While it’s definitely not true in all of Brooklyn—and Douglas Elliman is careful to specify that there data only applies to the “north, northwest regions” of the borough—today sees the release of yet another real estate report telling us that not only are Brooklyn’s rental prices rising precipitously, but that their pace has far outstripped that of Manhattan.
The Elliman report finds that while average rents in Brooklyn are up 12.6 percent from the same time last year , rental price per square foot is up 25 percent, and studio prices are up a full 41 percent, it’s still “luxury rental prices [that are] outpacing price growth of the overall market.” By comparison, Manhattan’s average rental price only rose 0.2 percent, and actually dropped by nominal amounts over the past couple of months. For good measure, The Real Deal also has a long piece chronicling the rising prices of everything “from townhouses to offices” in Brooklyn.
Dire, yes, but as usual, the worst offender is Williamsburg. According to a similar report from MNS, the average price of a one-bedroom over there shot up 11 percent over the past month alone, and is now hovering at $3,499. So, raise your hand if you actually make that, or even half of that, in a month? Hmm. Well, guess we can always move out to Jersey City?
Follow Virginia K. Smith on Twitter @vksmith.