"As the temperature dropped, rental activity increased markedly. “The hyperactive November and December 2009 are a true testament to the resiliency of the brownstone Brooklyn rental market,” the report states. “It is as if everyone had been asleep and then mid-November capriciously happened.”While most of the year was hardly a cause for elation, December certainly impressed: 15.3 percent of all rental transactions for the year were completed that month alone, the report found.
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Still, conditions are certainly more favorable for renters than they were at the irrational heights of the last real estate bubble. Over the last year, virtually all rental units decreased in price in comparison to 2008. Two bedroom apartments lead the general trend, renting for an average of $2,605 a month, shaving $225 a month from 2008. One bedrooms fell an average of $214 and three bedrooms on average were $141 cheaper in 2009, down to an average of $3,000 a month."
Is this a temporary uptick, in response to steady demand and reduced prices, or will we see prices rebound as we head in 2010? As Bob Marley says...
