With rental rates up two percent across the borough since April, Brooklyn’s rental market is hotter than ever, according to the May 2012 Brooklyn Rental Market Report released by MNS.
Looking back on a yearly basis, rates are up an average of 10 percent since last May, with Park Slope showing the largest jump-up 40 percent.
According to the report, the greatest month-to-month changes in rental rates was seen in Bedford-Stuyvesant for studios, up 11.4 percent (about $131); one bedrooms in Prospect-Lefferts Gardens were up 4.8 percent (about $77); and two-bedrooms in Bedford-Stuyvesant, up 5.5 percent (about $113).
Presented by MNS, a leading residential brokerage and sales and marketing firm, the report is the only study that compares fluctuation in the city’s rental data on a monthly basis.
“Renters looking to find relief in Brooklyn will be shocked to discover prices are starting to mimic Manhattan,” said Andrew Barrocas, CEO of MNS. “Prime neighborhoods, like Brooklyn Heights, DUMBO, and Williamsburg, are commanding unprecedented rental rates.”
The following are highlights from the report:
Rents rose by 6.5 percent in Bed-Stuy, with new rental and retail projects being constructed along Fulton and Lewis Streets.
Although rents are still 45% less than in Williamsburg, the gap is likely to close soon.
Though one-and two-bedroom renal rates in Brooklyn Heights surpass the borough-wide average by 22 percent and 35 percent respectively, studios in the trendy neighborhood can be rented for just under $2,000.
On a monthly basis, two-bedroom units across the borough saw the greatest rental increase – by 11.6 percent $3,077 per month.
The Brooklyn Rental Market Report is based on a cross-section of data from availability listings and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average.
The firm’s data is aggregated from the MNS proprietary data base and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month.
It is then combined with information from the REBNY Real Estate Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).
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