Apartment hunting in Brooklyn and Manhattan this summer is going to be anything but cheap according to two real estate reports released Thursday.
Market groups MNS Citi Habitats found that average rents in the borough increased in April and will continue to remain high during the next couple of months.
MNS’ report said the average April rent in Brooklyn rose 9.43% from $2,434.27 in April 2013 to $2,663.93 last month due to an increase in new developments in up and coming neighborhoods.
“This is due to a growing demand and supply of luxury studio and one-bedroom units in neighborhoods like Bedford-Stuyvesant and Boerum Hill,” the report said.
Citi Habitats’ report said Manhattan rents shot up from $3,367 last year to $3,420 in April 2014 and the most expensive apartments were in the SoHo/TriBeCa area. Gary Malin, president at Citi Habitats, said falling inventory was the cause of the rent increase.
“In general, the Manhattan rental market is continuing to tighten across the board,” he said in a statement.