Brooklyn Rents Are Up

Rents are relatively low in Bay Ridge apartments such as these
  • Rents are relatively low in Bay Ridge apartments such as these

Rents are up almost everywhere in Brooklyn—from last year and from last month, in neighborhoods north and south, west and central, according to a real estate agency’s monthly rental report. On average, rents have increased around 10 percent since last May, and generally have been up every month since a slight decline in February: studios are up 10.8 percent, one bedrooms 8.3 percent, and two bedrooms 11.6 percent. The largest increase since last year was in Park Slope, where rents are up 40 percent.

From April to May, the largest rent increases were in central Brooklyn: one bedrooms in Prospect Lefferts Gardens rose almost 5 percent, while Bed-Stuy saw its two bedrooms go up 5.5 percent, and its studios more than 11 percent. Rents in Bed-Stuy are up overall 6.5 percent, compared to April. “Although rents are still 45 percent less than Williamsburg rents, we anticipate tracking a shrinking price gap between the two neighborhoods,” the report states.

DUMBO is still the most expensive neighborhood—the average two bedroom is more than $5,000 a month—while Bay Ridge is the least expensive. (A two bedroom there costs $1,800 a month.)

The report is compiled by MNS, a real estate company, which considers its own listings in 14 neighborhoods: Bay Ridge, Bed-Stuy, Boerum Hill, Brooklyn Heights, Bushwick, Clinton Hill, Cobble Hill, Crown Heights, DUMBO, Fort Greene, Greenpoint, Park Slope, Prospect Lefferts Gardens and Williamsburg.

Follow Henry Stewart on Twitter @henrycstewart
[HT AM NY via Bed-Stuy Patch]

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