Musical Chairs as Rents Rise in Brooklyn

A big increase in the number of new rentals in Brooklyn (59 percent) has led Douglas Elliman to conclude that renters are resisting rent increases by moving rather than renewing their leases. Nonetheless, rents increased in the double digits in November of this year vs. the same period the year before.  The median rental price in Brooklyn increased 10.1 percent to $2,698 year over year. The price per square foot shot up 10.3 percent to $34.04. The explanation? Tight credit conditions in the sales market and improving employment. In Brooklyn, the increase was pretty consistent across the board, including luxury and regular rentals.
Market Report [Douglas Ellliman]
Rent Increases Meet Resistance in Manhattan and Brooklyn [TRD]
Photo by a.tanski