71° Good Morning
71° Good Morning
Real Estate

Boerum Hill rental prices spiking: MNS report

New homes next to historic ones along State

New homes next to historic ones along State street between Smith and Hoyt in Boerum Hill, Brooklyn, Friday, March 14, 2014. Photo Credit: Linda Rosier

Boerum Hill is next in line when it comes to Brooklyn's hot rental markets, according to a report released today by the real estate group MNS.

The area saw the largest year-over-year growth in the borough last month, with average rental prices spiking 14.8% between February 2014 and 2015.

Simultaneously, rental inventory in Boerum Hill grew by 91% last month from a year before. The hike was driven partially by new developments in the neighborhood, which charge more for their properties and therefore are also driving up average prices in the area.

MNS also took note of an increase in demand for studios in Bushwick. Average studio rental prices in the nabe grew by 14.48% in February from a year before, which is partially due to there being only 10 units on the market over that time, according to the report.

The rental pioneers in Bushwick who formerly lived with roommates seem to be branching out on their own, MNS CEO Andrew Barrocas observed.

They are "growing up a little bit, looking to venture and get their own places," he said.

In Manhattan, MNS reported that average rents fell .75% from $3,928 in January to $3,899 last month. The decrease was due to inventory growing 6% from 7,372 rental units in January to 7,835 in February.

However, the real estate firm Douglas Elliman said in its market report released today that average Manhattan rents rose 3% from $3,974 in January to $4,093 in February. The Douglas Elliman report stated that inventory in Manhattan fell from 5,498 listings in January to 5,164 in February.

Douglas Elliman reported that average rent prices in Brooklyn fell 2.6% from $2,300 in February 2014 to $2,241 last month.


We're revamping our Comments section. Learn more and share your input.

News photos & videos