Sorry, Brooklyn Rents Still Cheaper Than Manhattan

The average price for a rental in Brooklyn in September was $2,548, according to a new report from Prudential Douglas Elliman that covers the rental market in North and Northwest Brooklyn as well as Manhattan. (The median wasn’t far behind, at $2,350.) That works out to $29.68 per square foot, vs. $52.60 in Manhattan. So despite precipitous climbs of late, rents even in the most gentrified areas of Brooklyn still come in lower than those of Manhattan, in case you’ve been wondering. Other findings of the “Manhattan/Brooklyn Rentals Market Overview September 2012” report, which should be available online here later today: Rental prices have actually slipped 2.1 percent vs. a year ago, but levels “remain elevated,” as the report said. The median price of a one-bedroom increased more than any other type of unit. After going up to $2,300 in August, then decreasing to $2,100 in September, the median rent for one-bedrooms finished the year period with an increase of 10.5 percent. Meanwhile, the number of units in new developments increased 6.5 percent vs. a year ago. Prudential Douglas Elliman’s explanations for all these price trends: The rental market remains tight as lending policies prevent some would-be buyers from purchasing, and there just plain isn’t enough supply to meet demand. Also, surprisingly, the report concluded: “Strong employment growth is fueling the rental market, which responds more quickly to job gains.”