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Brooklyn '09 Rental Report Smugly Lords it Over Manhattan


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We've said goodbye to Manhattan's 2009 rental market; now it's time to do the same for brownstone Brooklyn. Ideal Properties Group has released its annual look at rents in Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, Fort Greene, Gowanus, Park Slope, Prospect Heights and Windsor Terrace. The takeaway: the brownstone Brooklyn market is doing quite all right compared to Manhattan, or, in the report's words, "a sluggish rental market of early 2009 closes stronger than strong, with the year's last two months' transaction pace best described as - feverish." Fifteen percent of the year's rental transactions were done in December, sure. But what kind of rents are we talking about?
There were rent cuts for all apartment categories: an average of $225 per month for two-bedrooms, $214 per month for one-bedrooms, and $73 per month for studios. The neighborhoods' overall average rent? $2,208. Gowanus was the least expensive neighborhood and Brooklyn Heights the priciest. Brooklyn landlords didn't go as concession crazy as their Manhattan counterparts because, according to the report, they have less financial need to keep their units occupied. One other noteworthy stat: 36 percent of tenants considering a move ultimately chose not to make one, a number 14.4 percent higher than in 2008.
· Rental market reports [Curbed]