CROWN HEIGHTS — Despite a double-digit drop in rental prices last month, Crown Heights rents are still up more than 10 percent over last year — the highest increase in the borough, according to a recently released real estate report.
Rental costs shot up 10.5 percent in the neighborhood, according to a report by MNS Real Estate which compared September 2014 to the same month last year. The average price of a rental in Crown Heights in September 2014 was $2,082, up from $1,884 in the same month in 2013, according to the report.
The average cost of a studio apartment in Crown Heights in September 2014 was $1,847, the report found, with a one-bedroom going for $1,980 on average and a two-bedroom costing $2,420.
Crown Heights' rapid increase came despite the fact that rental prices dropped by 11.2 percent in the neighborhood between August and September, the report found.
In Brooklyn overall, rental prices increased from last year at a much more modest pace than in Crown Heights. The borough saw a 1.78 percent price jump in September 2014 compared to the previous year, with the average rental rising from $2,655 to $2,742, the report said.
The MNS report compiles price data from proprietary and public rental listings, excluding properties priced over $10,000 a month. The report includes most neighborhoods between Greenpoint and Park Slope, excluding nearly all neighborhoods south of Prospect Park, with the exception of Bay Ridge.
