Rental Prices Up By 17.5 Percent in Crown Heights Since Last Year
CROWN HEIGHTS — Brooklyn’s hot real estate market cooled slightly in July, but costs are only heating up in Crown Heights, where rental prices have increased by double digits since this time last year, according to a new report by MNS Real Estate.
The average rental price in Crown Heights increased by 17.5 percent — from $1,796 in July of 2013 to $2,110 in July of this year, according to the report — the largest upward trend in Brooklyn last month.
Rental prices in the borough increased by 4.1 percent overall in the same time period, the report said, and actually decreased slightly in the last month, dropping 2.5 percent from $2,741 in June to $2,670 in July.
The findings follow trends exhibited for the past several months in Brooklyn, the report said, with slower growth in neighborhoods like Williamsburg and DUMBO, and "rapid expansion" taking place in "underdeveloped areas like Bushwick and Crown Heights."
In July, the report found the average price of a studio in Crown Heights was $1,781. The average one-bedroom apartment in the neighborhood cost $1,998, while the price of a two-bedroom cost $2,552.
The MNS report compiles price data from proprietary and public rental listings, excluding properties priced over $10,000 a month. The report includes most north Brooklyn neighborhoods, excluding nearly all neighborhoods south of Prospect Park, with the exception of Bay Ridge. The full report is available on MNS' website.