A Passing of the Rental Baton to Brooklyn?

Douglas Elliman's latest rent report says that Brooklyn rents are sizzling--a much hotter market than Manhattan, where October prices actually fell.

October's median rental price in Brooklyn jumped to $2,699, a 6.8% increase from $2,527 last year, according to broker's latest Elliman Report.

Median prices in Manhattan's rental market fell 1.6%, to $3,150, from October 2012.

"This decline was the second consecutive year-over-year drop, following the September
drop that broke the 26 consecutive month record without a decline," the report states, adding "Weaker pricing was the result of the sales surge over the summer that pulled demand from the rental market.

The Daily News posted some of the neighborhood data, and siad some parts of Brooklyn neighborhoods saw double-digit increases: Bedford-Stuyvesant average rent reportedly rose 14.6%; Bushwick, went up 15.4%; Cobble Hill, 17.7%; Greenpoint, 10.3%, and Prospect Park-Lefferts Gardens, which rose 13.3%.

 The Elliman Report can be found here.

The Daily News has an article here.
comments powered by Disqus