Average rent brooklyn

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BROOKLYN RENTAL MARKET REPORT ARCHIVE

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THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.

    A QUICK LOOK

    brooklyn

    Over the past month, the average rental price in Brooklyn has increased by 1.86%, from $2,926.02 to $2,980.46. The average rental price for a studio unit increased by 1.78%, from $2,307.01 to $2,348.16. The average rental price for a one-bedroom unit increased by 2.64%, from $2,790.69 to $2,864.44. The average rental price for a two-bedroom unit increased by 1.32%, from $3,680.37 to $3,728.77. Compared to this time last year, rental prices are up across-the-board with studio, one-bedroom, and two-bedroom prices up by 11.48%, 12.46%, and 13.07%, respectively. Overall, average rental pricing in Brooklyn is up 12.45% from this time last year.

    This past month, the most expensive studio units were in Brooklyn Heights, while the most expensive one and two-bedroom units were in DUMBO. The most affordable studio units were in Bay Ridge, while the most affordable one and two-bedroom units were in Borough Park/Sunset Park.

    Out of the sixteen neighborhoods tracked by this report, all sixteen saw their average rental price increase month-over-month: Bay Ridge (+2.57%), Bedford-Stuyvesant (+1.46%), Boerum Hill (+3.67%), Borough/Sunset Park (+1.01%), Brooklyn Heights (+1.72%), Bushwick (+1.83%), Clinton Hill (+0.15%), Cobble Hill (+4.52%), Crown Heights (+2.37%), Downtown Brooklyn (+0.01%), DUMBO (+1.40%), Fort Greene (+0.27%), Greenpoint (+2.43%), Park Slope (+4.29%), Prospect Lefferts Gardens (+1.02%), and Williamsburg (1.77%).

    NOTABLE TRENDS

    brooklyn
    TYPEMOST EXPENSIVELEAST EXPENSIVE
    StudiosDowntown BK $3,099Bay Ridge $1,507
    One bedroomsDumbo $4,245Bay Ridge $1,750
    Two bedroomsDumbo $6,213Borough/Sunset Park $2,202

