The Brooklyn rental market was more competitive than the Manhattan rental market in August, with rental properties spending the shortest time on the market among all New York neighborhoods, according to Zillow’s StreetEasy Market Report. Midwood and Prospect Park South were the fastest-moving neighborhoods, with rentals spending 11 days and 13 days on the market, the report found. In Manhattan, Little Italy, Sutton Place and the Upper East Side were the fastest movers, with rentals spending 14 days on the market. The median asking rent in Brooklyn rose 4% to $2,650 in the month, its sharpest increase of the year. In Manhattan, the median asking rent rose 3.3% to $3,460. “Renters in Brooklyn face the steepest competition for apartments and also carry the city’s highest rent burden,” said StreetEasy data scientist Alan Lightfeldt. “This trend will continue until income growth accelerates and the supply of affordable homes increases across the city.”
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From:: Stock Market News