DUMBO — Rental prices in DUMBO are heating up this summer.
The price for a studio apartment has increased nearly 10 precent in the last 30 days, putting the average at an all-time high of $2,900 a month.
"There is a shortage of inventory and huge demand," said Andrew Barrocas, CEO of MNS. "This is the new norm in the area."
Barrocas said that this is the highest average going rate he has seen for Brooklyn studios — though DUMBO studio-dwellers get more bang for their buck.
"DUMBO studios are traditonally oversized," Barrocas said. "Most are roomier warehouse conversions."
Still, some units are trading for well over $60 per square foot, according to the MNS Rental Market Report.
Williamsburg and Greenpoint are nipping at DUMBO's heels with monthly studio rates averaging $2,710 and $2,400 respectively.
Bay Ridge has the lowest rates on the report at $1,499 a month.
