Brooklyn rental prices rose and the number of new leases signed more than doubled in the past month, according to rental reports from MNS and Douglas Elliman. Jonathan Miller, founder of real estate analytics firm Miller Samuel, told The Real Deal that the increasing number of new leases showed that tenants were dissatisfied with rent hikes from their existing landlords and looking elsewhere for their next apartment.
Not only were 442 new leases signed in January, a 111.5 percent increase from December, but that number represented a 33.5 percent jump from January of last year, according to Elliman. And more tenants negotiated discounts on their rents than last January, with the discount from the original list price rising from 5.9 percent to 6.5 percent. Overall, median Brooklyn rental prices jumped from $2,660 a month in December to $2,830 a month in January, a 6.4 percent increase.
Bushwick, Downtown Brooklyn and Fort Greene all saw marked rental price increases between December and January, MNS said. And two-bedroom apartment prices in Crown Heights rose 5.3 percent because of new developments on Bergen Street. Not surprisingly, Dumbo still holds the title for most expensive average rents in every type of unit. Meanwhile, Prospect Lefferts Gardens has the cheapest studios and one-bedrooms, and Bed Stuy has the cheapest average rents for two-bedrooms, MNS’ analysis shows.
Has your landlord raised your rent lately? Or if you’re a landlord, have you raised the rent?