The State of Brooklyn Rentals
After a sleepy first ten months of the year, the rental market in Brooklyn exploded at the end of the year, according to a year-end report from Ideal Properties Group. Only 10 percent of the year’s transactions happened in the first quarter of 2009, compared to more than 15 percent in December alone. Part of…
After a sleepy first ten months of the year, the rental market in Brooklyn exploded at the end of the year, according to a year-end report from Ideal Properties Group. Only 10 percent of the year’s transactions happened in the first quarter of 2009, compared to more than 15 percent in December alone. Part of that can be attributed to the fact that prices continued to adjust downward over the course of the year: Overall rents in Brownstoner Brooklyn declined just over 6 percent with two-bedrooms, the most ubiquitous format, declining an average of $225/month to $2,380. The percentage of No Fee listings also continued to rise. Brooklyn Heights continued to be the most expensive neighborhood to rent in: One-bedrooms averaged more than $2,500 a month and two-bedrooms topped $3,100.
Brooklyn ’09 Rental Report Smugly Lords It Over Manhattan [Curbed]
Brooklyn Rental Market Ends with a Bang [TRD]
Rob, you’re way off base lol. Come back to planet earth please. :o)
His grasp of market forces is indeed formidable.
rob will be teaching a course on financial markets at Columbia next semester.
snark, even if people DOUBLED the rent, there will still be people who will unfortunately pay it. it doesnt mean it’s anywhere near worth what they are paying. it’s like oil and gasoline and stuff.
*rob*
Snark, please, don’t try to argue logically with rob.
> rents in bed stuy are massively OVER priced.
Not if people are paying them.
dave, it’s over. stop jumping up and down like a chicken. rents in bed stuy are massively OVER priced. i am sure more people will agree with that than not.
*rob*
The preoccupance with the state of the rental market says enough. Let alone all averages being down YOY. Ideal spin.
***Bid half off peak comps***
> Next year should have a pretty substantial increase with all the people
> signing high rent leases in new construction buildings all over the place.
Yes, nothing increases rents like a buttload of new apartments becoming available in failed condo projects.