BY GRANT LANCASTER
Rent prices across four boroughs increased slightly in March, but some areas saw more dramatic increases and decreases than others, a report by MNS Real Estate showed.
The rent market stayed fairly steady, with Brooklyn reporting the greatest increase of just over 1% in average rent and Queens posting the lowest increase, just 0.12%, according to the report.
In Tribeca, one of the most expensive areas of Manhattan, the report found that one-bedroom apartments without a doorman dropped in price by more than 16%, beating out SoHo one-bedrooms with a doorman, which only dropped by 15%.
SoHo did post one of the greatest price increases in Manhattan, however, with average non-doorman studio prices up nearly 14%, flanked by Financial District non-doorman studios up 12.3% and Lower East Side non-doorman studios up 11.8%.
Brooklyn, which had the greatest overall increase, posted modest price decreases, with the greatest price drop coming in Bay Ridge two-bedroom units at a 6% drop.
Despite the borough’s top spot in increased rent, Brooklyn’s neighborhoods show average rent increases less than Manhattan’s, with Bay Ridge studios claiming the top spot with a 10% increase.
Studio apartments in Queens’ Ridgewood neighborhood boasted the most dramatic drop of any neighborhood in the city, with a drop in average price of just over 22%.
Queens paired that drop with very limited rent increases, with the highest reported Rego Park one-bedrooms at 5.3%.
In the Bronx, studio apartments in Mott Haven saw the greatest decrease, with a 6.8% decline in average price. One-bedrooms in the same neighborhood also saw the greatest price hike at 8.6%.