    WHERE PRICES DECREASED

    price_down_icon

    BOERUM HILL

    One-Bedroom -0.7%

    BOROUGH PARK/SUNSET PARK

    Studios -0.2%

    CLINTON HILL

    Studios -1.3%

    Two-Bedroom -0.2%

    DOWNTOWN BK

    Two-Bedroom -2.2%

    FORT GREENE

    Studios -1.9%

    Two-Bedroom -3.2%

    GREENPOINT

    One-Bedroom -3.8%

    PLG/FLATBUSH

    Studios -0.1%

    WILLIAMSBURG

    Studios -1.4%

    WHERE PRICES INCREASED

    price_up_icon

    BAY RIDGE

    Studios 2.2%

    One-Bedroom 1.9%

    Two-Bedroom 3.3%

    BED STUY

    One-Bedroom 3.7%

    Two-Bedroom 1.2%

    BOERUM HILL

    Studios 7.4%

    Two-Bedroom 4.8%

    BOROUGH PARK/SUNSET PARK

    One-Bedroom 0.5%

    Two-Bedroom 2.3%

    BROOKLYN HEIGHTS

    Studios 1.8%

    One-Bedroom 3.8%

    Two-Bedroom 0.4%

    BUSHWICK

    Studios 1.3%

    One-Bedroom 0.6%

    Two-Bedroom 3.4%

    CLINTON HILL

    One-Bedroom 1.7%

    COBBLE HILL

    One-Bedroom 8.8%

    Two-Bedroom 4.3%

    CROWN HEIGHTS

    Studios 0.8%

    One-Bedroom 1.8%

    Two-Bedroom 4.0%

    DUMBO

    Studios 7.0%

    One-Bedroom 2.4%

    DOWNTOWN BK

    Studios 1.1%

    One-Bedroom 2.3%

    FORT GREENE

    One-Bedroom 6.8%

    GREENPOINT

    Studios 7.7%

    Two-Bedroom 4.1%

    PARK SLOPE

    Studios 3.4%

    One-Bedroom 4.3%

    Two-Bedroom 4.9%

    PLG/FLATBUSH

    One-Bedroom 1.5%

    Two-Bedroom 1.4%

    WILLIAMSBURG

    One-Bedroom 4.8%

    Two-Bedroom 1.5%

    BROOKLYN AVERAGE PRICE

    BROOKLYN AVERAGE PRICE

    BROOKLYN AVERAGE PRICE

    A QUICK LOOK

    year over year PRICE CHANGE BY NEIGHBORHOOD

    year over year

    Bay Ridge

    Bed Stuy

    Boerum Hill

    BOROUGH/SUNSET

    Brooklyn Heights

    Bushwick

    0.92%

    8.13%

    2.67%

    5.11%

    12.23%

    15.39%

    Clinton Hill

    Cobble Hill

    Crown Heights

    Downtown BK

    Dumbo

    4.79%

    24.87%

    5.86%

    26.60%

    8.58%

    Fort Greene

    Greenpoint

    Park Slope

    PLG/FLATBUSH

    Williamsburg

    19.51%

    22.27%

    9.80%

    2.12%

    18.70%

    YEAR OVER YEAR Price change

    SEPTEMBER 2020 VS. SEPTEMBER 2021

    price changes
    TYPESEPTEMBER 2020SEPTEMBER 2021CHANGE
    Studios$2,106$2,34811.48%
    One bedrooms$2,547$2,86412.46%
    Two bedrooms$3,298$3,72913.07%

    BROOKLYN PRICE TRENDS

    BROOKLYN

    BAY RIDGE PRICE TRENDS

    THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 2.57%.

    BROOKLYN

    BEDFORD-STUYVESANT PRICE TRENDS

    THE AVERAGE OVERALL RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 1.46% THROUGH SEPTEMBER.

    BROOKLYN

    BOERUM HILL PRICE TRENDS

    THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 3.67%.

    BROOKLYN

    BOROUGH/SUNSET PARK PRICE TRENDS

    OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 1.01%.

    BROOKLYN

    BROOKLYN HEIGHTS PRICE TRENDS

    THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS INCREASED BY 1.72%.

    BROOKLYN

    BUSHWICK PRICE TRENDS

    THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 1.83%.

    BROOKLYN

    CLINTON HILL PRICE TRENDS

    THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 0.15% OVER THE PAST MONTH.

    BROOKLYN

    COBBLE HILL PRICE TRENDS

    THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 4.52%.

    BROOKLYN

    CROWN HEIGHTS PRICE TRENDS

    OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY 2.36%.

    BROOKLYN

    DOWNTOWN BROOKLYN PRICE TRENDS

    OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN INCREASED BY 0.01%.

    BROOKLYN

    DUMBO PRICE TRENDS

    THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN DUMBO INCREASED BY 1.40%.

    BROOKLYN

    FORT GREENE PRICE TRENDS

    THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 0.27%.

    BROOKLYN

    GREENPOINT PRICE TRENDS

    OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 2.43%.

    BROOKLYN

    PARK SLOPE PRICE TRENDS

    THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN PARK SLOPE INCREASED BY 4.29%.

    BROOKLYN

    PLG/FLATBUSH PRICE TRENDS

    OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE PROSPECT LEFFERTS GARDENS/FLATBUSH INCREASED BY 1.02%.

    BROOKLYN

    WILLIAMSBURG PRICE TRENDS

    THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 1.77% THROUGH SEPTEMBER.

    BROOKLYN

    THE REPORT EXPLAINED

    THE BROOKLYN RENTAL MARKET REPORTTM COMPARES FLUCTUATION IN THE BOROUGH’S RENTAL DATA ON A MONTHLY BASIS. IT IS AN ESSENTIAL TOOL FOR POTENTIAL RENTERS SEEKING TRANSPARENCY IN THE BROOKLYN APARTMENT MARKET AND A BENCHMARK FOR LANDLORDS TO EFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN BROOKLYN.

    The Brooklyn Rental Market Report TM is based on a cross-section of data from available listings and priced under $10,000, with ultraluxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specifc mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).

    Author: MNS has been helping Brooklyn landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help.

    Contact Us Now: 718-222-0211
    Note: All market data is collected and compiled by MNS’s marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice.

    If you would like to republish this report on the web, please be sure to source it as the “Brooklyn Rental Market Report” with a link back to its original location.

    HTTP://WWW.MNS.COM/BROOKLYN_RENTAL_MARKET_REPORT

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    Sours: https://www.mns.com/brooklyn_rental_market_report

    With Manhattan rent prices on the decline, (the borough’s median rent fell 3.2 percent from a year ago), and Brooklyn rent prices seeing a bit of of its own drop, now might not be a bad time to hunt for your next apartment. A new report from real estate listing site Zumper takes a look at the median rent price for a one-bedroom apartment in various Manhattan and Brooklyn neighborhoods, along with a few in the Bronx.

    In its report, Zumper found that while New York City continues to rank as the second most expensive city in the country (only behind San Francisco), the price of one-bedrooms have largely remained stagnant around $2,900/month on average, while two-bedroom rent prices have slightly increased by 1.7 percent to $3,500/month.

    In Manhattan, Soho and Chelsea had the largest price spikes at nine percent and eight percent, respectively, while Gramercy Park had the biggest dip in rent prices at seven percent. The most expensive neighborhoods where average rent prices for a one-bedroom were the highest were Tribeca at $4,000, Soho at $3,800, and Chelsea at $3,700.

    Zumper.

    The most affordable neighborhoods were typically in upper Manhattan, including Washington Heights where the average one-bedroom rent price went for $1,850, West Harlem at $2,150, Central Harlem averaging a price of $2,300, and East Harlem going for $2,395. Additionally, the Upper East Side, East Village, and Lower East Side were less expensive than the borough’s average.

    Vinegar Hill, Dumbo, and Downtown Brooklyn were home to the priciest one-bedrooms found in Brooklyn this spring, averaging price tags around $3,800, $3,700, and $3,200 respectively. Meanwhile, Borough Park and Prospect Heights saw the largest rent dips this season, with the former experiencing a 14 precent price drop and an eight percent dip for the latter. Averaging $1,500/month, Canarsie had the cheapest one-bedroom rent prices.

    Zumper.

    Rent prices are climbing in the Bronx and at 21 percent and 13 percent, Port Morris and Foxhurst had the fastest growing prices in the borough last quarter. Nevertheless, if you are looking to rent a one-bedroom for under $1,500, the Bronx is probably your best bet.

    Sours: https://ny.curbed.com/2018/4/24/17276238/nyc-manhattan-brooklyn-the-bronx-one-bedroom-rent-prices-comparison
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    StreetEasy. (May 11, 2021). Median asking monthly rent in Brooklyn, New York from 2010 to March 2021 (in U.S. dollars) [Graph]. In Statista. Retrieved October 14, 2021, from https://www.statista.com/statistics/1235540/median-monthly-rental-rates-brooklyn-new-york/

    StreetEasy. "Median asking monthly rent in Brooklyn, New York from 2010 to March 2021 (in U.S. dollars)." Chart. May 11, 2021. Statista. Accessed October 14, 2021. https://www.statista.com/statistics/1235540/median-monthly-rental-rates-brooklyn-new-york/

    StreetEasy. (2021). Median asking monthly rent in Brooklyn, New York from 2010 to March 2021 (in U.S. dollars). Statista. Statista Inc.. Accessed: October 14, 2021. https://www.statista.com/statistics/1235540/median-monthly-rental-rates-brooklyn-new-york/

    StreetEasy. "Median Asking Monthly Rent in Brooklyn, New York from 2010 to March 2021 (in U.S. Dollars)." Statista, Statista Inc., 11 May 2021, https://www.statista.com/statistics/1235540/median-monthly-rental-rates-brooklyn-new-york/

    StreetEasy, Median asking monthly rent in Brooklyn, New York from 2010 to March 2021 (in U.S. dollars) Statista, https://www.statista.com/statistics/1235540/median-monthly-rental-rates-brooklyn-new-york/ (last visited October 14, 2021)

    Sours: https://www.statista.com/statistics/1235540/median-monthly-rental-rates-brooklyn-new-york/
    What $3,350 gets you In GreenPoint, Brooklyn - NYC Apartment Tours (loft)

    New York Apartment Rents Moving Up

    See the article in its original context from
    February 27, 1994, Section 10, Page 1Buy Reprints

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    About the Archive

    This is a digitized version of an article from The Times’s print archive, before the start of online publication in 1996. To preserve these articles as they originally appeared, The Times does not alter, edit or update them.

    Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions.

    BUOYED by a tightening of the market and an improvement in the regional economy, unregulated rents in Manhattan moved upward in 1993, reversing the previous year's downturn, real-estate agents and analysts said.

    The increase, many of them said, was especially notable on the Upper West Side, where rental space is at a premium and which is rapidly becoming a magnet neighborhood for those interested in just that -- a neighborhood, and all that the word means. Agents said that Greenwich Village, SoHo and TriBeCa were also booming.

    Regionally, however, Federal cost-of-living statistics showed the smallest rent rise in a quarter-century for New York, northeastern New Jersey and southern Connecticut. But Brooklyn and Queens showed larger increases in one survey. And in one trendy location, Hoboken, agents said that a tight market had driven rents considerably higher than they were a few years ago, though prices had recently begun to level off.

    "Manhattan has changed from a tenants' market to a landlords' market," said Alan Rogers, managing director of Douglas Elliman, a major New York brokerage. "It started at the end of 1992 going into the first six months of 1993, and it happened surprisingly quickly. From an oversupply it became not a shortage but a much more limited supply."

    THE change has not created an extreme situation, such as in the mid-80's when prospective tenants would read obituary notices to find vacant apartments and would have to pay money under the table to get a place to live.

    But until last year, unregulated rents in New York had dropped about 15 percent since the real-estate recession began in 1988, about half as much as the sale prices of co-ops and condominiums in the same period. And the ball is now in the landlord's court.

    "Landlords have stopped giving concessions," Mr. Rogers said. "It hasn't gone all the way over, but it has tipped in the landlord's favor. A market where landlords paid the broker's fee has become one in which tenants do so."

    Mr. Rogers said that rents had gone up from 5 percent to 7 percent or more, depending on the location. Inventory has dropped, he said, because many of the apartments on the market have already been rented. Except for some condominium rentals, he said, there was basically no new product, and the improvement in the sales value of co-ops meant that fewer of those apartments were coming on the rental market as sublets. Mr. Rogers said that a smaller factor was the tightening of sublet rules in co-ops.

    At the Windsor Court, a 700-unit building at 155 East 31st Street, a one-bedroom unit that rented for $1,525 a month in 1992 brought $1,650 in 1993, an 8 percent rise, Mr. Rogers said. A two-bedroom unit in the building went up from $2,595 in 1992 to $2,730 in 1993, a 5.2 percent increase.

    At the Normandie Court at 225 East 95th Street, rents were $1,395 for a one-bedroom in 1992 and $1,465 in 1993, up 4.95 percent. For a two-bedroom, they were $1,840 in 1992 and $1,935 in 1993.

    On the West Side, at 30 Lincoln Plaza, a large building near Lincoln Center, a one-bedroom rose from $1,525 in 1992 to $1,675 in 1993, more than 9 percent, and a two-bedroom went up from $2,360 to $2,560.

    "What's interesting is that the '93 levels are almost back at the '88 levels," Mr. Rogers said.

    Changes in the rent market have little effect on residents of the city's estimated 1.3 million rent-stabilized or -controlled apartments, which make up about 70 percent of the 1.9 million apartments in the city. Unregulated apartments include those in buildings with fewer than six units and those built since 1973 without tax abatements.

    The Feathered Nest, a major New York rental agency, said in its annual report, which is based on a survey of 8,959 apartments -- both regulated and market-rate -- that apartment rents in the borough had increased by an average of 5.6 percent in 1993. East Side rents went up 5.9 percent and those on the West Side rose a whopping 10.6 percent, the survey said. A year ago, the Feathered Nest survey reported that rents in 1992 either declined or stayed the same for all types of apartments.

    Rents for studio apartments, the report said, increased by 5.6 percent, one-bedrooms 6.7 percent, two-bedrooms 4.1 percent and three-bedrooms 3.6 percent. The average rent of a one-bedroom was $1,550 in 1993, and $1,475 in both 1992 and 1991. A two-bedroom in 1993 was $2,350 a month, compared with $2,275 in 1992 and the same $2,350 in 1991. For a three-bedroom, it was $3,800 in 1993, $3,600 in 1992 and $3,650 in 1991. A studio was $1,025 last year, $950 in 1992 and 1993, $3,600 in 1992 and $3,650 in 1991. A studio was $1,025 in 1991. A studio was $1,025 last year, $950 in 1992 and $1,025 in 1991.

    Nancy Packes, president of the Feathered Nest, said that one reason for the rent increases was a more than 40 percent decline in the number of available apartments between 1990 and 1993: 17,498 listings in 1990, versus the 8,959 last year.

    ANOTHER index of the market is the number of showings that a prospective tenant goes on and the number of apartments the tenant sees now as against 1992, Ms. Packes said.

    "These days, when people rent through us we show them an average of five apartments over two showings," Ms. Packes said. "In 1992, it was 15 apartments and five showings."

    Among the reasons for the turnaround, she said, are the fact that there has been very little new construction since 1988, "and that, combined with a low-interest rate environment, has helped the co-op sale market to improve and take the supply out of the rental market."

    In addition, she said, corporations are beginning again to relocate employees in New York. "Three out of five of our customers are corporate relocations," she said.

    The resurgence of the West Side, she said, is attributable in part to the fact that the West Side is much smaller than the East Side and has fewer apartments available -- only about one-third the number on the East Side.

    "But a key reason," she said, "is that people are seeking a more neighborhood-like environment, which the West Side represents and which the East Side doesn't have. The East Side is not a neighborhood."

    Clark Halstead, managing partner of the Halstead Property Company, also said that the Upper West Side had seen the largest and most consistent rent increases. "There's a perception that people like the West Side," Mr. Halstead said. "They say it's more fun, more vibrant, that it has more texture. It's not as homogeneous as the East Side. Access to parks generally is better. And people feel that transportation, with its two major subway lines, is also better."

    In addition, he said, the West Side is relatively small, "while the East Side just goes on and on forever."

    Mr. Halstead and Brian Edwards, the head of his rental division, said that also because of the desirability of neighborhood feeling, and because of their proximity to a re-emergent Wall Street, Greenwich Village, SoHo and TriBeCa were also hot properties.

    "We don't have statistics to back this up yet, but the downtown rental market has been extremely strong," Mr. Edwards said, "specifically in SoHo and TriBeCa. The prices we see lofts being rented for are really quite impressive." And the renters, he said, "are the young Wall Street people who are making those large salaries and high bonuses."

    Ms. Packes said Greenwich Village "is as hot as it could possibly be." Mr. Halstead and Mr. Edwards said that the largest increases they had seen in the last six months were in the rents for units at the upper end of the market.

    "The larger units, from 4 1/2 to 7 rooms, have seen increases anywhere from 7 to 15 percent," Mr. Edwards said.

    Their survey of 800 apartments on the West Side, for example, showed that two-bedroom apartments with a dining room or a convertible third bedroom in a prewar doorman building now rented for from $2,900 to $3,400 a month, compared with from $2,600 to $3,000 last August. In a postwar doorman building, the figures are $2,600 to $3,100 now, against $2,400 to $2,900 in August.

    One-bedroom apartments in prewar doorman buildings on the West Side that were $1,400 to $2,000 last August are now $1,550 to $2,100.

    ON the East Side, based on a sampling of 1,000 apartments, their survey found that standard prewar two-bedroom apartments in doorman buildings were $2,300 to $3,000 last August and had gone up to from $2,500 to $3,300. Two-bedrooms in postwar doorman buildings that were $2,200 to $2,500 last summer are now $2,300 to $2,700.

    On the lower end of the market, though, Mr. Edwards said, "the increases are more gentle, not as dramatic." And some East Side figures had even fallen: The top studio price in a modern high-rise had slipped from $1,600 to $1,525 in the same period. Similarly, the top rent for a modern high-rise one-bedroom on the East Side was down from $2,100 to $1,900.

    But Mr. Halstead said that in general, rents on the very smallest apartments were also moving up. "The number of small units in Manhattan far exceeds the number of large ones," he said, "but so does the demand."

    Entry-level employees are coming into New York in larger numbers, he said, taking new jobs and "soaking up the apartments," a big change from the situation three years ago in which people were losing jobs and moving out of Manhattan.

    Statistics are tricky things, of course, and often depend on what's being counted; another survey, while agreeing with the general direction of rents, reported different findings for the Upper West Side.

    A survey of 900 rental units by the National Cooperative Bank showed that the average rent per room in the New York area -- which in the report includes Manhattan, Brooklyn, Queens and Westchester -- had increased 8.2 percent in 1993, a sharp change from the 6.3 percent decrease the report had shown in 1992.

    "The rental market, after the softening in 1992, appears to have stabilized once again," said Grace A. Huebscher, the bank's corporate vice president.

    The report saw an increase of 14.6 percent in Lower Manhattan, after a 14.8 percent drop in 1992; 14.5 percent in midtown, after a 9 percent rise in 1992, and 2.8 percent on the Upper East Side, after a 2.7 percent decrease the previous year. But contrary to the other surveys, it said that rents per room on the Upper West Side had decreased 5.5 percent in 1993, compounding a 4.2 percent drop in '92.

    "But our report is based on transactions we were doing in the marketplace that year, and the decrease could have been due to our concentrating on a part of the Upper West Side that was weaker," Ms. Huebscher said.

    The Cooperative Bank also found in its survey that rents involving its transactions in Brooklyn and Queens had gone up by 8.9 percent last year, after rising 7.5 percent in 1992.

    In northeast Queens, Steven Meyer, an owner-broker at Bay-Benjamin Real Estate in Bay Terrace, said that rents have "basically been stable."

    "I wouldn't say they've gone down," Mr. Meyer said. "I would say they've been stable and consistent."

    But Mr. Meyer, whose area includes Bayside, Bay Terrace, Douglaston, Little Neck, Flushing and Auburndale, said that in luxury buildings, rents in top-of-the-line apartments have in some cases gone up.

    CONCERNS about the economy have made some people skeptical about buying, he said, and "sometimes in a luxury building we find we have people waiting in line to get a specific type of apartment."

    Available rentals, he said, include condominium and some co-op units, rent-stabilized buildings and apartments in two-family houses. A one-bedroom apartment in a two-family house "could be as low as $650 and as high as $800," he said, while a three-bedroom, two-bath duplex in a two-family would be about $1,200 a month.

    At the Bay Club, a 1,037-unit, two-building luxury condominium off 23d Avenue and Corporal Kennedy Boulevard in Bayside, rents have gone up from 5 to 10 percent in the last year, Mr. Meyer said. A two-bedroom apartment at the Bay Club, which has an indoor health club, indoor pool, racquetball courts and gym, goes for from $1,600 to as much as $2,300 or $2,400, he said.

    "A lot depends on the demand at a particular time," Mr. Meyer said. "If the inventory is low, prices will go up for that month. But if three or four apartments come on the market at the same time and compete against each other, prices could be a little bit lower."

    Samuel M. Ehrenhalt, regional commissioner of the Federal Bureau of Labor Statistics, said that 1993 had seen the smallest increase in rents in a little more than a quarter century on the Consumer Price Index for New York, northeastern New Jersey and southern Connecticut.

    The increase, 2.1 percent, was the smallest since 1966, Mr. Ehrenhalt said, adding that in the late 1980's it had been as high as 7 percent.

    "It reflects both a weakness in the New York region's economy and a weakness in the rental market," he said. "There is a great deal of resistance to rent increases." He added that he could not provide statistics broken down for specific parts of the region.

    The increase, he said, had been 3.4 percent in 1992, 2.8 percent in 1991, 4.1 percent in 1990 and 7 percent in 1989.

    In popular sections of the region, however, such as Hoboken, with its proximity to Manhattan, its gentrification, its PATH trains and the Hoboken Ferry to the World Financial Center and Wall Street, rents have gone up.

    "There's a housing shortage, pure and simple, and people want to live in Hoboken," said Deno Bogdanos, a broker with Corporate Realty in Hoboken. "People equate Hoboken in desirability with Battery Park City and Brooklyn Heights and Fort Lee. If I have a halfway decent apartment, it's rented in about two days."

    Mr. Bogdanos said one-bedroom apartments were renting for from $900 to $1,200 and two-bedrooms for from $1,300 to $1,700, compared with $700 to $900 for a one-bedroom and $1,000 to $1,300 for a two-bedroom three or four years ago.

