For New Yorkers who couldn’t afford the price of Manhattan, the advice used to be “look in Brooklyn.” Well, maybe not anymore.
Brooklyn rentals are outpacing Manhattan rentals in year-over-year percentage growth, with the median asking Rent Appeal for a Brooklyn apartment (everything from a studio to a one-bedroom and more) in August up 4% over last year, to $2,650, compared to a 3.3% increase to $3,460 for the same rental in Manhattan, according to StreetEasy Market Reports, a unit of Zillow Group Z, -0.71% . While the median rent in Manhattan is still higher, the vacancy rate in Brooklyn is lower, at just 3%, compared to just over 4.1% in Manhattan, according to StreetEasy data scientist Alan Lightfeldt.
Find out more at Market Watch.
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