The average residential rental prices ticked up modestly in the New York City boroughs of Brooklyn and Queens in August, while Manhattan and the Bronx posted slight declines — but prices in all four of those boroughs are nonetheless significantly up year-over-year, in another welcome sign for the resurgence of New York real estate.

The latest reports from NYC-based MNS Real Estate reveals that overall average rental price in Brooklyn increased by 1.97% last month, from $3,559 to $3,629. Crown Heights was the neighborhood with the largest uptick within the borough, with studios studios up 10.1%, from $2,111 to $2,324. On the other end of the spectrum, Greenpoint was the Brooklyn neighborhood with the biggest monthly decrease, down 7.7% from $3,699 to $3,415.

The most expensive Brooklyn prices could be found in Dumbo, with studio, one- and two-bedrooms with prices averaging $3,998, $5,220, and $7,055, respectively. The least expensive studios and two-bedrooms are in Borough/Sunset Park, where prices average $1,613, and $2,395, respectively, and Bay Ridge is home to the least expensive Brooklyn one-bedrooms with prices averaging $1,939.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.