Bed-Stuy's Average Asking Rent Nears $3,000 As Prices Surge: Data

BED-STUY, BROOKLYN — Renters looking for a spot in Bed-Stuy might now need to shell out $3,000 a month to join the neighborhood, according to new price data.

The median asking rent in Bed-Stuy skyrocketed last month to $2,999, the closest it's been to surpassing $3,000 in the past decade, data shows.

The median rent — found in the latest report from StreetEasy— is a sign that a citywide price surge already causing record-breaking rents in the neighborhood earlier this year hasn't subsided.

Average asking rent in Bed-Stuy stood around $2,850 just a few months ago, data shows.

Some good news, though, is that inventory might be bouncing back. The number of available rentals throughout the city is starting to rise, though slightly, for the first time in 18 months, researchers found.

The larger supply will likely mean less crowded rental open houses or even bidding wars, they said.

The increase is highest in Manhattan, though Brooklyn has also seen a slow rise with 9,598 rentals available in May, up from 9,021 in April, researchers said.

Still, prices continue to go up. On top of Bed-Stuy's spike, median rents rose to a whopping $4,150 in Prospect Heights and to $2,950 in Crown Heights, up from $2,700 earlier this year.

"My advice for potential renters this summer: if you have the flexibility to wait it out a couple of months, there will be more options available in late summer or early fall," said Zillow senior economist Josh Clark.

"But if you aren't able to be flexible, my biggest recommendation is to be realistic about your trade-offs and what you can afford. Perhaps you can forego the in-unit laundry or sacrifice a bit of commute time for a more affordable home."