The neighborhoods closest to the Barclays Center are seeing the greatest appreciation in average rents as the arena finally nears its long-anticipated opening date. Boerum Hill and Fort Greene saw their average rents increase 3.4 percent and 3.0 percent between August and July 2012, according to the August Brooklyn rental market report released today by MNS. The brokerage’s data also show rents are rising fastest for larger units.
The average rent for two-bedroom units reached $3,083 in August, up 9.2 percent on a year-over-year basis. By comparison, one-bedroom rents rose 7.1 percent to $2,415 and studio rents jumped 6.8 percent to $1,895 over that time frame.
On a monthly basis the average rent was down 3.1 percent for studios and up 1.2 percent and 0.7 percent for one-bedroom and two-bedroom units, respectively.
“Last month, we reported studios were taking top dollar, but are now coming down in price,” MNS CEO Andrew Barrocas said in a statement. “We believe renters are opting for more space, which is driving up prices for one- and two-bedrooms.”
In addition to Boerum Hill and Fort Greene, the Greenpoint and Williamsburg neighborhoods have also shown consistently rising rents over the past 13 months. On the other hand, the report shows that rents for all unit types in Bedford-Stuyvesant have been trending downward for two months since peaking in June. — Adam Fusfeld