"In October, the average rent in Brooklyn reached $4,340 a month, a leap of 8.5 percent year over year. The median rent in Brooklyn climbed to $3,850, a 6.9 percent increase over the same period last year. Perhaps most tellingly, the price per square foot grew 6.7 percent 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."
"The steepest jump came for two-bedroom apartments, with median rents up 13.3 percent to $4,250, compared to $3,750 in October 2024. Luxury units, defined as the top 10 percent of the market, helped drive prices higher, with median luxury rents up 12.5 percent vs. the year prior to $7,850 a month. Any bargains to be found were in existing buildings, where the median asking rent was $3,750, up 7.3 percent year over year."
Asking rents in Brooklyn reached an average of $4,340 in October, an 8.5 percent year-over-year increase, while median rent rose to $3,850, up 6.9 percent. Price per square foot increased 6.7 percent to $61.51. Inventory rose even as new lease signings fell. Two-bedroom median rents jumped 13.3 percent to $4,250. Luxury-unit median rents climbed 12.5 percent to $7,850, and existing-building median asking rent rose to $3,750, up 7.3 percent. New-development median rent held at $4,500 and accounted for 16.1 percent of listings. Roughly 30 percent of transactions involved bidding wars, with strong finance-industry demand contributing to higher rents.
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