Markets & EconomyRentals

Report shows Brooklyn’s Greenpoint exhibiting high rent growth

Rent continues to jump throughout Brooklyn neighborhoods
  • According the report, the increase in Greenpoint is driven by rising demand for two-bedroom units, which saw prices rise by an impressive 6.01 percent last month.
  • Crown Heights had the highest year-over-year rise in rent at 7.9 percent, followed closely by Prospect Lefferts Gardens with 7.8 percent growth.
  • Dumbo is the most expensive neighborhood across the board for both studios ($3,050) and two-bedrooms ($5,548).
  • For the most part, the least expensive neighborhood in Brooklyn is Bay Ridge, where studios costed an average of $1,384 per month.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Brooklyn's Greenpoint neighborhood/Flickr user adamgetsawesome The latest MNS report on Brooklyn indicates the market remained stable year-over-year, with just a 0.58 percent rent increase from Feb. 2015 to Feb. 2016. The average rent in February of last year was $2,700.99 and this year grew to $2,716.55. Brooklyn’s rental market is notoriously in demand year-over-year, however, so rent growth in any regard is not likely to turn heads. Still, Brooklyn rents decreased slightly month-over-month by 0.03 percent, from $2,717.39 in January to $2,716.55 in February. Nonetheless, some neighborhoods within Brooklyn featured high rent growth last month, specifically Greenpoint, where overall rent increased by 3.23 percent from $2,692 to $2,779. “It has a lot to do with families moving into the neighborhood. You have a lot of development on the waterfront. More retailers are coming in,” said Andrew Barrocas, CEO of MNS. According the report, the increase is driven b...