Brooklyn rents drive construction boom

Real estate investors in the New York City area may be kicking themselves for not investing more money into Brooklyn apartment developments, because the populous borough has become a renter haven.

According to Bloomberg, the New York Department of Buildings issued permits for 256 new developments in Brooklyn so far this year, more than any previous year since before the housing crash in 2008.

David Behin, president of investment sales at MNS, noted in an interview with Bloomberg that rents in Brooklyn have risen to the point where they are almost comparable to those in downtown Manhattan.

"[Brooklyn] is no longer a little sister to Manhattan where you can get a lot more for a lot less," said Behin.

In an interview with AM New York, Gary Main, president of CitiHabitats, noted that the property managers in New York would continue to receive hundreds of rental applications, despite the seasonal lull, due to limited inventory.