Cobble Hill One-Bedroom Rents Soar 7 Percent in Single Month, Report Says

By Nikhita Venugopal on February 13, 2014 1:01pm 

 Tree-lined Baltic Street in Cobble Hill, Brooklyn.
Tree-lined Baltic Street in Cobble Hill, Brooklyn.
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Flickr/Jay Woodworth

COBBLE HILL — Now might not be the best time to apartment-hunt near the downtown Brooklyn Trader Joe's.

Average rents for one-bedroom apartments in Cobble Hill soared in January after a three-month slump in pricing, according to a new report.

One-bedroom rental prices in the tiny Brooklyn neighborhood increased 7.1 percent on average between December and January, from $2,450 to $2,625, the real estate company MNS said in its Brooklyn Market Report released Thursday. 

The figures represent the largest average month-over-month rent increase of any apartment size in any Brooklyn neighborhood.

After hitting a high of $2,851 in September 2013, one-bedroom rental prices in Cobble Hill dropped for three consecutive months, until the spike in January 2014.

Pricing trends for one-bedroom apartments in Cobble Hill have remained fairly steady since January 2013, when they were $2,680 on average.

As of last month, studios in the neighborhood rented for $2,025 on average, and two-bedrooms went for $3,644 on average.

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