The cost of renting in Manhattan and Brooklyn soared to an all-time high during the third quarter, with Manhattan climbing 9.5 percent year-over-year.
And while Brooklyn faced slower growth in general, some neighborhoods, such as Canarsie and Brownsville, guided both boroughs in rent increases over the last year.
According to a Luxury Daily report, the medium rent price of $3,339 in Manhattan was an unprecedented high, steered by a 10.7 percent climb in one-bedroom apartments rent prices from the year before.
Median home sales also rose, as Manhattan resale prices attained a boost of 6.3 percent from a year earlier to $982,958.
In Brooklyn, the prices climbed to a significant high of $545,139, a nine percent jump from a year ago.
The report projects both Manhattan and Brooklyn real estate prices will continue to rise.
The Luxury Daily report also referred to data from StreetEasy Market Report that Manhattan and Brooklyn could not have been more different when it came to sales inventory growth in the third quarter.
The report noted Manhattan’s total inventory fell 0.5 percent from a year ago while Brooklyn inventory climbed 10.2 percent, with the highest annual growth in inventory in the North Brooklyn neighborhood, representing 25.3 percent growth.
Manhattan’s midtown vicinity was the borough’s only area to see annual growth in inventory, with an unexceptional 3.4 percent increase.
Manhattan also remains a strong seller’s market as homes that sold typically spent 3 days or less on the market in the third quarter than last year. Manhattan home sellers are receiving more of their original asking price from the previous year.
In a comparable trend, Brooklyn home sellers could look forward to be given nearly all of their preliminary selling price.
New York’s luxury real estate services firm, Town Residential, found sale prices have increased year-over-year and New York’s luxury real estate market is as healthy as ever.
Town Residential, which puts a hand-crafted approach to the of sale and leasing of properties into action, specializes in luxury residential sales, leasing and sales and leasing of property expansion.
In 2015 even more new apartments are expected to come onto the market.