Man, the holidays are pretty hard on the ‘ol wallet, aren’t they? The only light at the end of this pricey Christmas tunnel is that annual January break landlords give everybody on their rent. Right? Right?! Aaah, is it ever fun to laugh through tears. What’s really happening is that rents are skyrocketing every minute of every day, and prices around these parts rose a full 10.1% in November of this year alone.
In the past month, the median Brooklyn rent rose to $2,698, while the average rent in Manhattan remained relatively stagnant at $3,195. “The spread between Manhattan and Brooklyn is getting smaller,” said the CEO of Miller Samuel, who put together the report.
Some of that increase is likely due to new rentals by residents displaced by Hurricane Sandy, but still, this place is so goddamn expensive. So much so that it seems people are jumping ship! According to Brownstoner, the high percentage of new rentals in Brooklyn has experts speculating that people are, logically, coping with higher prices by moving away rather than renewing leases.
So, it would seem, this will keep happening for ever and ever. Real estate bubbles only ever continue to expand without popping, if I’m not mistaken. That is how it works, yes?
Follow Virginia K. Smith on Twitter @vksmith.