Rents continue to rise in Brooklyn, Bay Ridge records lowest averages

Fourth Avenue Line – Bay Ridge Avenue Station
Wikimedia Commons

The cost of renting in Brooklyn is still on the rise with the average rental pricing in the borough increasing by 13.05% compared to this time last year, according to a recent study.

Over the past month, the average rental price in Brooklyn increased by 1.97%, from $3,475.34 in February to $3,543.88 in March, according to MNS Real Estate’s market report.

Out of the sixteen neighborhoods tracked by the MNS report, twelve saw the average rental price increase month-over-month.

Current and prospective Brooklynites looking to live on a budget should watch out for listings in Bay Ridge, Cobble Hill, Crown Heights and Downtown Brooklyn as they were the only nabes to record a drop in rents last month – between 0.13% and 2.29%.

The Brooklyn Rental Market Report found Bay Ridge to be the most affordable of the sixteen nabes surveyed, with month-on-month prices down by 2.29%.

The average cost of a studio there was $1,571 while a one bedroom was $2,042 and a two bedroom priced at $2,528. However, compared to March 2022, rents in Bay Ridge are up 7.54% across the board.

Brooklyn one-bed price trends over 13 months.MNS

The most expensive studio and one-bedroom units by average price were found in Dumbo while the most expensive two-bedroom units were in Brooklyn Heights – coming in at $3,942, $4,974 and $7,097 respectively.

Year over year, prices in Dumbo are up 6.62%, and over 18% in Brooklyn Heights.

Other neighborhoods registering an increase in rents over 15% include Boerum Hill, Clinton Hill, Crown Heights, Greenpoint and Flatbush.

The average price of a one-bed apartment as of March 2023.MNS

The ongoing rise in rents comes amid a larger conversation happening in the borough around the rights of renters, as activists continue to push for the inclusion of “Good Cause Eviction” legislation in the final state budget, the deadline for which was recently extended to April 10.

Good Cause would mandate that landlords offer their market-rate tenants a new lease at the end of each term, and prevent them from evicting tenants without a “good cause,” such as nonpayment of rent or causing damage to the apartment.