    "There are always apartments that come in a little bit lower," he said, "but about 85 percent of the apartments rent in that price range."

    The apartment situation, he said, was in sharp contrast to the sales market, which had "dipped 15 to 20 percent" in price and about 50 percent in volume in recent years.

    PEOPLE who were still making good salaries but were holding off buying in an uncertain market were willing to pay "top dollar" for the rental they wanted, he said.

    He added, however, that rents had begun to level off about six months ago, because the prices were "all the market will bear."

    A major reason for the apartment shortage, he said, was a sewer moratorium that New Jersey placed on Hoboken a few years ago. The moratorium provided that sewage quantity could not be increased on any given parcel of property and essentially prevented the building of any new housing. The moratorium, he said, was lifted a few weeks ago, "but it's too soon to say if there will be any new construction -- though I'm sure there will be."

    Stephen Misyak, a sales agent with Wide World Realty in Hoboken, said he thought the lifting of the moratorium would lead to "a little more development."

    Rents, Mr. Misyak said, were currently about $650 to $700 for "a shabby one-bedroom or studio, going as high as $1,400." Two-bedroom apartments, he said, began at $900 and went up to about $2,200.

    "You can find cheaper apartments on the west side of town," he said, "which is considered not as desirable, scenic or aesthetically pleasing as the east side." In addition, he said, "rents increase as the proximity to the PATH station increases; people love to be able to hop off the train from Manhattan and walk four or five blocks to their home."

    A two-bedroom apartment with hardwood floors, an eat-in kitchen, central heating, air-conditioning and an alarm system that goes for $1,450 on the east side of town might be had for as low as $950 on the west side, he said.

    Mr. Bogdanos said he thought rents in Hoboken would continue to level off because as the economy improved people were coming back into the market to purchase homes. "The traditional sales market is returning," he said.

    But in Manhattan, Mr. Rogers of Douglas Elliman said he thought the 1993 trend of rent rises would continue throughout 1994, taking the market to where it was before the post-1988 dip.

    "I see prices going up 5 to 10 percent this year, to the level rents were in 1988, or just above," he said. "Things are going to stay tipped in the landlord's favor."

    Sours: https://www.nytimes.com/1994/02/27/realestate/new-york-apartment-rents-moving-up.html

    Rent brooklyn average

    Average Rent in Brooklyn & Rent Price Trends

    Considering a move to Brooklyn? Before you start apartment hunting, learn about the local rental market. Make sure you know the average rent in Brooklyn to get your budget started!

    Average Rent in Brooklyn

    Note: The data provided reflects our available units on Apartment List. For data that reflects the entire market, we recommend you visit our Rent Report, which is created based on our holistic methodology. You can also download the raw data containing rent estimates for hundreds of cities across the country.

    Brooklyn Rent Trends: Rent Growth

    Brooklyn rents have increased by 3.53% compared to last month, and are down by -7.91% compared to last year.

    Brooklyn Rent Trends: Inventory by Average Apartment Rent

    • <1% of apartments in Brooklyn cost less than $1,000 per month.
    • 17% of apartments in Brooklyn cost between $1,000-$1,999 per month.
    • 47% of apartments in Brooklyn cost between $2,000-$2,999 per month.
    • 36% of apartments in Brooklyn cost over $3,000 per month.

    Brooklyn Rent Trends: Inventory by Apartment Type

    • 21% of apartments in Brooklyn are studio apartments.
    • 34% of apartments in Brooklyn are 1-bedroom apartments.
    • 27% of apartments in Brooklyn are 2-bedroom apartments.
    • 17% of apartments in Brooklyn are 3-bedroom apartments.

    Average Rent in Brooklyn Neighborhoods

    Have your ideal Brooklyn neighborhood already picked out? Rent prices across neighborhoods can vary, so get familiar with the average rent prices across the various neighborhoods in Brooklyn.

