Brooklyn rents continued their runaway rise for the 11th month in a row, with the average rent clocking in at $3,209 in April, a 6.4 percent jump from the same period last year, according to Douglas Elliman’s monthly market report. The average rental price per square foot was $40.30, and the median rental price was a slightly less crazy-seeming $2,805 a month.
After narrowing dramatically this year, the gap between Manhattan and Brooklyn rents increased significantly — but that’s because Manhattan rents are again on the upswing, not because Brooklyn rents are decreasing. “Brooklyn median rent was $442 less than Manhattan median rent, up from $210 record low in February,” said the report.
Rental inventory is up 52 percent, with 1,431 units on the market, compared to 941 during the same period last year. The uptick in inventory indicates that tenants are deciding not to renew their leases and seeking more affordable apartments elsewhere, according to Elliman. That could be another way of saying landlords are raising rents and tenants are vacating. We wonder if new construction units coming on board might also be adding to the inventory.
Studios saw the biggest rise in median rents, increasing 8.5 percent in the year to $2,200 a month vs. $2,028 a month previously. However, it’s worth noting that Elliman’s analysis is based on rental transactions “in the north and northwest regions of the borough,” which might explain the high rents.
A March report from MNS surveyed a wider group of rentals, including in Prospect Lefferts Gardens. According to that report, the most expensive rentals were Dumbo two-bedrooms, which went for $5,239 a month, and the cheapest were studios in Prospect Lefferts Gardens, with a mean of $1,308 a month, The Real Deal noted based on the MNS report.