The fifth annual MNS Report for Brooklyn points positive for New York City’s trendiest borough. While NYC rent prices continue to skyrocket across the city, Brooklyn growth shows steady hikes for all apartments sizes.
- 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.
The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills