Growth Of Commercial Rental Apartments In Brooklyn: A Market Study

This report will give you a quick view about changing rental prices in Brooklyn. Recently there has been an explosion found in commercial rental apartments in Brooklyn.

Brooklyn has witnessed a hike in the population ofthe city for the very first time since 1950. The reason behind this hike in population is the low crime rate, increase in growth opportunities in the city, high life expectancy, high record tourism and many more reasons that make thecity a better place for living. The current growth rate of the city is 2.4%.Brooklyn is just about to cross the Chicago (third largest city in the US) if it is kept on growing at this rate.

This increase in population has also created a huge demand of rental apartments and all this leads to growth of commercial rental apartments in Brooklyn.There was an explosion in commercial and residential development areas. Average rent in Brooklyn has slightly risen this year in comparison to the previous one. The average rent in Brooklyn is approximately $2,714. But however, it varies for different apartments like 1 bedroom units, 2 bedroom units, studios and many more. One can own an apartment as per his/her requirement and spending capacity. Let’s take a quick look on rents of various apartment types in Brooklyn.

Average rents in Brooklyn rose by 0.48% from $2,711.22 in March 2015 to $2,724.14 in April 2015. The average price for a one-bedroom and two bedroom units increased to 1.23% and .91%, respectively, since March 2015, while the average price for a studio fell 1.13% across Brooklyn. Boerum Hill has been the greatest change in rent prices sinceMarch 2015, with average rents falling 7.72%. Clinton Hill saw the greatest increases of any neighborhood in the report, with prices growing an average of 4.53%. For a year over year perspective, the largest changes in average rent prices occurred in the neighborhoods of Downtown Brooklyn and Greenpoint. The average rent is up10.8% in Downtown Brooklyn over the last year, from an average of $3,114.00 in April 2014 to $3,451.00 in April 2015. Average rents are down 7.7% in Greenpoint over the last year, from $2,896.00 in April 2014 to $2,673.00 in April 2015. Listing inventory increased by 1.17% – from 2,984 rental units to 3,019 rental units. Williamsburg comprised the largest amount of on the market inventory in the report this month, accounting for nearly 24% of all listings in this month’s report.

This market report is based on market survey on various commercial websites and usually the data are collected for the apartments priced under $10,000. It is clearly visible from the analysis from this collected data that the rents are going to set a new height in coming months.A faster influx of new residents to Kings County would place it right behind Los Angeles even sooner, maybe before 2020. You can read more here reveals about Rental Apartments In Brooklyn.