September 14, 2020
Brooklyn apartment landlords fared best in a lackluster August among the rental markets charted each month by Miller Samuel’s Jonathan Miller. Although average rents and leasing volume declined in the borough, the percentage drops were smaller than those seen in Manhattan or northwest Queens.
For Brooklyn apartments, the median rental price declined 0.7% year-over-year in August, compared to 3.9% for Manhattan and 5.5% for northwest Queens. Leasing volume slid 2.2% Y-O-Y, while dropping 23.7% in Manhattan and 31.5% in northwestern Queens.
Brooklyn also experienced the smallest uptick in market share of product with rent concessions during August, Miller reported. Its 5.3% Y-O-Y increase represented the fourth consecutive uptick.
Meanwhile, though, listing inventory in Brooklyn increased at a faster annual pace than in either Manhattan or northwest Queens: a 130.5% rise that represented “the most significant annual increase in 10-and-a-half years and the second straight month with a record.”
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