As the city's rental market prepares for winter hibernation, let's take a look at the Manhattan and Brooklyn numbers for November from the team at MNS. Manhattan rents are up by anywhere from 5 to 18 percent year-over-year for all apartment sizes (though rents are down slightly from October, as seasonal patterns would predict). The biggest changes are happening in 2BRs, where rents spiked 18 percent in non-doorman buildings and 12 percent in doorman buildings. That's an average rent increase of $660/month. Sounds like someone's been using some software.
The jump in 2BR pricing hasn't been as drastic in Brooklyn?in fact, in Bushwick, 2BR prices are down. Rents are also down in Dumbo, where 1BRs now average $3,400/month compared to $3,669/month last year. But we don't think the days of cheap rents are quite far gone enough to call that a steal.
· Manhattan Rental Market Report [MNS]
· Brooklyn Rental Market Report [MNS]
· Rental Market Reports coverage [Curbed]