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.”
