Report: Crown Heights Rents Down 12% in May

Finally, some good news for neighborhood renters: The demand for Crown Heights apartments slowed somewhat last month, with prices dropping substantially in the area and inventory going up, a new market survey found.

In May, the average price of an apartment in the neighborhood decreased 12.9 percent since last year, from $2,114 in May of 2014 to $1,841 last month, according to a report by MNS Real Estate released Thursday.

MNS attributed the price drop to the 116 new listings that joined the rental market in Crown Heights in May, a 10 percent increase over the previous month and more units than any other Brooklyn neighborhood included in the survey, which includes areas between Greenpoint and Park Slope and excludes nearly all neighborhoods south of Prospect Park, with the exception of Bay Ridge.

But don’t expect the lowered prices to last, said MNS CEO Andrew Barrocas.

“Crown Heights is very much an up-and-coming neighborhood with several new developments underway, so we expect the market to correct itself over the coming months once the inventory numbers level out,” he said.

Click here to continue reading at DNAinfo.

22 Comments

  • 1. non-gender wrote:

    even with the reduction, it remains no small challenge for renters to confront especially those with a big family

  • 2. ck out light system wrote:

    BORUCH HASHEM – LET IT KEEP DROPPING SO LUBAVITCHER IN THE NEED (TO LIVE IN THEM) CAN AFFORD TO RENT AND BUY HOUSES IN THE REBBES SHCHUNA

  • 3. lol wrote:

    that is because no Lubavitcher got married during sefirah it does reflect on reality

  • 6. great!! wrote:

    Hashem heard the prayers of so many who need reliev in this area
    if only the community council would help with this

  • 8. Resident wrote:

    YUPPIES ARE RUNNING OVER THIS NEIGHBERHOOD! MY FELLOW YIDDEN PLEASE , DONT RENT TO THEM> THIS CAUSES OUR YIDDEN TO HAVE TO FIGHT TO LIVE IN SHOE BOXES> DROP THE GRANITE COUNTERS, MAKE THINGS MORE AFFORDABLE!

  • 10. NEEDS TO BE VOTED OUT wrote:

    THE COMMUNITY LEADERS NEEDS TO BE VOTED OUT,THEY ARE ROTTEN INSIDE AND THEY SPREAD ALL THERE POISION TO EVERYONE WHO THEY THINKS ARE GARABAGE!!

  • 11. My landlord never goes down wrote:

    This won’t apply to the current buildings which automatically increase yearly.
    I wish my work automatically increased my salary yearly…

  • 12. you know why ? wrote:

    because: the rent is sooooooo high that no one wanted to rent, so they were FINALLY forced to lower the rent prices because they saw that no one was renting for a loooooong time, they think that they could get away with any outrages ridiculous price that they make up and get away with it also!! it is NOT true that the rent went down!!

    • 14. Milhouse wrote:

      Um, you just described suppy and demand; how else do you suppose the price of anything ever changes? And yes, the figures show that the average rent in the area is lower now than it was a year ago.

  • 15. Wish this was true wrote:

    As a landlord.
    I just rented an apartment to someone from Anash for over $100- more then I rented it to the last person a year ago. I am being told I am still bellow market value. So not sure about this report.

    I hope this is true. What we need is more people buying apartment buildings and converting it for our community. It is all supply and demand. For all you young people go out and buy a house with a rental apartment at the end it will be cheaper for you, I know it is very hard but ask your friends how they did it.

    Wishing you all Hatzlochoh in everything you do.

    Good Shabbos

  • 16. to # 9 and # 11 wrote:

    to # 9: you are totally right, there is a saying: everything goes up but the paycheck!!!

    to # 11: there is a saying: easier said then done!!!

  • 18. Fresser Rebbe wrote:

    uh Baruch Hashem,
    maybe we are getting closer to the time when our own brothers will start renting to Lubavitchers, as the Rebbe told us so many times that we have no Heter to rent to goyim, the Rebbe never sais anything about the color of the potential renters.

    • 20. Milhouse wrote:

      Look in Shulchon Oruch. Also the many many sichos from when this was an issue in the late ’60s and early ’70s.

  • 21. To 19 wrote:

    Very very sad that anyone could doubt something so obvious. Do you really need a sourch? And will that change your mind

×

Comments are closed.