Brooklyn rents climbing, according to recent reports
BROOKLYN — As part of its weekly market watch review issued on Monday, Ariel Property Advisors reports that rents are climbing in Brooklyn
The climbing apartment rents — a 10 percent increase in 2010 and a 7 percent increase in 2011 — are expected to continue, increasing by an estimated 5 to 10 percent in the next 12 to 18 months.
Ariel reports that the continued difficulty in obtaining mortgages has led investors to pay Manhattan level prices for multifamily properties in Brooklyn.