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Manhattan rents plateau, while Brooklyn continues to boom

…The number of new rental listings jumped 35.9 percent year-over-year, demonstrating that tenants continue to resist rising rents when their leases are up, choosing to move instead, and leaving apartments that hit the market, according to Miller Samuel CEO Jonathan Miller, who authored the report.

“When sales rise at a significant rate, the buyers come from somewhere,” Miller said. “In this case, the rental demand was poached by the sales market.”

Indeed, rental vacancy rates in Manhattan hit 2.66 percent, Miller added.

Still, rents will likely remain high, Miller said, due to continually tight credit which may be further squeezed by the debate in Congress over whether to raise the debt ceiling. “Uncertainty [about the debt ceiling] makes banks more conservative about lending,” Miller said, which restricts the ability of people to buy homes….

…“The rate of growth has not eased up in 2013,” Miller said, adding that renters in the borough were a mix between those priced out of Manhattan and those looking at Brooklyn as a first destination….

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