Bed-Stuy, Fort Greene and Clinton Hill Heat Up Brooklyn’s Rental Market | Press Archives | MNS

Press Archives

Bed-Stuy, Fort Greene and Clinton Hill Heat Up Brooklyn’s Rental Market

By Kelvin Augustin on February 8, 2013

BROOKLYN — After skyrocketing through much of 2012, rents in Brooklyn’s ever-growing roster of coveted neighborhoods seem to have slowed their meteoric rise — though finding a pad is still a pricey endeavor.

Boroughwide, rental prices rose more slowly and in some neighborhoods even dropped slightly in January of 2013 after strong gains in 2012. The average rent remains about $200 higher than it was a year ago, according to a report released Thursday by MNS Real Estate.

“I don’t think you’ll quite see the growth that we saw in the last year, but I do think you’ll see a growth,” said Andrew Barrocas, the company’s CEO. “Unemployment is dropping, so regardless of where it is, you see a lot of demand right now in the market.”

Studios now command 13 percent more than they did last year, while one and two bedrooms each rose by about 7 percent.

Though rents increased nearly everywhere, Central Brooklyn made the biggest gains. New renters in Fort Greene, Clinton Hill and Bedford-Stuyvesant are paying at least $100 more today than they were a year ago, the report showed.

The average rent for a studio or a two-bedroom in Fort Greene is more than $400 higher than it was in January of 2012, while the price of a one-bedroom jumped more than $600, from $2,597 to $3,254.

Similarly, the average rent for a two-bedroom in Clinton Hill jumped about $300, while the rent for a one-bedroom in Bed-Stuy grew by nearly $200.

The borough’s popular northern neighborhoods saw another year of rapidly rising rents, with the average rent for a studio in Greenpoint rising by close to $1,000. Dumbo remained the most expensive place to rent, with studios commanding an average of more than $2,700.

“These are areas that saw tremendous growth with limited inventory,” Barrocas said. “It’s not stopping.”

Full Article

Categories: Magazine · Newspaper · Rental Market Report