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Market Reports: Leases Up, Rents Still Down in Brooklyn

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Brooklyn brokerage Brownstone Home has added its firepower to the market report blitz with a third-quarter rental report. As in the sales market in Brooklyn and in Manhattan, the number of deals rose in the third quarter -- in this case, more than doubling over Q2. But let's not get ahead of ourselves! Brooklyn rents were still down by as much as 18 percent for more than half of the leases signed last quarter. Apartments sat on the market for one week to two months. Still, the report optimistically proclaims that "well priced apartments are still moving," and if the nabe-specific stats are anything to go by, that's not entirely wrong. In Brooklyn Heights 50 percent of rents went down and 25 percent remained unchanged from last year, which suggests there's a 25-percent-of-the-market-sized cadre of renters that agreed to rent increases. What does it cost to live under a rock these days?
· Brooklyn Rents Down, Apartment Vacancies Up, Report Says [Brooklyn Eagle]
· The Brownstone Report [Warning: PDF]