According to the real estate industry in NYC, rents are stabilizing or climbing for most neighborhoods. Curbed NY notes today that median rental prices show increases between the 4th quarter of 2009 and the end of 2010, and landlords have ended concessions. If there are concessions, the average concession is one month of free rent. (Prudential Douglas Elliman Real Estate released their 4Q 2010 Manhattan market overview today. The 4Q Brooklyn market to follow). Crain’s reported last week that Brownstone Brooklyn rents climbed, for example by an average of $143 per month in Brooklyn Heights. Of course Dumbo is not a Brownstone market, but the loft rentals are still ‘hot’. Realtors we spoke to who asked to remain anonymous, told DumboNYC that Dumbo loft rentals that come on the market are gone so fast, there’s a lack of inventory. People are waiting for rentals to come on line. This is partly why rentals are hard to find under $2,600 per month. Multiple realtors believe the 2011 market in the area for rents will stay strong provided that the economy holds its course.
The Real Estate Group NY published a Brooklyn rental market report (December 2010) that show the trends in Dumbo. Overall mean Brooklyn rental prices in December 2010 for studios were $1,624, $2,159 for one bedrooms, and $2,655 for two bedrooms. So how does Dumbo compare? Dumbo studio price trended down from $2,526 in October to $2,064 in December:
Meanwhile, Dumbo one bedroom prices went from a low (in 2010) in June of $2,934 per month, to a high of $3,703 in December:
And two bedroom prices in December were $4,765 per month:
According to StreetEasy.com, the least expensive rental in Dumbo is a one bedroom apartment for $2,550. Median price is $4,050 and median size of 1,164 sqft. As of January 13, 2011, the following are the three least expensive rentals in Dumbo: