Rents Increase Again

More bad news for renters in Brooklyn: After two months of declines, rents jumped again. Bay Ridge saw the highest increase, with average rents up 9.3 percent in October, vs. the same period the year before, according to a report out Thursday from real estate firm MNS.

The average asking rent in Bay Ridge in October was $1,766, vs. $1,615 a year ago, said MNS.

Overall, the median rental price in the borough increased 5.9 percent to $2,858 a month in the year ended in October, according to another report out Thursday from Douglas Elliman. The average rent increased 2.2 percent to $3,187.

But there was good news hidden in the data: Rents per square foot, often a better indicator, fell 11.3 percent to $38.64, according to the firm.

Brooklyn Rental Report October 2014 [Douglas Elliman]
Brooklyn Rental Report October 2014 [MNS]