BAY RIDGE — Rents in Bay Ridge are on the rise.
The neighborhood saw a 9.4 percent increase in monthly rental prices since last year — the highest in the borough, according to a study by MNS Real Estate.
Andrew Barrocas, CEO of MNS, attributes the monthly price jumps to an influx of Brooklynites who find other areas too expensive.
"People are getting priced out of certain neighborhoods — like Fort Greene and Cobble Hill — and are moving farther out to the fringes," he said. "Bay Ridge has an established infrastructure and community making it an attractive option for people looking for a less expensive neighborhood."
Studio prices spiked from $1,157 to $1,389, one-bedroom prices rose from $1,524 to $1,606 and two-bedrooms are up from $2,165 to $2,303.
While prices in Bay Ridge are on the rise, they are still low for Brooklyn.
The average cost for a studio in Bay Ridge is 35 percent less than the borough average, one-bedrooms are 37 percent less and two-bedrooms are 31 percent less.
Barrocas said the waterfront neighborhood in the southeast corner of the borough is one to watch.
"Bay Ridge is gaining popularity," he said.
