GREENPOINT — It's a winter miracle: Rents in Greenpoint dropped nearly 9 percent this year, according to a new real estate report.
Average rent prices in the neighborhood fell 8.75 percent between February 2014 and February 2015, more than any other popular Brooklyn neighborhood, according to a report by real estate firm MNS.
Studio rents went from $2,580 per month last February to $2,202 this February, while one-bedrooms dropped from $2,938 last year to $2,499 this year, the report said.
However, two-bedrooms actually saw an increase, from $3,156 last year to $3,214 this year.
By comparison, overall average rents in Brooklyn went up by 3 percent.
Greenpoint's rent decrease can be attributed to the number of new apartments that debuted this winter in the neighborhood, said MNS CEO Andrew Barrocas. When new inventory enters the market, average rent prices tend to skew either up or down, he said.
For example, more than 100 apartments recently became available at 1133 Manhattan Ave.
Though it is a luxury building, landlords tend to offer incentives like a free month's rent during sluggish winter months that bring average rent prices down, Barrocas said.
But renters shouldn't expect the price decreases to last, he noted.
Once the rental market picks up in the warmer months, average rents will likely even out in the neighborhood.
"Greenpoint is a very coveted area," Barrocas said. "It's going to increase in value quite a bit, especially with all the development that's planned there."
The MNS report looked at Brooklyn neighborhoods from Bay Ridge to Greenpoint, but does not include ultra-luxury properties renting for more than $10,000 per month.
The rest of North Brooklyn saw a mix of steady and increased rents.
In Williamsburg, prices remained relatively stable, with just a 1 percent decrease in average rent prices year over year.
Rents in Bushwick went up, with a 5 percent increase between February of last year and February of this year.
Bushwick's studio prices alone increased 14 percent between January and February of 2015, from $1,788 to $2,047 — a bigger increase than any other Brooklyn neighborhood.
Studios are more in demand in the neighborhood as young people start looking to move out of their shared apartments, Barrocas said.
Most of the apartments in Bushwick are two-bedroom railroad properties, meaning buildings that offer studios perform well, he said.
"You see sharers who want to stay in the area and live alone," he said. "That will grow as the area continues to mature."
