Market Report: Rents Increasing in Brooklyn

It will come as no surprise to anyone who’s been looking lately to hear that rents in Brooklyn are up across the board. The July 2012 Brooklyn Rental Report from MNS out today reports that average prices of studios increased 14.9 percent, one-bedrooms 8.3 percent and two-bedrooms 11.8 percent in July vs. the same month last year. Dumbo’s rentals are the most expensive, and a one-bedroom there averages $3,640. Meanwhile, the cheapest studio averages $1,200 and you’ll find it in Bed Stuy. Bargain hunters in search of the most inexpensive one- and two-bedrooms should head for Bay Ridge, where they average $1,372 and $1,881, respectively. The greatest change since June was the price of a studio in Bushwick, which rose an average of $308, or 22.8 percent. At the other extreme of the market, Dumbo two-bedrooms decreased by $250 this month on average, although they are still the borough’s priciest at $4,819.
Photo by daniel arnold!