It seems like everyday some new report comes out explicating the seeming never-ending story of Manhattan’s real estate market. However, a new report from StreetEasy has a thing or two to say about Brooklyn.
In which borough do rentals go faster than Manhattan? Take a wild guess.
“In Brooklyn, rentals spent a median of 18 days on the market in August, a record low for the year that was previously set in May,” Streeteasy wrote in a report released Friday. “In Midwood and Prospect Park South, renters had to move even quicker, with rentals spending just 11 days and 13 days, respectively, on the market — the shortest time on market among all Brooklyn and Manhattan neighborhoods StreetEasy tracks.”
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Streeteasy notes that in addition to quickly moving rental markets, rental prices also saw a shift, but not in the direction friendly to your wallet.
It’s no news that Manhattan saw a jump in rental prices, with the median rent seing a 3 percent rise over the previous year to $3,460. It was Brooklyn stealing the spotlight once again:
“In Brooklyn, the monthly median asking rent grew 4 percent from last year to $2,650 in August. Contrary to Manhattan, median asking rents for larger units grew the most in Brooklyn. The median asking rent for two-bedroom units grew 2 percent from last year to $2,550 in August. Asking rents for units with 3+ bedrooms increased 6.7 percent from last year to $3,200.”
Brooklyn is hot, people (but we all already new that didn’t we?).