Rent prices in Brooklyn increased by approximately 2.68% from $2,670 in July 2014 to $2,742 in August 2014. Rent prices increased 5.49% from $2,599 to $2,742 compared to August 2013. Listing inventory decreased 16% compared to July 2014 from 2,327 units to 1,946 units.
The market appears to have picked up compared to July 2014…
The largest annual upward and downward shifts in rent prices were seen in Crown Heights and Boreum Hill respectively. Rents increased 25.2% in Crown Heights compared to July 2013 from $1,874 to $2,347….
The Brooklyn rental market is clearly continuing its overall upward progression. Neighborhoods such as Williamsburg continue to see slower growth. This is evident as its monthly decrease was .22% and its yearly increase was 2.0%, relatively nominal changes compared to other neighborhoods in Brooklyn that are surging. Once again, underdeveloped areas like Bushwick and Crown Heights are leading the gentrification movement. Bushwick’s 17.59% monthly increase is tops among Brooklyn neighborhoods, with Crown Heights also growing at a significant 11.20% rate as well…
Brooklyn Neighborhoods Rent Price Increases Graph
Quick Look – Brooklyn Neighborhoods Sales Increases (1)
Crown Heights Sales Increases