PROSPECT-LEFFERTS GARDENS — Prospect-Lefferts Gardens is one of the most affordable neighborhoods for Brooklyn renters — at least for now — a new report found.
Last month, studios and two-bedroom apartments in the neighborhood were the least expensive in the borough at $1,334 and $2,094, respectively, according to a survey by MNS Real Estate. The survey includes data from most neighborhoods between Greenpoint and Park Slope, excluding nearly all neighborhoods south of Prospect Park, with the exception of Bay Ridge.
Rent prices for one-bedroom units in the area were close to the lowest in the survey at $1,659, second only to Bay Ridge, where the average rent in May for one-bedrooms was $1,637.
Overall, the average rental price in Prospect-Lefferts Gardens dropped from $1,751 in May of 2014 to $1,696 in May 2015, a 3.14 percent decrease.
MNS does not expect the trend to last, though, as "soaring prices" in nearby neighborhoods like Prospect Heights push renters farther east in search of "greater affordability," said MNS CEO Andrew Barrocas.
"[With] PLG’s proximity to the park together with access to the Q line, which gets into Manhattan in 20 minutes, we expect to see large increases in prices over the coming months and years," he said.
Prospect-Lefferts Gardens bucked the larger trend in Brooklyn, where rental prices rose slightly last month, from $2,716 in May of 2014 to $2,720 in May of this year, a 0.14 percent increase, the study shows.
The report compiles pricing data from both public and proprietary rental listings, excluding properties priced over $10,000 a month, the company said.
CORRECTION: An earlier version of this story incorrectly stated the cost of an average two-bedroom apaartment in Prospect-Lefferts Gardens. It was $2,094.
