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Real Estate

Brooklyn Beats Manhattan for NYC Apartment Rent Increases

  • Rents climbed 5.9% in Brooklyn last month, most in three years
  • Home sales declined while prices hit a record in the borough
Bloomberg business news
No, Renting Isn't Throwing Your Money Away
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Apartment rents rose the most in more than three years in Brooklyn, where a surge of high-end development is pushing up costs.

With the value of landlord concessions subtracted, the median rent in the New York borough climbed 5.9% from a year earlier to $2,914, the biggest gain since February 2016, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. It was the seventh straight month with an increase.