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Brooklyn Rents Soar, At Highest Point In Five Years

Brooklyn Rents Soar, At Highest Point In Five Years
Posted September 12th, 2013 @ 2:55pm

(Ben Yakas) 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.

Read More: Gothamist

Photo: pisaphotography/Shutterstock

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