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Have Rental Prices Peaked in Crown Heights?

According to a new rental market report by MNS Real Estate, average prices for newly listed studios in Crown Heights dropped 6.4% last month, from $2,072 a month in July to $1,939 in August.

The same study found a less marked decrease in one and two-bedroom apartment listings, which dropped 0.22% and 0.72%, respectively.

In nearby Prospect-Lefferts Gardens, studio prices also decreased, dropping 3.4 percent between July and August — from $1,765 to $1,706, the report found.

The MNS report compiles pricing data from current rental listings, excluding properties priced over $10,000 a month, the company said. The report does not include the entirety of Brooklyn, surveying only 18 Brooklyn neighborhoods from Greenpoint to Park Slope, roughly, and excluding nearly all areas south of Prospect Park with the exception of Bay Ridge.

See the complete market report here.

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#1 Comment By Shimonshak On September 26, 2016 @ 10:13 pm

Yeah, rents are coming down. I’ve been monitoring rents for the last 6,months and prices for 2 and 3 bedroom apts are coming down, quite significantly actually.

#2 Comment By Incorrect On September 27, 2016 @ 11:10 am

1. The apartment prices you see coming down are the listings that were initially listed for far above market value. Since nobody was ready to pay those prices, they came down to match the current market value.

2. 95% of the apartments listed today are not conventional apartments. They are very small. “3 bedroom” listings are really the size of conventional 1 or 2 bedroom apartments, and are many times in far-fetched locations. The minute a “true” 3 bedroom gets listed, people pay top dollar for it.

#3 Comment By Grateful We Left On September 26, 2016 @ 11:33 pm

My daughter’s mortgage in suppposedly expensive California is 1200 less than a studio apartment in Crown Heights. Come on people, why do you really live there ?

#4 Comment By Pedant On September 27, 2016 @ 9:38 am

Your’e right Mr. Grateful, there isn’t any reason to live here since you can’t think of one and its very good that you’ve done the legwork and figured things out for us.

#5 Comment By Doubtful On September 27, 2016 @ 2:05 am

Don’t count on it.

#6 Comment By When it Crashes Down On September 27, 2016 @ 11:54 am

Landlords Will Soon BE Looking To Accomodate Tennants; At Affordable Rates

#7 Comment By Moshiach On September 27, 2016 @ 12:33 pm

And we’ll be learning Torah with Moshiach

#8 Comment By Seriously !!! On September 27, 2016 @ 3:16 pm

close to $2000 for a studio! You’ve got to be kidding me. I could live in NYC for that price. The whole problem is greedy landlords and yuppies infiltrating the area.

#9 Comment By To #4 On September 27, 2016 @ 4:49 pm

What would people miss by leaving.
Tuition that is a fraction of what other places out of Brooklyn. All the services that enables, vouchers when you lie and don’t report all salary.
Section 8 and Medicaid ( yes some people are legitimately entitled). A few really good well run schools. Bus service that is free over 6. Free lunches.
What else. Oh yes 770 but I believe our Rebbe is with us everywhere.

#10 Comment By DeClasse’ Intellectual On September 27, 2016 @ 7:45 pm

#7 Get real–open your eyes!!!
As long as people believe that this is the only place to live and are willing to pay, prices will be for over charged and under value for apartments. I know someone who bought a house out side the “inner area” in spite of the huge saleries he and his wife made and he was unhappy for years even though he was on the fringe of the “inner area.”

#11 Comment By CH Market will never change, great place to invest! On September 28, 2016 @ 2:51 pm

I live on the west cost and have two rental properties in CH. The demand is higher then whats available so that drives pricing up, Economics 101.