Real estate
fromwww.housingwire.com
1 day agoMultifamily players spot recovery signs amid risks and headwinds
The multifamily sector shows cautious optimism for improvement despite high vacancy rates and stagnant rents.
In October, the average rent in Brooklyn reached $4,340 a month, a leap of 8.5% year over year. The median rent in Brooklyn climbed to $3,850, a 6.9% increase over the same period last year. Perhaps most tellingly, the price per square foot grew 6.7% in the year period to $61.51, according to the October rental market report prepared by appraiser Jonathan Miller of Miller Samuel for Douglas Elliman.
This surge was partly driven by a greater share of larger, higher-priced homes being listed and a tight inventory of single-family rentals, making local data more susceptible to fluctuations.