Studios Regain Supremacy In Brooklyn Rental Market
In the past year, much of the spotlight has been on the increasing demand for larger Brooklyn units, but studios made a comeback in April. A rental market report released today by MNS showed the average rent of a Brooklyn studio increased 2.3 percent since March, compared to 0.9 percent and 1.0 percent increases for one-bedroom and two-bedroom units in the borough, respectively.
It’s the second consecutive month studio rental prices increased after five straight months of declines.
However, the year-over-year figures demonstrate the continued growth of rents for larger apartments. On an annual basis, rents rose 4.7 percent for studios to $1,749, 8.4 percent for one-bedrooms to $2,328 and 10.4 percent for two-bedrooms to $3,015.
Park Slope showed the greatest growth in rent prices in the last year, gaining an average of 33 percent across all unit types. On a monthly basis, Boerum Hill and Cobble Hill rents decreased the most. Dumbo remained the borough’s most expensive neighborhood with Bay Ridge reporting the cheapest rents. — Adam FusfeldBlogs · Magazine · Newspaper · Rental Market Report