Markets & EconomyRentals

Brooklyn studios are in high demand, report says

MNS report shows strong annual price growth in neighborhoods with smaller units
  • Crown Heights, Prospect Lefferts Gardens and Fort Greene had studio rent price increases of 15.98 percent, 15.46 percent and 12.66 percent over the past year.
  • Studios largely led to the overall rent increase in Crown Heights and Prospect Lefferts Gardens, the report says, as they were neighborhoods with the largest annual increases in overall rent.
  • The least expensive neighborhood in March overall was Bay Ridge.
  • Although Brooklyn inventory increases were relatively low in March, Barrocas said this has to do with high absorption rates and the speed at which Brooklyn units are being turned over.

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Brooklyn Marathon in Dumbo/Flickr User dumbonyc Brooklyn prices went up once again in March, according to the latest MNS Brooklyn market report, which is encouraged further by the upcoming renting season. The monthly average rent increased by .25 percent from February to March, from $2,716.55 to $2,723.46 per month. On an annual scope, the rent underwent a .45 percent push, as the average price was just $2,711.22 one year ago. While Brooklyn was once considered a more residential alternative to the bustling streets of Manhattan, more single-dwellers are taking over the borough as of recent years and likely opting for smaller spaces, according to MNS CEO Andrew Barrocas. “More areas of Brooklyn attract the younger demographic that might have once moved to the Upper East Side and other areas of Manhattan. They are now moving to Brooklyn,” he said. Studio popularity was ubiquitous in March, with Crown Heights, Prospect Lefferts Gardens and Fort Greene featuring st...