    • The most expensive neighborhoods in Brooklyn are Greenpoint ($4,275), Downtown Brooklyn ($3,524), and Brooklyn Heights ($3,134).
    • The most affordable neighborhoods in Brooklyn are Flatbush ($2,220), Bedford-Stuyvesant ($2,182), and Crown Heights ($1,973).
    NeighborhoodAverage 1- Bedroom Rent
    Greenpoint$4,275
    Downtown Brooklyn$3,524
    Brooklyn Heights$3,134
    Williamsburg$2,986
    Park Slope$2,802
    Flatbush$2,220
    Bedford-Stuyvesant$2,182
    Crown Heights$1,973

    Learn about the best neighborhoods in Brooklyn.

    What Salary Do You Need to Live in Brooklyn?

    Using the 30% rule, we can give a rough estimate of the salary needed to rent an apartment in Brooklyn. If these numbers look high, remember that a roommate or two can drastically cut down your monthly rent!

    • If you are renting an average priced studio apartment in Brooklyn, your annual salary should be around $99,756 or higher.
    • If you are renting an average priced 1-bedroom apartment in Brooklyn, your annual salary should be around $100,296 or higher.
    • If you are renting an average priced 2-bedroom apartment in Brooklyn, your annual salary should be around $110,052 or higher.
    • If you are renting an average priced 3-bedroom apartment in Brooklyn, your annual salary should be around $116,640 or higher.

    Having trouble deciding how much rent you can afford? Try using a rent calculator.

    Ready to make the move to Brooklyn? Start apartment hunting in Brooklyn with our quiz!

    AUTHOR

    Kimi Kaneshina

    Kimi is a Content Associate and contributing author at Apartment List, helping renters find a new place to call home. Kimi earned her BA in Organizational Studies, Economics from Scripps College. Read More

    SENIOR RESEARCH ASSOCIATE

    Rob Warnock

    Rob is a senior research associate at Apartment List, where he examines trends in the housing and rental markets. Previously he worked in public health policy, and before that, graduated from UCLA with a degree in Globalization. Read More

    Sours: https://www.apartmentlist.com/renter-life/average-rent-in-brooklyn
    Average Rent in Manhattan + Here's What it Costs to Raise Kids in NYC

    In the 1940s, you could rent a Brooklyn apartment for $20 a month. Today, the median rent has skyrocketed to $3,000.

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    Brooklyn, New York
    Shutterstock

    Nearly 80 years ago, the cost of rental housing in most places in Brooklyn ranged from $20 to $49 a month.

    A map assembled by the Brooklyn Historical Society in 2015 used census data from the 1940s to highlight average rents throughout the borough during that time period.

    The map shows that in most of the areas in northern Brooklyn, such as Williamsburg, Bushwick, and Greenpoint, average rents fell in the $20-$39 range — that translates to around just $350 to $700 in today's dollars.

    The map also shows that the pricier areas of the time, such as Coney Island, had average rents as high as $100 — which translates to around $1,800 in today's dollars.

    Read more: 75 years ago, you could rent a Brooklyn apartment for $20 a month

    Brooklyn's popularity — and by extension, its price tags — have increased astronomically since the 1940s.

    In June 2019, Brooklyn's median face rent hit a record high of $3,000 a month, according to Douglas Elliman's July report on Manhattan, Brooklyn, and Queens rentals. 

    Some areas that were deemed affordable back in the day are practically untouchable now. Just look at Williamsburg where, as of August 2019, the average rent is $3,317 a month, according to RENTCafé.

    Even the more affordable neighborhoods in Brooklyn, such as Flatlands and Gerritsen Beach, have average rents over $1,500 a month.

    However, there are some people who are benefiting from Brooklyn's hike in housing costs over the years: investors. 

    Just consider Greg O'Connell. As Business Insider previously reported, the former narcotics detective built up a real-estate portfolio in Red Hook, Brooklyn, over the years that's now worth $400 million.

    Back in the 1960s, Red Hook wasn't the most desirable neighborhood. After industrial buildings and storehouses abandoned the area, the neighborhood was left with empty warehouses and low property values.

    In 1967, O'Connell bought his first property in Red Hook for only $22,000, according to his June 2019 interview with Bloomberg. That same property is now worth $2.5 million. O'Connell currently owns around 1.3 million square feet of buildings and 385,000 square feet of undeveloped land in Brooklyn.

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    Sours: https://www.businessinsider.com/brooklyn-median-rent-increase-3000-a-month-2019-8

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