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Studio Prices Dropped 6 Percent in Crown Heights Last Month, Report Says

By Rachel Holliday Smith | September 16, 2016 3:41pm | Updated on September 19, 2016 8:46am
 Prices for studios in Crown Heights dropped 6.4 percent last month, a new real estate report found.
Prices for studios in Crown Heights dropped 6.4 percent last month, a new real estate report found.
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DNAinfo/Rachel Holliday Smith

CROWN HEIGHTS — If you’re looking for a studio in Crown Heights, now may be the time to jump on it.

Average prices for newly listed studios in the neighborhood dropped 6.4 percent last month, from $2,072 a month in July to $1,939 in August, according to a new report by MNS Real Estate.

In nearby Prospect-Lefferts Gardens, studio prices also decreased, dropping 3.4 percent between July and August — from $1,765 to $1,706, the report found.

The good news for renters bucks the overall trend in the neighborhoods, where prices year-over-year have skyrocketed. In Crown Heights, the average rental price (including studios and one- and two-bedrooms) rose 4.7 percent since August of 2015, from $2,071 to $2,169.

And in Prospect-Lefferts Gardens, the average cost of a newly listed rental rose 16.9 percent in a year, from $1,793 to $2,069, the report found.

MNS attributed the steep rise in the area to “its appealing proximity to Prospect Park as other neighborhoods alongside it become increasingly out of peoples’ price ranges.”

Overall, MNS found that average rental prices in Brooklyn rose 2.6 percent from $2,749 in August of 2015 to $2,816 in August of 2016.

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The MNS report compiles pricing data from current rental listings, excluding properties priced over $10,000 a month, the company said. The report does not include the entirety of Brooklyn, surveying only 18 Brooklyn neighborhoods from Greenpoint to Park Slope, roughly, and excluding nearly all areas south of Prospect Park with the exception of Bay Ridge.

See the complete market report here.