Rejoice, Brooklynites—after 14 grim months of increases, rental prices have finally dropped, albeit just a scant 1.5 percent. But as grandmothers everywhere like to say, "A penny saved is a penny earned!" and "Just be glad it's not 15 straight months of increases, you bearded ingrate!"
According to a report from Douglas Elliman, Brooklyn's median rental price in August dipped to $2,808 (weep), down from $2,852 in July. The decrease was not, however, felt evenly across the board: prices for studios actually rose seven percent from July, while prices for two-bedrooms decreased 3.8 percent.
The decreases, however minute, apparently come as a surprise to experts, particularly since summer is notoriously the most competitive rental season of the year. “Rents are still skirting around record levels, but they’re not rising as rapidly as they once were,” appraiser Jonathan Miller, who prepared the report, told the Daily News.
In Manhattan, rents for one-bedrooms fell two percent, and the price of three bedrooms fell eight percent. “Manhattan tenants have been feeling the sting of high rents and are beginning to fight back,” Gary Malin, president of Citi Habitats told the tabloid.
That said, Manhattan's rental price is still $367 higher than Brooklyn's, so the borough ain't dead yet. Or maybe it's been dead all along.