Fort Greene Studios Averaging $2,450 a Month, Study Finds

By Janet Upadhye on February 18, 2014 6:46am 

 Fort Greene rental prices have steadily increased over the last five months to a new average of $2,450 a month in January 2014, according to MNS.
Fort Greene rental prices have steadily increased over the last five months to a new average of $2,450 a month in January 2014, according to MNS.
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Flickr/Nicola

FORT GREENE — It may not be spring yet, but rental prices are heating up.

Prices for apartments in Fort Greene are sizzling, with studios going for an eyepopping $2,450 on average — an increase propelled by a lack of available units, MNS Realty reported.

"There is a lack of inventory in Fort Greene and that, coupled with the development of new luxury buildings near the border of Downtown Brooklyn, is driving the rental prices up," MNS CEO Andrew Barrocas said.

Rental prices for studio apartments increased by 5.6 percent in the last month. That's a $510 increase from October of last year, when the average cost of a studio was $1,940 a month — marking a more than 26-percent increase.

Neighborhood one-bedrooms rent for an average of $2,675 a month, and two-bedrooms average $3,702 a month. They have seen a 2.1 and 1.8 percent increase from last month, respectively.

Rentals in Cobble Hill, Crown Heights and downtown Brooklyn also saw price increases, while Bed-Stuy and Williamsburg experienced decreases in the average monthly price for studios, one- and two-bedrooms.

Click here to view the full report.

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