Two-bedroom rentals in Chelsea are currently a steal, Midtown West rates are steadily rising, Brooklyn studios are scarce and everyone in Bushwick can stop freaking out now, according to a new report by MNS Real Estate.
First, the aberration: Bushwick rents jumped 17 percent in February, only to retreat to more normal levels in March. The report attributes the February spike to the completion of 949 Willoughby Avenue, which flooded the market with apartments priced much higher than local rents. However, with additional inventory becoming available in March, rents in Bushwick decreased by 12.36 percent that month, with studios at an average price of $1,750, one-bedrooms at $1,883 and two-bedrooms at $1,977.
Overall in Brooklyn, studios were in short supply in Boerum Hill, Clinton Hill, Prospect Lefferts Gardens, Greenpoint and Dumbo. Studio seekers might want to set their sights on Williamsburg and Brooklyn Heights, where prices for these particular units have kept relatively stable since February.
Since the beginning of the calendar year, rents have dropped for three straight months in the borough, with overall rents decreasing by 1.77 percent from February to March. However, compared to the same month last year, March’s rents were 4.28 percent higher, at $2,334 from $2,434. The MNS report predicts that Brooklyn rental rates will “remain optimistic” with the coming summer season and lower unemployment rates
Rental averages were steady in Manhattan, going from $3,796 in February to $3,791 in March for a grand decline of five bucks. The previous month was disappointing for two-bedroom units, which underperformed the overall apartments tracked in the report.
Two-bedroom homes in Chelsea experienced the biggest declines in the borough from the previous month — rents are expected to bounce back in the neighborhood, though, so snap up that dual-bedroom abode soon. The Lower East Side is looking promising for single tenants, with rates for doorman studios falling 14.3 percent in February and dropping an additional 9.2 percent in March.
The most expensive Manhattan neighborhoods in March were Tribeca and Soho, and the least pricey was Harlem. In Brooklyn, Williamsburg and Dumbo led rental prices, with Prospect Lefferts Garden and Bay Ridge the most affordable.