The Real Deal New York

Brooklyn rents, not snow, fall this winter

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

 

  • LarryThe AptLender

    There were also a tremendous amount of buildings in Bushwick, Bed-Stuy, Clinton Hill and other neighborhoods that were renovated and re-tenanted with much higher paying occupants.