MNS, the Brooklyn real estate firm published their May 2014 Brooklyn Rental Market Report yesterday (along with their Manhattan Rental Market Report). The report reveals that in Brookln, average rents in Brooklyn increased 1.99% in April, from $2,664 to $2,717 in May. Andrew Barrocas, CEO of MNS, believes that we can expect to see rental prices in Brooklyn continue to rise, thanks in part to high demand from Manhattanites seeking lower rents and an influx of new developments in the borough.

Average rents in Brooklyn jumped up 8.53% from this time last year from $2,503 to $2,717:

Avg. Studios: $2,164 (Greatest change since April: +17.7-percent/$264 in Crown Heights)
Avg. One-bedrooms: $2,624 (Greatest change since April: +10.7-percent/$192 in Crown Heights)
Avg. Two-bedrooms: $3,362 (Greatest change since April: +11.7-percent/$241 in Prospect Lefferts Gardens)

Some other highlights of the report include the following:

• Bed Stuy rents have increased by 19.6-percent since May 2013, thanks in large part to new development and conversion buildings hitting the market.
• Pricing for studios increased 40.26-percent in Bedford-Stuyvesant, 29.78-percent in Boerum Hill, and 30.35-percent in Crown Heights since the previous year.
• Since areas like Williamsburg, DUMBO, and Downtown Brooklyn have high concentrations of high end new development units, urban renewal efforts will expand further and further out to areas like Boerum Hill and Bedford-Stuyvesant.
• Crown Heights saw the highest increase in pricing this month relative to the rest of Brooklyn as pricing for each unit type increased. (An influx of high priced units from 836 Bergen Street accounted for a large percentage of this increase)
• Pricing for Cobble Hill One Bedroom units increased 10.19-percent from $2,769 to $3,051.
• In Dumbo, rents for Studio units rose an average of 13.68-percent from $2,580 to $2,933, reflecting a normalization from last month’s drop in pricing.

Rents for One-Bedrooms in Dumbo increased 11% since this time last year, from $3,543 to $3,934.

In Dumbo for May 2014, studios were $2,933 (vs $2,580 in Apr 2014), one bedrooms $3,832 (vs $4,160 in Apr 2014), and two bedrooms $5,321 (vs $5,239 in Apr 2014). Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:

For full report, go to www.mns.com/brooklyn_rental_market_report

Previously:
{March 2014 Brooklyn Rental Market Report}
{January 2014 Brooklyn Rental Market Report}
{November 2013 Brooklyn Rental Market Report}
{October 2013 Brooklyn Rental Market Report}
{July 2013 Brooklyn Rental Market Report}
{May 2013 Brooklyn Rental Market Report}
{Brooklyn Rental Market Report (Year End 2012)}
{October 2012 Brooklyn Rental Market Report}
{September 2012 Brooklyn Rental Market Report}
{June 2012 Brooklyn Rental Market Report}
{May 2012 Brooklyn Rental Market Report}
{April 2012 Brooklyn Rental Market Report}