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.

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.