushwick is also an excellent place for good restaurants that have emerged over the past twenty years.

Ocean Hill

If you've been priced out of Bedford Stuyvesant and even Stuyvesant Heights, Ocean Hill is the subsection at the farthest eastern corner of Bed-Stuy.

The neighborhood still has an ambiance similar to the rest of Bed-Stuy, lined with historic brownstone townhouses.

Much of Ocean Hill still has good access to trains such as the L, J, and A/C lines.

There are also plenty of cute little restaurants and cafes that have popped up.

Try the PropertyNest rent affordability calculator and find out what salary you should make to rent in your desired Brooklyn neighborhood.

Our Methodology

Median rent was aggregated directly from PropertyNest's proprietary data from listings directly advertised or syndicated to the site. The data was collected over one calendar year to reflect seasonal changes.

Median rent pertains to the median asking price advertised for all new listings of last year and does not factor in all published or reported rents to the city, which might vary from the actual paying price.

Some neighborhoods may have been excluded due to the scarcity of rental data. Rent prices are based on advertised asking rent prices and may not accurately reflect the final rent on signed leases.