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Brooklyn Rents Hit Highest Damn Point In Five Years
By
Ben Yakas
Published Sep 12, 2013
Modified Sep 13, 2013
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By
Ben Yakas
Published Sep 12, 2013
Modified Sep 13, 2013
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A wise philosopher and karate expert once remarked that the rent is too damn high—and year after year, that perceptive observation has only proven more unassailable. According to the latest report [pdf] by real estate firm Douglas Elliman, median rental prices in Brooklyn have reached the highest point in five years at $2,850.
For some perspective: the median rental price in Brooklyn was $2,850 in August, up from $2,546 in July 2012. The average rental price in August was $3,109, up from $3,035 in July, up from $2,806 at the same time last year. Thanks to the stability of surging rental prices, the number of new rentals increased over 166% over the last year, from 208 in August 2012 to 554 last month. Overall, the biggest increase was in two-bedroom apartments: the average rental price for those is now $3,506, compared to $2,728 a year ago.
If you're looking for some silver lining in all this data, take comfort that, um, average rental prices for studios in Brooklyn are at $2,072 now, compared to $2,136 in July. And housing is still more expensive in Manhattan (although only barely at this point). But hey, at least the current economy ensures that wealthy photographers have to pay $1 million to move into a Bed-Stuy apartment just to get a taste of the old school gritty LES feel!
Tagged
brooklyn
real estate
rent
rent is too damn high
Ben Yakas
Ben Yakas is a former Gothamist reporter.
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Gothamist is funded by sponsors and member donations
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