For anyone looking for some good news amidst all that Manhattan doom and gloom, we have four words: Look to Brownstone Brooklyn. A report released today by Ideal Properties Group shows some growth in empty apartments and some modest decreases in rents for certain sized apartments, but also some increases in others. Studios in Q4, for instance, were renting for an average of $1,607, a drop of $156 from Q4 2007. Three bedrooms saw even bigger "corrective reductions." On the other hand, rental prices on one- and two-bedrooms went up an average of about $200. The report does say that a slowdown "shook the area" in September, but it notes there are still no free month of rent being offered like in Manhattan. It covers Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, Fort Greene, Gowanus, Park Slope, Prospect Heights and Windsor Terrace. Of course, there is some funny real estate happy talk like, "As corporations shed jobs, and sales markets remain hostile, the rental market in Brownstone Brooklyn adjusts and moves on..." Okay.
· Rental Market Report: Year in Review 2008 (WARNING: PDF) [Ideal Properties]
· Residential Rents in Brownstone Brooklyn Receding [Browonster]