Brooklyn Home Prices Set Record, Manhattan Rents So High Studios Command $2,431/Month
The latest round of real estate reports have arrived and needless to say prices continue to hover completely out of reach of us normal folk. A new Elliman report compiled by Jonathan Miller found that Brooklyn now boasts a median sales price of $676,250, 15 percent higher than just one year ago this time, and 25 percent higher than the record set before the 2008 financial collapse—this makes it the only borough to exceed the pre-recession high. Miller attributes the boost to Brooklyn’s change in identity, which has over the years gone from a cheap alternative to Manhattan to a first choice destination for buyers, renters and proprietors. That’s not to say Manhattan saw a slump, the median sales price rose to an impressive $998,000, the highest level since the financial crisis.
News for renters was pretty grim, as rents again continued to climb or remain relatively unchanged. According to MNS’ September report, average rental prices in Manhattan increased .52 percent in September to $3,995, up from $3,975 in August 2015, while average rents in Brooklyn decreased nominally by .18 percent in September, from $2,748.87 in August 2015 to $2,743.83.
Amazingly, studios in Manhattan are going for $2,431 on average, and those with a doorman are commanding $3,060 a month. Brooklyn was no better, and while down from $2,173 a month ago, still came in at a baffling $2,157.
For a closer look at sales prices, download the Elliman reports here >>
MNS’ Manhattan rental report can be accessed here >>
MNS’ Brooklyn rental report is available here >>
RELATED:
