Rental prices in Brooklyn continue to escalate rapidly, as one- and two-bedroom apartments in the borough saw year-over-year rents increase 7.5 percent and 10.2 percent, respectively, according to a February market report released today by brokerage MNS. Studio apartments experienced a 2 percent decline in that same time frame.
The average rent for a Brooklyn studio was $1,686 last month, one-bedrooms’ monthly cost averaged $2,294 and two-bedroom prices settled at $2,950, according to the report. Dumbo remained the priciest neighborhood for all unit sizes, charging price premiums of nearly $1,000 for studios and more than $2,000 above the borough’s average for two-bedrooms. The least expensive neighborhood was Bay Ridge.
On a month-over-month basis, the average rent declined just 0.39 percent.
“During what is traditionally a quiet rental period, Brooklyn’s rental market continues to show strength,” said MNS CEO Andrew Barrocas. “Given the limited inventory and unseasonably warm weather, renters may not find any relief this winter.”
One area where renters were provided some relief in February was Clinton Hill, which had month-over-month rent declines of 2.3 percent across all unit types.
MNS’ market report is based on a cross-section of data that excludes listings priced above $10,000. — Adam Fusfeld