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Brooklyn apartment rate increase higher than Manhattan’s

…Jonathan Miller, president and CEO of the Miller Samuel Appraisal Group and the author of the report, said one of the biggest reasons for rising rents in New York City, and nationwide, has been the tightness of mortgage lending since the 2008 financial crisis.

“Renters who organically would have moved to the sales market are unable to qualify for a mortgage and are tipped back into the rental market, causing a log jam, so to speak,” Miller said….

…Manhattan saw only a 44.9 percent increase in new rentals in the same period, which Miller said may be a matter of timing.

“Brooklyn appears to be about a year behind Manhattan,” Miller said….

…Miller said the current real estate climate means it’s difficult for NYU students looking for their first apartment to find an affordable rate.

“I don’t expect much relief in sight,” Miller said….

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