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Report: Manhattan And Brooklyn Rental Rates Are Really On A (Slight) Decline
By
Ben Yakas
Published Feb 13, 2013
Modified Feb 13, 2013
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By
Ben Yakas
Published Feb 13, 2013
Modified Feb 13, 2013
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Things are already tough out there for the middle class and don't seem to be getting much better—but at least there's the (prospect of) good news on the horizon. According to the latest market report by Douglas Elliman [PDF], Manhattan and Brooklyn rental rates are on a decline, thanks in part to buyers. Oh sure, this is probably the equivalent of a Mad Money "Don't Buy"-to-"Risky" upgrade, but it's still worth breaking out a "Renters Love Buyers" banner, don't you think?
According to the latest data, the average price of a Manhattan rental apartment was down for the fifth consecutive month to $3,211, $23 less than in December. Median rental prices were only up 2.6% over the last month after a 12-month stretch of 7.5% average annual increases. The median rental price in Brooklyn was down over 4% from last month to $2,527 as well. "It looks like we are running out of gas, in terms of growth," Jonathan Miller, CEO of appraisal firm Miller Samuel (which compiles the reports for Douglas Elliman) summarized to the News. "The march upward wasn't sustainable."
The last time we checked in, it appeared as though Brooklyn rents had finally climbed up into the same ridiculous hemisphere as Manhattan rents. But breaking down the new numbers a bit more: Brooklyn studio apartments had a big increase in average rental prices in the last month, up 18% from $1,825 to $2,125—but that's still lower than a year ago, when it was $2,369. Median rental prices for Brooklyn studios are $1,795, over a 5% decrease from a year ago. Overall, the number of new studio, one-bedroom, and two-bedroom apartments in Brooklyn are up a lot as well.
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Ben Yakas
Ben Yakas is a former Gothamist reporter.
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