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Brooklyn overtakes Manhattan as most competitive rental market

Staff writer ▼ | September 25, 2015
While the New York City sales market experienced a typical late summer lull, the rental market was hot in August, particularly in Brooklyn.
Housing in NYC   The median asking rent grew to $2,550 in August
In Brooklyn, rentals spent a median of 18 days on the market in August, a record low for the year that was previously set in May.

In Midwood and Prospect Park South, renters had to move even quicker, with rentals spending just 11 days and 13 days, respectively, on the market – the shortest time on market among all Brooklyn and Manhattan neighborhoods StreetEasy tracks.

In Manhattan, the fastest-moving rental markets in August were Little Italy, Sutton Place, and Upper East Side where units spent a median of 14 days on the market, according to the August 2015 StreetEasy® Market Reports for Manhattan and Brooklyni.

Renters also faced the steepest rent prices of the year. The monthly median asking rent in Manhattan grew 3.3 percent 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 percent year-over-year to $3,370 in August.

Price growth among studios and units larger than one bedroom were either negative or stagnant compared to August of last year.

In Brooklyn, the monthly median asking rent grew 4 percent from last year to $2,650 in August. Contrary to Manhattan, median asking rents for larger units grew the most in Brooklyn.

The median asking rent for two-bedroom units grew 2 percent from last year to $2,550 in August. Asking rents for units with 3+ bedrooms increased 6.7 percent from last year to $3,200.