The rent is too damn high! Brooklyn’s rents hikes — up 10.3% — top Manhattan’s

Story by Brooklyn Daily eagle - Source: http://www.brooklyneagle.com/

Rents continue to rise in Brooklyn. Photo ©Wikimedia Commons

As Jimmy McMillan likes to say, “the rent is too damn high.” That mantra certainly applies to Brooklyn.

The median price for an apartment in the borough rose 10 percent between November 2011 and 2012, from $2,450 per month to $2,698, according to a Douglas Elliman report found by The Real Deal.

The Brownstoner also points out that the price per square foot rose over $34, or 10.3 percent, from last year. Elliman’s explanation? “Tight credit conditions in the sales market and improving employment.” The increase was seen in both regular and luxury apartments in Brooklyn over the last 12 months.

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