Cost of Crown Heights Studios and One-Bedrooms Up by Double Digits: Report
CROWN HEIGHTS — It's news that will come as no surprise to many locals — rents are rising fast, with the average cost of small units rising especially sharply, according to a new real estate report.
Rents in Brooklyn rose nearly 2 percent overall between April and May of this year, according to a report released Thursday by MNS Real Estate. And in Crown Heights specifically, changes in the course of a month hit double digits in some categories.
The average price for studios in the neighborhood went up more than 17 percent from $1,495 in April to $1,760 in May, the report said, making it the highest increase in the borough.
Similarly, prices for one-bedroom apartments in Crown Heights rose more than 10 percent in the month, from $1,793 to $1,985 — also the highest increase in that category in Brooklyn — according to the report.
High-priced units from 836 Bergen St., a new rental building between Grand and Classon avenues, accounted for a large percentage of the increase in the neighborhood, MNS Real Estate said.
Though the report shows drastic changes between May and April, Crown Heights did not make the company's list of neighborhoods with the top five highest price increases in the past year. Bed-Stuy saw a 19.6 percent increase in rent prices overall between May 2013 and May of this year, a full 10 percentage points above the area with the second-largest increase, Bushwick, with a 9.4 percent increase.
The report from MNS is based on a variety of real estate listings under $10,000, the company said, with “ultra-luxury” properties left out to “obtain a true monthly rental average.”