#rent-growth

#rent-growth

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.

This surge was partly driven by a greater share of larger, higher-priced homes being listed and a tight inventory of single-family rentals, making local data more susceptible to fluctuations.