No Sign of Decrease for North Brooklyn Rents

Renters are staying put as record-high Brooklyn rents catch up with Manhattan, according to a report from Douglas Elliman out today. Average Brooklyn rents increased a whopping 8.2 percent in July to $3,035, compared to the same period last year, while average Manhattan rents inched up a mere 1.7 percent to $3,822. More renters searching for apartments are choosing to stay in their apartments at the last minute, according to Douglas Elliman Director of Rentals Mark Menendez, quoted in DNAinfo. “They get the renewal letter from the landlord and say, ‘You must be crazy.’ And then they realize they can’t get a better value,” he said. The firm has also been receiving more requests for rentals in Queens neighborhoods such as Long Island City, Rego Park, Flushing and Bayside. In Brooklyn, the number of new rentals rose 3.7 percent to 393 vs. the same period the year earlier. Rental price per square foot increased 5.1 percent to $37.66. “Prospect Heights and Crown Heights are super-hot right now,” Douglas Elliman Executive Vice President Michael Guerra told the Daily News.

Brooklyn Rents Soar to $3,035 Average, Closing Gap with Manhattan [NY Daily News]
High Prices and Few Choices Force Renters to Stay Put, Experts Say [DNAinfo]