While residential rental prices in Manhattan rose more than 10% over last year to a median of $3,195, Brooklyn also remains a prime destination. Overall prices in the borough slipped 2.1% from 2011, although 1 bedroom rental units jumped 10.5% to a median $2,100 a month, while 2 bedrooms rose 6.9% to $2,673 a month. The research was conducted by Miller Samuel, whose CEO Jonathan Miller tells NY1 that potential homebuyers are remaining in the rental market, “sometimes not by choice, and that’s tipping the market” upward.
Prudential Douglas Elliman Executive VP Michael Guerra says that the most in-demand neighborhoods in Brooklyn are Williamsburg, Brooklyn Heights and Park Slope. He notes, “Brooklyn is offering the same amenities Manhattan used to be known for. As Manhattan has become dominated by big businesses and larger kinds of stores or chains, Brooklyn is still a place with boutiques, something funky, something different, something unusual.”
(Photo: Chuck Taylor)