Compared to the average residential rent increases MNS saw in its recent annual report, the brokerage’s new January data show a slight decrease in Brooklyn rents month-over-month, while year-over-year numbers were more positive.
Between December and January, Brooklyn rents dropped an average of $10 per month, according to the January Brooklyn rental market report released today.
“The only reason you’re not seeing an increase [month-over-month] is because of seasonality,” said MNS CEO Andrew Barrocas. “[January is] a slower month, and typically leases roll over into busier times.”
But, Brooklyn rents increased year-over-year last month across all apartment sizes.
There was a 1 percent increase in studio rents year-over-year ($1,698 from $1,681), an 8.1 percent increase for one-bedrooms ($2,300 from $2,128) and an 11.7 percent climb for two-bedrooms ($2,975 from $2,663).
Such rent increases were to be expected, Barrocas said, because of the increasing number of waterfront promenade extensions from Brooklyn Heights to Greenpoint and new retail spaces borough-wide