#bidding-wars

#bidding-wars

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.

James Guimaraes was on mile seven of his last training run for the New York City Marathon when he got sucked into a bidding war. The Corcoran broker's clients had an offer in on something, and it was the sellers' agent calling: Was there any way to up the bid? Guimaraes spent the next four miles of his run trading off on calls between his clients and the other agent.

The average rent in Manhattan surged 7% year over year to an all-time high of $5,450, marking the seventh consecutive month of price increases.