< All Press

Rents In Brooklyn Actually Took A Slight Dip This Spring

Nothing particularly game changing, to be fair, but at this point any kind of respite from relentless inflation is a pretty welcome one. And according to a new report from Douglas Elliman and Miller Samuel Inc., median prices in the borough really did drop in May, falling 3 percent to an average of $2,579. At the same time last year, the median was $2,658.

This comes on the heels of a 1 percent drop in April, and Miller Samuel president Jonathan Miller said, “The market seems to be taking a bit of a breath. I’m not sure if this is a continuing trend.” There’s also been an overall increase in the actual number of rentals on the market.

Which is still probably a temporary blip, but notable at a time when Manhattan rents continue to climb steadily (the median jumped from $3,093 in May 2012 to $3,200 in May 2013), and maybe a harbinger of future outer-borough trend pieces to come: “I think the beneficiary of this rental growth and sales growth is going to be Queens, especially markets like Long Island City,” Miller told Brownstoner. “In many ways, the commute is simpler if you work in Manhattan.”

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