Rents Still Going Up, Up, Up In Brooklyn
Bedford-Stuyvesant is on the rise — in rent prices.
The neighborhood, where Biggie Smalls got his start, saw the largest increase in rents from April to May, rising 6.5% overall, according to a report from MNS Real Esate that focused on what MNS determined to be Brooklyn’s 14 most popular neighborhoods. Studios in the neighborhood saw the biggest uptick, rising 11.4% in May to around $1,281.
One-bedroom apartments rose to $1,680, an increase of 2.5%, and two-bedrooms rose to $2,170, or 5.5%.
Brie Train, a development coordinator at MNS, attributes the big jumps to major growth in the area.
“There’s been a lot of great retail development happening there, and there’s been a big cultural scene for a while,” Train said.
“There are still great deals, but I think people will choose that neighborhood specifically not just because it’s cheaper, but they’ll actually choose it as a destination.”
Rents in the borough overall rose about 2% between April and May. The usual neighborhoods topped the market in price: DUMBO is most expensive, with a one-bedroom averaging $3,542, followed by Williamsburg, with a one-bedroom renting for an average $3,087.
Bay Ridge was the least expensive, at $1,399 for a one-bedroom.
Boerum Hill, Brooklyn Heights, Cobble Hill and Crown Heights are the only neighborhoods with any decline in rent.
Since 2011, rent in Brooklyn is up about 10%, with Park Slope seeing the most drastic year-over-year increase at about 40%.Magazine · Newspaper · Rental Market Report