“Streak of rising rents in Brooklyn comes to an end,” trumpeted the headline in The Real Deal. “Brooklyn’s 14-month streak of rising rental prices ended in August, as new development units came onto the market, according to Douglas Elliman’s monthly rental report released Thursday,” said the story.
Yes, technically, it’s true, and that’s something for renters to celebrate. But a look at the fine print reveals a considerably less dramatic picture. The median was down 1.5 percent in August, vs. the month before, to $2,808. But averages for studios and one-bedrooms were up, though two-bedrooms were down quite a bit — slipping 6.1 percent to $3,292 on average vs. the same time the previous year, according to Douglas Elliman. Hopefully that’s good news for families and shares, at least in the more expensive parts of the borough.
Prices in areas such as Crown Heights and Bushwick are still climbing, increasing a whopping 17.59 percent and 11.2 percent, respectively, in one month, according to data MNS released today. Some formerly inexpensive neighborhoods are now expensive, making the average monthly rent of a one-bedroom in Boerum Hill, Fort Greene, Bushwick, and Greenpoint competitive, ranging from $2,625 to $2,694 a month.
Douglas Elliman execs attributed the slowdown to a rise in inventory thanks to new construction.
Image by MNS