Markets & EconomyRentals

Rent in Brooklyn neighborhoods continues to grow in January

  • While monthly trends showed little shifts, average rent in January 2015 was 1.92 percent less at $2,666.26.
  • The most expensive neighborhood was Dumbo across all unit types and sizes.
  • Crown Heights studio prices saw the largest monthly decreases with a 4.36 percent drop in average rent, or $74.
  • According to the report, high-priced units entered the market while less expensive units exited last month.

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Peeter Viisimaa / iStock.com Brooklyn rents are on the rise again, but last month was not as fast-paced as usual. Average rent in the borough remained stable with just a .2 percent increase in price, climbing from $2,711.87 in December of last year to $2,717.39 this January, according to the MNS January market report for Brooklyn. While monthly trends showed little shifts, average rent in January 2015 was 1.92 percent less at $2,666.26. The year-over-year increase rules out seasonality as a factor and isolates demand as a key element in rising average rent in Brooklyn. Moreover, month-over-month inventory levels increased 2.67 percent across the borough. In December, Brooklyn contained 3,296 rental units, as compared to 3,384 in January. The high and low neighborhoods in Brooklyn Fort Greene, Prospect Lefferts Gardens and Crown Heights all saw average annual growth in rent price. Average rents increased 9.4 percent, 7.8 percent and 7.8 percent, respectively, since last year i...