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New York

Fort Greene studio rentals hit nearly $2,500

Low inventory, new luxury development push nabe rents sky-high

88 Willoughby Streetand 333 Schermerhorn Street
88 Willoughby Streetand 333 Schermerhorn Street

Studios are hot in Fort Greene, with average prices jumping more than 5 percent in the last month to $2,450, according to new figures from brokerage MNS Realty.

The report attributes the recent price hike to a combination of lack of inventory in the neighborhood and a flurry of luxury developments cropping up on the border of Downtown Brooklyn. 

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The sticker price for a one or two-bedroom in the nabe is also creeping up, increasing 2.1 and 1.8 percent from last month, respectively. Rental prices are also heating up in Cobble Hill, Crown Heights and Downtown Brooklyn, according to DNAinfo.

In the next few years, thousands of rental units are slated to hit the Brooklyn market, including 861 apartments at 88 Willoughby Street that AvalonBay Communities is constructing, and 720 apartments at 333 Schermerhorn Street that developer Douglas Steiner is putting up, both of which are Downtown. [DNAinfo]  — Angela Hunt

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AvalonbayDoug Steiner