While rents per square foot in Brooklyn increased 3 percent in a year, they surged 17.5 percent in Crown Heights, according to two reports out yesterday from Douglas Elliman and MNS. The rental price per square foot is now $38.78 percent, said Elliman. In Crown Heights, rents shot up to $2,110 from $1,795 in the year period from July 2013 to July 2014, said MNS.
The number of new rentals surged 127 percent to 892 in a year, indicating that renters were rejecting increases from landlords, according to Elliman. Listing inventory also increased 2 percent in the year period, said MNS. The median rental price in Brooklyn is now $2,852, and the average is $3,111, according to Elliman.
Brooklyn “continues it steady upward pattern,” said the MNS report, even as rents decreased from June of this year “due to the maturation of inventory on the market in several neighborhoods.” More specifically, “neighborhoods such as Williamsburg and DUMBO continue to see slower growth, while much of the more rapid expansion is taking place in underdeveloped areas like Bushwick and Crown Heights.”
To give some idea of how that translates neighborhood by neighborhood, a one-bedroom in Bay Ridge is now $1504 a month, $1,880 in Bed Stuy, $1,998 in Crown Heights, $2,040 in Bushwick, $2,540 in Boerum Hill, $2,568 in Clinton Hill, $3,258 in Cobble Hill and $3,373 in Brooklyn Heights.
Photo by Suzanne Spellen