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DUMBO Studio Prices Jump to $3,200 a Month

By Janet Upadhye | May 14, 2015 1:50pm
 Studio prices in the waterfront neighborhood are up 7 percent this month.
Studio prices in the waterfront neighborhood are up 7 percent this month.
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Flickr/Joshua Derr; Joshua Derr Photography

DUMBO — Average monthly rents for studio apartments rose to $3,236 last month — an increase of 7 percent, according to a recent real estate report by MNS Realty.

The increase marks the latest for studios in DUMBO, where in 2013 prices reached a then-all-time high at $3,145.

However, prices plunged in 2014, coming in at $2,580 this time last year.

The latest climb — from $3,004 to $3,236 — may be due to an influx of newly developed luxury buildings in the neighborhood. These include 70 Washington St., 1 Main St. and 60 Water St., where studios are renting for just under $3,500 per month, according to Lior Rachmany, CEO of Dumbo Moving + Storage.

Rachmany said studios are a hot commodity in a neighborhood that is experiencing a "youthification."

Rachmany said he moved approximately 200 people into DUMBO over that past two months, with the majority being young, single people moving into loft studios.

"I would say 70 to 80 percent of my customers are young and wealthy," he said. "They don't bring cribs and changing tables, and many are single. They are living alone."

DUMBO has the most expensive studio prices in the borough — with Downtown Brooklyn in second place with an average of $2,583 and Bay Ridge sporting the cheapest prices at $1,343.

Studios in Crown Heights also saw a major increase — from $1,428 in March to $1,529 in April, a more than 7 percent increase.