Brooklyn Rental Rates Higher Than Manhattan’s?

brooklyn-bridge-768660_1280Will Brooklyn’s rental rates soon be higher than Manhattan’s?

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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