These BK Spots Saw Some Of The Highest Rent Spikes Of The Decade

BROOKLYN, NY — Almost all of the New York City neighborhoods with the highest rent spikes this decade were in Brooklyn, a new study found.

Seven Brooklyn spots saw at least a 47.5 percent jump in rent prices in the 2010s, landing the neighborhoods in a list of the top 10 areas with rent spikes for the decade, according to the study by StreetEasy and Curbed.

Bushwick took the top spot for the borough, with a median rent prices soaring 65.6 percent since 2010. It was only surpassed on the list by Corona, whose 79 percent increase was the highest in the city.

The Brooklyn neighborhoods — along with Bushwick, Prospect-Lefferts Gardens, Flatbush, Bed-Stuy, Crown Heights, Gowanus and Clinton Hill — likely marked a trend of an influx of development that has driven up prices in many outer boroughs areas, researchers said.

“[In Prospect Lefferts Gardens] an influx of new development has brought more residential options to the area, and the commute to Manhattan is easy,” StreetEasy economist Nancy Wu said. “Bushwick has undergone quite a transformation in the last decade, with the construction of many new, amenity-laden buildings. Demand continues to grow, thus driving up prices, as renters become more willing to ride the L train a few additional stops to find more affordable options than what’s available in Williamsburg.”

The report pointed to several new, large-scale developments, like the Domino megaproject and Pacific Park (formerly known as Atlantic Yards), which may have hiked up rents in areas closer to Manhattan and pushed renters further into the borough.

More demand within those deeper neighborhoods means higher prices for areas like Crown Heights and Bed-Stuy, they said. The claim is in line with another recent study by StreetEasy, which found that many of its Brooklyn "neighborhoods to watch" were further from Manhattan than in past years.

The seven neighborhoods with high rent spikes bucked the borough-wide trend, where rents only increased by 18 percent throughout the decade.

That number left Brooklyn tied with Manhattan for the lowest overall spike in median rent. Brooklyn prices went up from a median $2,200 per month to $2,595 per month since 2010, the study found.

Queens saw the biggest hike with a 30 percent jump and the Bronx was second, with a 19 percent increase.

Read the full study here.