Average asking rents in Brooklyn Heights increased by 23% from 4Q 2011 to 1Q 2012, the highest percentage increase among the more desirable New York City neighborhoods included in a survey by RentJuice.
The Real Deal reports that “Brooklyn was responsible for much of the asking rent gains, as popular neighborhoods including Brooklyn Heights (23%), Park Slope (18%), Williamsburg (10%) and Greenpoint (10%) showed double-digit rent increases. Brooklyn Heights’ average first quarter asking rent was $4,974, an increase of more than $900 over the fourth quarter of 2011, making it the most expensive neighborhood in the borough. By comparison asking rents reached $3,547 in Park Slope, $2,847 in Williamsburg and $3,424 in Greenpoint.”
Unfortunately, the article does not describe how “average asking rent” is determined. A reasonable surmise is that it is the average of the asking rent for all residential properties on the market during the quarter. In that case, the high figure for the Heights probably reflects the fact that this neighborhood includes more large rental apartments than places like Williamsburg that have substantial amounts of new construction and rehabs with lots of studios and one-bedrooms. It may also reflect the arrival on the market of pricey rental apartments at 75 Clinton Street (photo). Nevertheless, a 23% increase is impressive.