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Report: Crown Heights Leads Brooklyn In Rent Increases
By
Gabrielle Sierra
Published Jul 16, 2014
Modified Jul 16, 2014
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Tien Mao / Gothamist
By
Gabrielle Sierra
Published Jul 16, 2014
Modified Jul 16, 2014
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A new study examining the average rent for a Brooklyn apartment revealed that Crown Heights continues to lead the borough in rising rents. The study, released by the MNS Real real estate group, focuses on average monthly rental costs between June 2013 and June 2014. During that time, Crown Heights studio prices have increased by nearly 37 percent, followed by one-bedrooms which are up by nearly 20 percent, and two bedrooms, up by nearly 14 percent.
"Several new development, converted, and renovated buildings listed a large number of units this past month including 764 Saint John’s Place, 341 Eastern Parkway, and 836 Bergen Street," the study said. "It is well known that Brooklyn is rapidly gentrifying and Crown Heights is currently at the forefront of that movement."
Of course, Brooklyn rental prices are on the rise as a whole. The MNS study revealed that average rents rose 6.8% from this time last year, up from $2,566 to $2,741. Studios in other developing areas like Bed-Stuy and Bay Ridge have also seen a hike in rent, up approximately 42 percent since May 2013.
"This continued rising trend in these two neighborhoods can be attributed to new development buildings and conversion buildings entering the market," the study said. "New building developers are turning their focus away from the saturated markets close to Williamsburg and Downtown Brooklyn in favor of neighborhoods further into the heart of Brooklyn."
The study also showed that some Bushwick rents have dropped since last month, with one-bedroom units falling from $2,130 to $1,964. Still, rents on studios in Bushwick rose since last month, with a 6.6 percent increase, so it probably just means that tiny apartments are super trendy right now.
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Gabrielle Sierra
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