The pace of rent growth in Brooklyn continues to outshine that of Manhattan, although rents in both boroughs remain at record highs, according to July reports from leading brokerages released today.
There is “a continued upward increase in both markets; clearly Brooklyn is seeing greater upward pressure,” said Jonathan Miller, CEO of real estate data firm Miller Samuel and author of Douglas Elliman’s report.
“Manhattan, for the last five months, actually has seen a declining pace of growth but has shown, for the 25th consecutive month, no decline in rent,” Miller said…
“What you are seeing is two unhappy parties,” Miller said. “Landlords cannot press rents higher. … Tenants are still feeling the pressure.”