Brooklyn's (Rental Price) Hot (Again): Douglas Elliman Report
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A few months ago, the Brooklyn rental market showed signs of weakness. Is a cool-down afoot? Douglas Elliman's new monthly rental market report has a short answer: no way.
All the numbers were up in the BK for the second month running. The breakdown, per Thursday’s report: Median rental was $2,933, an increase of 4.8% over last year at this time, and its third-highest tracking since 2008. Average rental: $3,252—a jump of 4.3% over last year. The market share of larger rentals continued to rise, more luxury units hit the market (of course), and new rentals rose by 379%.
In Manhattan, for the 15th month in a row, the median rental ($3,380, up 2.4%) eclipsed the mark from 2014. And the average rental, well, that was up by 4.6%, and its value, $4,081, was north of $4k for a record fourth consecutive month.