< All Press

Rents down in Brooklyn, but up in Manhattan

Average rents in Brooklyn fell 5 percent from November to December, according to the New York Post. At the same time, however, average rents in Manhattan rose 1.5 percent, said the Post, quoting a Douglas Elliman survey.

The high cost of Manhattan rent was attributed, in part, to the super-luxury market.

Mark Melendez of Douglas Elliman was quoted as saying that “Brooklyn doesn’t keep the same pace as Manhattan,” and that Brooklyn is “more vulnerable to a slowdown” because of supply and demand.

Get Weekly Insights and Research

Housing Notes by Jonathan Miller

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
millersamuel.com/housing-notes
Joined October 2007