Top 10 Most Expensive & Cheapest Brooklyn Neighborhoods to Rent for 2023

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

The top 5 neighborhoods probably won't be a major surprise as historically they are usually listed in the topmost expensive neighborhoods in Brooklyn in recent years.

However, you may be curious to find out which are 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.

This makes the average rent in Brooklyn among all these bedroom types $2,801 per month, which is a $200 drop in the average rental price, and the required annual salary be $112,040.

Overall, there was a drop in the median price of rentals in Brooklyn and the previous calendar year proved that the Brooklyn rental market is not impervious to the changes that the pandemic brought.

Top 5 Brooklyn Neighborhoods with Priciest Rent

We're counting down to the highest-priced area in the borough and taking a look 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 actually became more expensive as opposed to most other neighborhoods 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.

Keep it in mind that you may be able to find an apartment for less or more within each respective neighborhood as these numbers are averages.

5. Williamsburg

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

An influx of Manhattanites in search of cheaper rent probably helped prop up Williamsburg during tough times.

Williamsburg has a gorgeous waterfront and a lot of the city amenities and shops a Manhattanite might expect making it a great transitional neighborhood.

The exorbitant amount of development and building in the neighborhood also gives renters and buyers a lot of options in housing.

The average income needed to rent a one-apartment in Williamsburg is $130,280.

4. 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 civic and commercial life of the borough, recent rezonings have facilitated significant development coming to the area.

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 complete's 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 $135,600.

3. 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 situated near other 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 when you're walking through much of Carroll Gardens (although there is one busy street).

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

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

2. DUMBO

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

Rents completely rebounded from the start of the pandemic 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 a lot 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 $158,400 to rent a one-bedroom in DUMBO.

1. 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 clearly 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 has been still maintaining its own place in the real estate market.

The average one-bedroom apartment in the neighborhood can be fetched by an annual salary of $139,000.

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 for new prospective tenants.

However, the seems to be more true in Manhattan than Brooklyn where the prices are on the rise but still not quite where pre-pandemic levels were.

Other Expensive Neighborhoods in Brooklyn

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

Fort Greene

Fort Greene still 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 or so, it has even previously beat Williamsburg in both sales and rental prices before.

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.

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

Cobble Hill

One visit to picturesque Cobble Hill will make it no surprise at all 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, which is somewhat of a transitional neighborhoods between Cobble Hill and Carroll Gardens.

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

It once even set a record in 2015 for the highest residential sale for 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 a lot about the hottest and most expensive neighborhoods in Brooklyn, but the most affordable neighborhoods are seldom discussed.

A neighborhood being lower cost may cause anyone to think that these typically be 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.

5. Bay Ridge

While real estate prices have raised somewhat over the years, Bay Ridge has managed to remain affordable.

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

Bay Ridge is certainly 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 really that long.

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

The community is safe and diverse, making this a very attractive prospect for those who are looking for a great neighborhood with great prices.

You'll just need to earn on average around $70,480 to afford a one-bedroom in this area.

4. 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 top five cheapest neighborhoods as development is very much on the rise as bargain hunters expand their territorial search from areas like Prospect Lefferts Gardens and Flatbush/Ditmars.

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

3. 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 actually 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 Odessa in the heart of this neighborhood.

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

2. Prospect Park South

Prospect Park South has become a popular alternative for those who are looking around Prospect Park but 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 a lot to offer besides affordable rent prices.

This tiny neighborhood is actually 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.

1. 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 a great spot for a diverse number of restaurants that reflect the diversity of the community.

Furthermore, you have the upside of not only enjoying the gorgeous waterfront of Sunset Park itself.

The best development in recent years has been the opening of Industry City.

It's four and a half blocks of renovated warehouse buildings, transformed into a hub for arts, music, food, businesses, and events.

In order to afford the average one-bedroom in Sunset Park, you'll need to earn around $78,000 a year.

Honorable Mentions

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

Bushwick and Ocean Hill border much of each other along Broadway and are both 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 really start seeing savings when considering larger apartments.

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

Meaning if you're willing to move in with housemates or if you have a family, you can actually save big.

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

Ocean Hill

If you find that 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 a similar ambiance 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 little cute restaurants and cafes that have popped up.

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

Our Methodology

Median rent was aggregated directly from PropertyNest's proprietary data from listing 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 of 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.