“Quooklyn,” “Ridgewick,” “Ridgebetween,” whatever you want to call it, rents in Ridgewood have exploded in the city’s newest hot neighborhood since the end of the recession.
Rents in Ridgewood last year increased about 63 percent since 2009, according to data compiled by real estate website StreetEasy.com at the request of The Courier, as more luxury rental buildings moved down the L and M train lines from Bushwick and Williamsburg.
The data finds the median price of rents in Ridgewood last year increased to $2,182 from $1,340 in 2009, good for first place in rents charged in Queens. Even when comparing year-to-date numbers between last year and 2013, Ridgewood experienced median rent increases of more than $382, while Astoria saw only a $50 increase and Long Island City actually had a decline.
“While rents remained flat in Queens between 2013 and 2014, some neighborhoods experienced a surge in prices,” said Alan Lightfeldt, a StreetEasy data scientist. “Ridgewood — also known as ‘Ridgebetween’ because of its new found status as an ‘in-between’ neighborhood of Brooklyn and Queens — saw prices increase by just over 21 percent as demand for the neighborhood has surged in recent years.”
This “new-found status” has helped businesses and created a buzz about Ridgewood that excites some longtime locals, and makes former residents want to come back, but renters are paying for it.
Another interesting find from the data suggests rising prices will continue in the Rockaways, which had previously recorded a drop due to effects from Superstorm Sandy.
“As this neighborhood continues its recovery from the destruction of Superstorm Sandy, rents have increased rapidly but still remain lower than they were five years ago — a sign that the rental market in Rockaways still has room for further recovery in the months and years ahead,“ Lightfeldt said.
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