Rents Rising Faster in Prospect-Lefferts Gardens Than Williamsburg: Report

By Rachel Holliday Smith on July 10, 2014 2:31pm | Updated on July 11, 2014 4:29pm

 Prospect-Lefferts Garden saw the lowest price for studios in north Brooklyn, according to a recent real estate report.
Prospect-Lefferts Garden saw the lowest price for studios in north Brooklyn, according to a recent real estate report.
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Flickr/Bob Marvin

PROSPECT-LEFFERTS GARDENS — Renters looking to Prospect-Lefferts Gardens for a relatively affordable apartment in north Brooklyn should hurry. Rents in the family-friendly area east of Prospect Park rose more in the last month than any other neighborhood included in a new Brooklyn real estate report.

Combining studios, one-bedrooms and two-bedrooms, average rents in Prospect-Lefferts increased from $1,751 to $1,864 per month between May and June of this year, a 6.43 percent increase according to a report by MNS Real Estate.

That beat out other hot neighborhoods like Bushwick, Crown Heights and Williamsburg that MNS analyzed. The report did not include all of Brooklyn, instead focusing on the northern neighborhoods from Park Slope to Greenpoint.

Despite the upward trend in the past month, Prospect-Lefferts is still in many ways cheaper than its neighbors. Its average rental price is still hundreds of dollars lower than the borough average of $2,741, according to the report. And prices for studios in the area were the cheapest in the report, at an average of $1,500 per month.

But that price may not last very long. In May, the average cost of a studio in the neighborhood was $1,250, 20 percent less than average June prices, according to the report.

The report by MNS is based on a variety of real estate price databases, and listings with all “ultra-luxury” property — those priced over $10,000 a month were omitted. 

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