Rent prices for Brooklyn apartments and rental homes continue to grow both monthly and yearly, according to the MNS Brooklyn market report for April. As more inventory hit the market from an influx of overturning leases, neighborhoods saw average price surges, especially on a yearly basis. With a 10.12 percent increase in inventory last month from 3,430 units, a total of 3,777 units hit the market in April. Like most markets, spring months in Brooklyn feature a higher number of leases ending than average, which allows formerly occupied apartments to return to the market. Between March and April of this year, Brooklyn’s average rent rose a mild 1.84 percent. In March, average rent price was $2,723.46. The average rent in April hit $2,773.70. Brooklyn rent grew 1.82 percent since April of last year, when the average was $2,724.14. While month-to-month and annual rent growth in Brooklyn as a whole was not as significant, a closer look at submarkets reveals strong fluctuations...
- Between March and April of this year, Brooklyn’s average rent rose a mild 1.84 percent.
- Cobble Hill featured the highest month-over-month rent growth at 6.76 percent, prompted by shifting inventory.
- Dumbo studios sat on the market for 84 days, the longest time among all neighborhoods last month.
- Williamsburg rents dropped 6.33 percent since last year.