Rent for a studio skyrockets in Brooklyn – Metro US

Rent for a studio skyrockets in Brooklyn

Good luck finding a cheap studio in Brooklyn.

According to a report released Thursday from MNS, a real estate firm, studio prices jumped about 2.3 percent from May to June in Brooklyn, arriving at $1,832 per month on average.

And those studio rents were a 10.4 percent increase from June 2011, according to the report.

The neighborhood that experienced the sharpest increase was Greenpoint, the report found. Studio rents there were up 5.8 percent, one-bedrooms up 3.1 percent, and two-bedrooms increased 2 percent from May.

Other neighborhoods experiencing increases were Bay Ridge, where one-bedrooms were up 3.7 percent, and Bushwick, where two-bedrooms were up 4.5 percent.

A better place to look for a deal might be Boerum Hill, where rents were down 1.5 percent, according to the report.

The report authors attribute this to a transitional period while the area around Barclays Center undergoes construction.

“We believe the residential rents here will struggle,” researchers said in the report.

They estimate that the area should stabilize by 2013, with about 720 units expected at a planned downtown development called The Hub, and 350 units promised in the first residential tower of Atlantic Yards.

More from our Sister Sites