North Brooklyn Rents Fell 3 Percent in May

The median rental price in north and northwest Brooklyn fell by 3 percent in May compared to the prior year, according to a report released today by Douglas Elliman and Miller Samuel Inc. The median rent was $2,579, or $36.08 per square foot, compared to $2,658 in May 2012. It was the second month in a row that median rent declined, following a 1 percent drop in April. However, Brooklyn rents have increased steadily since late 2010, based on a 90-day moving average. “The market seems to be taking a bit of a breath,” Jonathan Miller, president of Miller Samuel, told Brownstoner. “I’m not sure if this is a continuing trend.” Some New Yorkers choose to rent because they are unable to secure a mortgage, which has dampened the sales market. “The conditions that are driving rents, which are rising employment and tight credit, still haven’t changed,” said Miller. “I think the pressure is going to remain on the market.” Meanwhile, Manhattan rents continued to increase, with the median rental price rising 3.5 percent to $3,200, up from $3,093 in May 2012. “I think the beneficiary of this rental growth and sales growth is going to be Queens, especially markets like Long Island City,” said Miller. “In many ways, the commute is simpler if you work in Manhattan.”
Photo by carryboo