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Real Estate

Brooklyn overtakes Manhattan as hottest rental market in NYC

Both markets on fire

Brooklyn's housing market is on fire, with rentals spending a median of 18 days on the market in August, a record low for the year, StreetEasy’s August market reports for Manhattan and Brooklyn found.

"Every New York renter knows it's all about speed, and that is especially true in Brooklyn. Renters in Brooklyn face the steepest competition for apartments and also carry the city's highest rent burden," said StreetEasy data scientist Alan Lightfeldt. "This trend will continue until income growth accelerates and the supply of affordable homes increases across the city."

The report compares the fastest and slowest moving markets in both Brooklyn and Manhattan.

Click to enlarge


(Source: StreetEasy’s)

In addition, renters dealt with the steepest rent prices of the year.

The monthly median asking rent in Manhattan grew 3.3% over the last year to $3,460 in August. Asking rent climbed the most for one-bedroom units in Manhattan over the last year, which grew 3.7% year-over-year to $3,370 in August.

In Brooklyn, the monthly median asking rent grew 4% from last year to $2,650 in August, with the median asking rents for larger units growing the most in Brooklyn. The median asking rent for two-bedroom units grew 2% from last year to $2,550 in August, while the asking rent for units with 3+ bedrooms increased 6.7% from last year to $3,200.

On the sales side, the median resale price of all Manhattan and Brooklyn homes rose to another record high, though the pace of growth is slowing.

Manhattan resale prices of all home types rose 6.7% from last year to a record $986,314, while Brooklyn also reached an all-time high in August, increasing 7.2% year-over-year to $538,563.

And despite the high prices, buyers were willing to pay up.

Manhattan and Brooklyn homes that sold in August typically did so for 100% of sellers' initial asking price.

If you are trying to live in New York City and these home prices are unattainable, look at this Trulia report for help on finding a few hidden gems you might be able to afford in the city.

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