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Bay Ridge rent hikes highest in Brooklyn: report

A view of the Verrazano Bridge from 5th

A view of the Verrazano Bridge from 5th Ave and 86th street. (Anthony Lanzilote) Photo Credit: A view of the Verrazano Bridge from 5th Ave and 86th street. (Anthony Lanzilote)

Bay Ridge had the biggest hike in average rents in Brooklyn in October, according to a new real estate report.

Average rents in Bay Ridge spiked 9.4% compared to last year as the monthly cost for studios and one- and two- bedroom apartments grew. Last month, an average studio cost $1,389 a month, compared to $1,157 a year ago and $70 more expansive than in September.

DUMBO and some central Brooklyn neighborhoods, like Fort Greene and Prospect-Lefferts Gardens, saw studio rents increase, as well, according to the report from real estate firm MNS.

"As these areas build and become more in demand, you're seeing the entry-level price point very appealing to the younger generation," MNS CEO Andrew Barrocas said. "That's why you saw the increase."

In DUMBO, studios were going for $3,641 in October -- about $500 or 15.77% higher than rents last year. Meanwhile, in central Brooklyn neighborhoods, studios and one-bedrooms are trending upward.

"People are getting priced out of the primary Brooklyn neighborhoods," Barrocas said. "These secondary areas are feeling the positive price increase."

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