News
See the Rental Numbers That Left MNS 'Astonished'
February 5, 2015
Apparently less is more: in 2014, a new report from MNS (the company marketing 1 North 4th Place) says rents for studios in Brooklyn climbed 9%, while one-bedrooms went up by about half that and two-bedrooms by about 2%. The average overall rent in the borough sits at $2,676, a 4.5% increase year-over-year. New high-end rental development will add inventory, but MNS says it will drive further price increases this year as new developments reshape their neighborhoods. Projects MNS points to: 1 North 4th place, which will bring 509 units to market; Atlantic Yards, where a 363-unit rental is going up; and three new projects in Downtown Brooklyn that will add a total of 1,300 new units this year: 505 Fulton St, 180 Myrtle Ave and 81 Fleet Pl.
