By Rachel Holliday Smith, DNAinfo.com
Despite relatively steady rental prices in Brooklyn overall, Crown Heights rents jumped almost 8 percent last year, a new real estate report found.
The cost of the average market-rate rental in the neighborhood and nearby Prospect-Lefferts Gardens rose 7.9 and 7.8 percent, respectively, between February 2015 and February of this year, according to data compiled by MNS Real Estate.
The company detailed rental trends in the borough in their monthly report released Thursday, showing rent prices in Brooklyn didn’t change much last year; average rent in Brooklyn rose just half a percent from $2,700 in February 2015 to $2,716 in February 2016, the report found.
But rent in Crown Heights and Prospect-Lefferts Gardens had the “largest overall increase in the borough,” MNS said, indicating “very strong emerging markets.”
In particular, Crown Heights studio prices spiked; the category had the largest price increase of any neighborhood studied in the report, rising more than 9 percent from $1,537 to $1,681 in a year. On average, studios in Prospect-Lefferts Gardens cost $1,486 in February of this year, up 6.14 percent since 2015.
The report found an average one-bedroom apartment in Crown Heights and Prospect-Lefferts Gardens cost $1,940 and $1,742 last month, respectively. Two-bedroom apartments in those neighborhoods cost $2,430 and $2,180.
The MNS report compiles pricing data from both public and proprietary rental listings, excluding properties priced over $10,000 a month, the company said.
The report surveys 18 Brooklyn neighborhoods in total, from Greenpoint to Park Slope and excluding nearly all areas south of Prospect Park with the exception of Bay Ridge.
See the complete market report here.
its terrible because people in crown heights don’t make much even though they work hard. plus people in crown heights have a lot of kids
If u buy a house at a. Higher price ur Morgage is higher so u need higher rent to Covor ur mortgage , if u can’t afford it get a 2nd and 3rd job complaining is not gonna help u
When the Rabbi was here the rents were not what they are today, the rents are really high, so people have to do what works for them and their family, and you also have tuition, food clothing, electricity, and etc.
The Rabbonim should issue a psak halacha about how much rent is allowed to increase.
Many people from Brooklyn moving to staten island bigger houses cheaper rent or buy
Better solution is to ask Hashem for more money to come in our pockets
check your tuition bill, grocery bill, tax bill… a lot of things went up in price, especially things that become scarce. more people, same amount of space. costs more to run a building, labor to fix a building.
anyone with an issue about what it costs to live, can stop living, find somewhere cheaper, create a cheaper alternative to sell which can force by competition lower pricing…
The purpose you putting this info up is because ?
HAVE WE FORGOTTEN WHO MADE THSI NEIGHBORHOOD WHAT IT IS TODAY? IS THIS HOW WE THANK THE rEBBE? WHAT EVER HAPPENED TO AHAVAS YISROEL? CHESED?
It looks like you looked at every third word of #5. Please read the whole thing, and then comment (It will only make you look smarter…)
Again landlord trying to jack up the prices..
What average means is for example when when 1/5th of crown heights location prices goes up 50% that couses a the average to be 10% nostrand to Washington happens to be that 1/5 so nice try
On the contrary (Aderabah Shilshul)! it usually hurts poor people. Has a poor person ever offered you a job?
Let’s not stand in the way of the Godly Invisible Hand that guides our free-market system.
L’chaim
I do not understand your comment at all. People are destroying Crown Heights by moving out and/or telling others to move out? What does that even mean? It’s not like every single person is going to leave. Plenty of people don’t know how to ever leave their CH bubble which is totally fine.
According to you, if I decide to move because I want to own a BIG house at an AFFORDABLE price, I am an outcast? Can you please explain?
Somebody’s got to Tziva that the prices should go down otherwise people might plotz chasvasholem..If people are packing their bags and moving than mishana makom mishana Mazel ltova…
Its true there are cheaper places to move. But its destroying a Jewish community (the Rebbe fought to build, when all others moved out). To those that are helping destroy it, not only should you not be treated as a equal in the community, rather you should be treated as a outcast. (I wont go so far to say that your kids should not be accepted in the community’s schools…) P.S. The people that say the Jews should move out to cheaper/easier places to live, are probably the same ones who are saying that all the Jews in Israel, should… Read more »
@3 what about Kan Tzivah
Are heading in droves to South Florida,
Pembroke Pines
Coral Springs
Boca Raton
Hollywood
North Miami
Miami
all affordable and great schools great weather and full of work opportunities for Frum Yiddin!
“The report found an average one-bedroom apartment in Crown Heights and Prospect-Lefferts Gardens cost $1,940 and $1,742 last month, respectively.”
The most I know anyone paying for a 1 bedroom is between $1500-$1600. Not a single person I know in CROWN HEIGHTS is paying over $1600 for a one bedroom. And if people are it’s few. Not saying one bedrooms are affordable, but they are most definitely more between $1300-$1500.
i feel bad for those who can’t afford it but that’s life.. if you can’t, move out. there are MANY cheaper options:
detroit
chicago
houston
wilkes barre