Wall Street Journal

Crown Heights Apartment Rents Climb 8.8% in 2013

Apartment asking rents in the Brooklyn neighborhoods of Crown Heights and Bedford-Stuyvesant climbed 8.8 percent during 2013, according to industry data.

Over the same period of time, building prices were up 10.6 percent in those neighborhoods — that’s quite a bit higher than the borough overall, where there was a 7.9 percent jump in building prices.

A three-bedroom rental unit in the area costs roughly $3,000 per month, Shlomo Antebi of brokerage GFI Realty Services told the Wall Street Journal.

A majority of the apartment buildings rise an average of three stories and hold no more than eight units.

The City Council signed off in September on a 55-block rezoning of the western section of Crown Heights that would allow for new development on Bedford and Franklin avenues, but limit the properties’ height, as previously reported.

“Investors are seeing a tremendous change in these tenants,” Antebi told the Journal. “As the apartments become vacant, they double in price.”

13 Comments

  • It's the Jews fault.

    Ask the local councilwoman, it has nothing to do with all the whites pouring into the neighborhood. It is all because of the Jews who have been living here for over 50 years..

  • concerned Crown Heights mother and Morah

    This is a huge problem in our community that I wish the Rabbis would address with the same fervor as they addressed COTS. Yeshiva families, and Yeshiva teachers CANNOT afford rent this high. We are literally forcing impoverished Yeshiva families out, just to turn over the apartment, and double the rent! Dear Rabbis, and Community council, please address this issue!

  • Anonymous

    Whydo you think its just yeshiva families. Hard working, tax paying families can not afford it either. It is causing lots of people to control the size of their families. Bec where are you suppose to put 6 to 8 kids in a 2 bedroom. It is a huge problem in our community. Its affecting many details in a happy jewish home.

  • Move to Marine Park, Far Rockaway, Queens, Long Island

    It is time for young people to smarten up.

    When BoroPark became affordable, young people moved to Flatbush.

    It is time Crown Heighters should start moving in droves to Marine Park, Far Rockaway, Queens, Long Island and even New Jersey.

    In many of those neighborhoods you can find many houses (which in CH – even if you have the money you will have a hard time finding a house) for less than half the price of a home in CH.

    Plus you get a real front and back yard of grass (not cement)..

    Renting or buying (that is right – instead of paying the high rent in CH you can use the rent to pay a mortgage for) a home there. That is the only option that makes sense.

    The quality of life in those places is much better – lower crime rate, less politics, often better chinuch (or busing is available), a sense of true community and friendlier shuls.

    Bonus: Some/many neighborhoods also have an eruv!

    It is time to face reality – it is time to find another neighborhood and make new (or expand the existing) communities for young Lubavitchers there.

    Your children will thank you for it.

  • Is there a real solution? Or is this article just stating the obvious.

    What can be done? Taxes are climbing for home and real estate owners; therefore the rent for the tenants is going up also.

    Become millionaires or get 3 jobs that is the only way.

  • alias jack smith

    i am departing crown heights for. ican buy a house for under $150,000. and no wall to neighbors. this is with a driveway and a garage.

  • Made the move

    There are several options for CH families. You can get a very respectable home in Cedarhurst for in the 500’s – with yard and space. Taxes cover transportation to all CH schools for your children. No bridges or tunnels makes getting back and forth a reliable 30-40 min. I know many pple who go back and forth every day. Same thing with Marine Park, Canarise and others. I am not sure why more young pple have not smartened up and moved already as it is inevitable.

  • to comment #6 & #4

    to comment #6 & where r u r able 2 buy a house 4 $150 k ? Btw lots of Lubavitchers have moved out 2 Los Angeles, really Gr8 community & every1 gets along BH. Btw wat is the legal amount they r allowed 2 raise the rent ? Does any1 know plz share. & 2 comment # 4 where in the Marine Park area is there Lubavitch & do u really think its cheap there ? Ur talkin around near Nostrand & Kings Hwy around there. Hey Look Kfar Chabad has there own kinda kiryat y cant we make a Kiryat Lubavitch maybe somewhere near S.Francisco or somethin or maybe outside of Los Angeles, hey look Satmar is buildin in Bloomingburg which is 30 mins away from K.Y. (Kiryat Yoel) Maplewood, NJ is a Gr8 place as well. Lets expand beyond Bklyn !!! Yeah !!

    • Move to Marine Park, Far Rockaway, Queens, Long Island

      You can buy a house in Buffalo NY for under $75,000 – in a decent neighborhood. Cleveland isn’t much more expensive. But even driving distance to Kan Tziva you get get a home for a price that most of us could afford. Yes, there are plenty of places, but not Crown Heights or Boro Park.

  • to #8

    we cannot make a chabad like kiryat joel
    because chabad people are mostly leaders not followers they on the other hand are mostly followers and they had a rebbe that said come they all came.
    most people i know will not make the move unless they are promised the world and are guaranteed the best of all worlds.

  • as a CH landlord

    there is no commandment that one needs to live here in CH.
    move out.
    i have my bills to pay and if i can make more from a non jew why not??
    get out of your small box.
    this place will be out of most middle class peoples reach in 20 years wake up and move on.
    make another place somewhere else.
    stop letting yungerlight get married and do figure it out.(defaulting)here in CH make it mandetory to search for a place to live with your kalah before you get married BEFORE YOU DEFAULT not after you are in debt…

    its time to wake up. kolel guys.

  • DownSouth

    New York has too many nanny laws, the taxes are too high, the quality of life is somewhere in the negative number range, and grass and trees are nonexistent except in Central Park, a nice place to be murdered but not where you’d want to take your family. How about the whole community moves to Tennessee? Better weather, thriving economy, space, farm land if you want it, homes ranging from inexpensive to mansions. Ya’ll come!

  • Lets move back to russia

    You can get house, yard, garage with an outhouse for only $5000. & it’s negotiable, there’s actually a small quiet town called lubavitch a lot of houses there are available for sale, there is a big Shul that’s mostly not used, & there even an Ohel with 2 big tzadikim buried there.