Rents are high all over Brooklyn, and the price gap between “prime” and “emerging” neighborhoods is narrowing.
Average rents increased 6.82 percent since June 2013, with rents in Crown Heights increasing the most of any Brooklyn neighborhood in the last year, according to a report out from MNS. Average rents in Brooklyn are now $2,741 a month, up from $2,566 a month in June 2013.
“It is well known that Brooklyn is rapidly gentrifying and Crown Heights is currently at the forefront of that movement,” said the report. Studios increased 36.87 percent, one-bedrooms 19.59 percent and two-bedrooms 13.57 percent in Crown Heights in the year period, with average one-bedroom rents now $2,125 per month.
The price gap between neighborhoods is shrinking. Over in Cobble Hill, the average rent for a one-bedroom is now $2,300, an increase of 17.5 percent since May 2014, said the report. In Bushwick, the average one-bedroom is now $1,964 a month, a decrease of 7.8 percent since May of this year.
The report covers a wide area of Brooklyn, from Brooklyn Heights to Bay Ridge, but does not include every area. It is based on data from MNS as well as REBNY and other sources.