Rents down in Brooklyn, but up in Manhattan

Average rents in Brooklyn fell 5 percent from November to December, according to the New York Post. At the same time, however, average rents in Manhattan rose 1.5 percent, said the Post, quoting a Douglas Elliman survey.

The high cost of Manhattan rent was attributed, in part, to the super-luxury market.

Mark Melendez of Douglas Elliman was quoted as saying that “Brooklyn doesn’t keep the same pace as Manhattan,” and that Brooklyn is “more vulnerable to a slowdown” because of supply and demand.