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Brooklyn Rents Soar As Six People Hunt For Every Room Available In New York City

Brooklyn rents are rising faster than those in any other New York borough as the area continues to undergo rapid gentrification, according to data from roommate site SpareRoom.com.

Data from SpareRoom, which launched in New York in 2011, shows that room rents in Brooklyn have risen by 16% in just one year, but the number of people looking for accommodation in Brooklyn is down by 4%. This may suggest the borough has already up and come and is pricing roommates out.

Across New York City demand has soared by almost 50% in the past year alone. There are now 6.3 people searching for every room available, compared to 4.3 this time last year. Those looking for value for money should refine their search to The Bronx and Queens, which still offer the most affordable accommodation - average monthly rents there are $660 and $798 respectively. Demand for rooms in The Bronx is up 22% and in Queens it's up 15%.

Manhattan is still the priciest place to live - rents there have increased by 13% in one year. The average price for a room in Manhattan is now $1,437 per month, which is 46% more expensive than in Brooklyn ($983 per month), and a staggering 117% higher than rents in The Bronx at $660 per month. But it's also the most popular borough: almost 50% of all ads posted on SpareRoom are for rooms to rent in Manhattan.

The table below shows how rents have changed in New York's four main boroughs:

Borough Average monthly room rent Q1 2013 Average monthly room rent Q1 2012 %change in room rents
Brooklyn $983 $846 up 16%
Manhattan $1,437 $1,267 up 13%
Queens $798 $705 up 13%
Bronx $660 $689 down 4%

Matt Hutchinson, director of SpareRoom, comments: "There are still affordable pockets in Brooklyn but the borough is no longer up and coming - it's up and come. Anyone looking for a bargain should consider The Bronx or Queens as alternatives. Rents in Manhattan have long been sky-high and Brooklyn is now pricing people out with colossal annual increases that many won't be able to cope with. That said, Queens might be cheap but rents are now rising at the same rate as Manhattan. Move fast to snap up a bargain."