Brooklyn rents hit near-record highs as prices surge twice as fast as inflation * Brooklyn Paper

"In October, the average rent in Brooklyn reached $4,340 a month, a leap of 8.5% year over year. The median rent in Brooklyn climbed to $3,850, a 6.9% increase over the same period last year. Perhaps most tellingly, the price per square foot grew 6.7% in the year period to $61.51, according to the October rental market report prepared by appraiser Jonathan Miller of Miller Samuel for Douglas Elliman."

"To put that in perspective, those increases are more than double the inflation rate of 3% in September. (October numbers have not yet been released.) The steepest jump came for two-bedroom apartments, with median rents up 13.3% to $4,250, compared to $3,750 in October 2024. Luxury units, defined as the top 10% of the market, helped drive prices higher, with median luxury rents up 12.5% vs. the year prior to $7,850 a month."

""We have about a 30% market share of bidding wars, meaning someone paying more than the landlord asked, which isn't a record, but prices and the tightness of the market remains in place," he said. "One of the expectations we had with mortgage rates drifting a little bit lower since August was that that would take some of the pressure off the rental market, but it really hasn't.""

Brooklyn asking rents rose sharply in October, with the average rent at $4,340 (up 8.5% year over year) and the median at $3,850 (up 6.9%). Price per square foot climbed 6.7% to $61.51. Two-bedroom median rents jumped 13.3% to $4,250. Luxury units (top 10%) saw median rents increase 12.5% to $7,850, while existing-building median asking rent rose to $3,750 and new-development median rent held at $4,500. New developments made up 16.1% of listings. Inventory rose but new lease signings fell, and bidding wars affected about 30% of the market.

Read at Brooklyn Paper