Brooklyn sees big surge in new leases in October

Borough's median rent tops $2,858 — $388 less than Manhattan

TRD New York /
Nov.November 13, 2014 12:01 AM

A surge of renters signed new leases in Brooklyn last month – a sign that rising prices citywide are pushing people farther into the outer boroughs.

The number of new rentals jumped 53 percent to 678, according to Douglas Elliman’s monthly rental report, released today. Overall, the median rental price in Brooklyn in October – which had slipped in August and September – rose 5.9 percent to $2,858.

Meanwhile, Manhattan’s median rental price rose 3 percent to $3,246 – or $388 more than in Brooklyn. In October 2013, the spread was $451 spread. In Queens, the median rental price increased 3.5 percent to $2,743.

“The macro overview of all of this is that rents are still rising,” said Jonathan Miller, president of appraisal firm Miller Samuel and author of the report. “Generally, the pressure is still on.”

In Manhattan, the vacancy rate last month was the lowest for October in five years, a function of the tight market, Miller said.

Gary Malin, president of Citi Habitats, which also published a rental report today, pointed out that rising prices in some neighborhoods have impacted vacancy rates. The East Village, for example, had a 2.24 percent vacancy rate in October, the highest in Manhattan, as rental prices for studios reached $2,075 and one bedrooms hit $2,733. “People are more price conscious for space than they’ve ever been,” he said.

Brokerage MNS, in a report also released today, said the largest price change, year over year, occurred in Bay Ridge, where the average rental price jumped 9.3 percent in October to $1,766 from $1,615. In Manhattan, the largest annual change occurred on the Lower East Side, where rents rose 4.1 percent to $3,479, up from $3,343 in October 2013.

Related Articles

John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Developers and brokerages are getting creative for Art Basel

Developers and brokerages are getting creative for Art Basel

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

(Credit: iStock)

The city’s rental growth is slowing

Natasha Page and Jason Walker

Lawsuit: Douglas Elliman broker called me a “mulatto”

Douglas Elliman's Scott Durkin (Credit: Getty Images, iStock)

Elliman foots bill for agents’ new business tool