Aug 12, 2015 1 min read apartments for rent

Fort Greene Rents Went Up 22% Last Year, Says New Report

A street scene outside Fort Greene Park in 1974. (Photo by Danny Lyon, courtesy the National Archives and Records Administration) — How much do you think the rent on these apartments was in 1974, when this pic was taken? (Photo by Danny Lyon, courtesy the National Archives and Records Administration)

In news that’s a surprise to no one, rents are on the rise in Brooklyn — though it’s happening at a much quicker rate of increase than in the traditionally steep Manhattan real estate market.

According to a new report by real estate brokerage TripleMint, as noted by Politico New York, rents in so-called “trendy” Brooklyn neighborhoods are rising faster than those in comparably sought-after Manhattan neighborhoods. From 2013-2014, they say Fort Greene saw a 22 percent increase in rental prices — meanwhile, the largest increase in Manhattan was in the Financial District, up 10 percent according to the report.

TripleMint’s CEO points out that rental prices aren’t necessarily higher than Manhattan’s in those Brooklyn neighborhoods (…yet), it’s just the increases that were greater last year.

Of course, that’s just one year. As we saw in a study back in June, rents in our area have gone up between 59-63 percent since 2002, when adjusted for inflation. The average for that time for the entire city was 32 percent.