Dumbo is growing and like never before. The rental rates are going up and so is the apartment prices. This place in Brooklyn is proving to be the next best place to look out for after Manhattan. With changing times, the demographics of the Dumbo area in Brooklyn has also undergone drastic changes and more is yet to come. You would be surprised to know that what started off as wasteland and a dying waterfront area with really low rents and almost no proper residential accommodation is now becoming one of the hottest destination for residential and commercial investments.
The changing choice of apartments has seen a wave like movement. Once there was this huge demand for sprawling spaces and lofts to be occupied by top notch bankers and the premium class. Now the demand is more for affordable living. If you show a huge spacious apartment with great views to a couple, the probable answer would be, that they like the place and the neighborhood but they do not need so much space. On understanding this trend, most of the real estate developers are cutting up these apartments to create smaller spaces which would not only boost the supply side but would also be affordable for the apartment hunters. All the new rental towers and condos and apartments that are coming up in Dumbo Brooklyn have kept in mind the concept of affordable real estate. While the luxury segment still thrives, but the budget section also generates high demand.
So what could one expect from a mid-range apartment for rent in Dumbo?
- 1 or 2 bedrooms ranging from 550 square footage to 1000 square footage
- Double height bath spaces
- Great view of Manhattan or Brooklyn skyline
- A basement gym
- Common roof decks
- Playroom facilities
- Un-attended but well-designed lobby
- Oak wood flooring
- Cesar stone countertops and modern kitchen facilities
- Custom cabinets
Rents for a one bedroom apartment could be around $3000-3500 depending on the location and facilities. Rents for a two bedroom apartment could be around $5500-5800. Find out more at twotreesny.com/commercial. Dumbo offers easy and good connectivity to Manhattan. So if you are working in Manhattan, you could easily rent an apartment in Dumbo. That way, you get to work in the best places and also save yourself from paying the sky high rental rates of Manhattan.
Dumbo would surprise you with the number of tech companies and start-ups it houses giving better employment opportunities to its residents. However, it is no longer middle class in Dumbo. Commercially and economically. With industrialization and infrastructure becoming more robust, the prices of apartments in Dumbo are also rising.