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Rental Prices Up Almost 8 Percent in Crown Heights Since Last Year: Report

By Rachel Holliday Smith | March 11, 2016 2:57pm | Updated on March 14, 2016 8:48am
 The average price of a rental apartment in Prospect-Lefferts Garens, like these on Flatbush Avenue near Lincoln Road, have risen 7.8 percent in one year, a new real estate report found.
The average price of a rental apartment in Prospect-Lefferts Garens, like these on Flatbush Avenue near Lincoln Road, have risen 7.8 percent in one year, a new real estate report found.
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DNAinfo/Rachel Holliday Smith

CROWN HEIGHTS — Despite relatively steady rental prices in Brooklyn overall, Crown Heights rents jumped almost 8 percent last year, a new real estate report found.

The cost of the average market-rate rental in the neighborhood and nearby Prospect-Lefferts Gardens rose 7.9 and 7.8 percent, respectively, between February 2015 and February of this year, according to data compiled by MNS Real Estate.

The company detailed rental trends in the borough in their monthly report released Thursday, showing rent prices in Brooklyn didn’t change much last year; average rent in Brooklyn rose just half a percent from $2,700 in February 2015 to $2,716 in February 2016, the report found.

But rent in Crown Heights and Prospect-Lefferts Gardens had the “largest overall increase in the borough,” MNS said, indicating “very strong emerging markets.”

In particular, Crown Heights studio prices spiked; the category had the largest price increase of any neighborhood studied in the report, rising more than 9 percent from $1,537 to $1,681 in a year. On average, studios in Prospect-Lefferts Gardens cost $1,486 in February of this year, up 6.14 percent since 2015.

The report found an average one-bedroom apartment in Crown Heights and Prospect-Lefferts Gardens cost $1,940 and $1,742 last month, respectively. Two-bedroom apartments in those neighborhoods cost $2,430 and $2,180.

The MNS report compiles pricing data from both public and proprietary rental listings, excluding properties priced over $10,000 a month, the company said. The report surveys 18 Brooklyn neighborhoods in total, from Greenpoint to Park Slope and excluding nearly all areas south of Prospect Park with the exception of Bay Ridge.

See the complete market report here.