Luxury Rental Prices Soar in Brooklyn

Rents in Brooklyn continue to grow, particularly at the high end of the market. The prices of luxury rentals are growing faster than the market overall, according to a monthly report from Douglas Elliman.

The median price of rentals in Brooklyn increased 6.8 percent to $2,699 in October, vs. a year ago. Prices per square foot rose a whopping 25.5 percent to $43.57. Average rental prices were up 12.6 percent, to $3,119.

In the luxury rental category, the top 10 percent of the market, the average rental price jumped 21.7 percent to $6,780 from $4,700 in the year.

Another report from MNS found double-digit increases in average rents in Bed Stuy, Bushwick, Cobble Hill, Greenpoint, and Prospect Lefferts Gardens year over year. In the latter, average rents were up 13.3 percent, to $1,716 a month; in Bed Stuy, average rents climbed 14.6 percent, to $1,925 a month.

The most expensive two-bedroom units were in Dumbo ($5,809) and the cheapest were in Bay Ridge ($2,165).