The fifth annual MNS Report for Brooklyn points positive for New York City’s trendiest borough. While rent prices continue to skyrocket across the city, Brooklyn growth shows steady hikes for all apartment sizes. Overall, average rents in Brooklyn increased 1.5 percent since 2014, hitting a peak of $2,716 in 2015 from $2,676 in 2014. Two-bedroom units saw the highest price growth at 2.1 percent, followed by one-bedrooms and studios at 1.3 and 0.8 percent, respectively. Studios went from an average of $2,127 in 2014 to $2,144 in 2015. One-bedrooms rose to $2,607 from $2,574 the year prior. Finally, two-bedroom apartments averaged $3,398 per month in 2015, up from $3,327 in 2014. While these increases seem small compared to Manhattan, increasing demand for Brooklyn apartments com...
- Overall, average rents increased 1.5 percent since 2014, hitting a peak of $2,716 in 2015 from $2,676 in 2014.
- While these increases seem small compared to Manhattan, increasing demand for Brooklyn apartments combined with new developments keeps prices growing at a sustainable level.
- Like Manhattan, Brooklyn tenants want larger apartments to accommodate families and roommates.
- MNS predicts inventory in Williamsburg and Downtown Brooklyn will increase dramatically over the next two to four years.