Looks like all that scary hyperbole about Brooklyn getting to be as expensive as (maybe even more expensive than?) Manhattan is coming true pretty quickly: new Douglas Elliman reports from July show that rents in the borough jumped 8.2 percent from this time last year, bringing Brooklyn’s monthly average up to $3,035.
By comparison, Manhattan’s average rent is now $3,822, which is still outlandish, but only a 1.7 percent bump from where things stood a year ago. The data mainly comes from north and northwest Brooklyn, and, not too surprisingly, is led by increases in prices for luxury units, the average rent for which is now $6,007.
An Elliman official called the price difference between Brooklyn and Manhattan “one of the closest we’ve seen since we’ve been tracking this,” a change at least partly driven by rent stagnation in Manhattan, where vacancy rates have actually increased slightly. The problem, realtors say (as does everyone trying to live anywhere), is unaffordable rent. “While still relatively low, this uptick in vacancy during the peak summer season is a sign that renters have reached their pain threshold,” City Habitats president Gary Malin told The Daily News, noting that the market “has reached a state of equilibrium.” So not all of this data is driven by the fact that Brooklyn rents are skyrocketing across the board, but still, in case there were any doubt left: Brooklyn rents are skyrocketing, across the board.
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