Prospect Heights' Asking Rent Surpasses $4,000 As Prices Surge: Data

PROSPECT HEIGHTS, BROOKLYN — Renters looking for a spot in Prospect Heights might now need to shell out more than $4,000 a month to join the neighborhood, according to new price data.

The median asking rent in Prospect Heights skyrocketed last month to $4,150, surpassing $4,000 for the first time in the past decade and spiking nearly $1,000 from already-record-breaking average rents earlier this year.

The median rent — found in the latest report from StreetEasy — comes amid an ongoing price surge across the city as deals offered during the pandemic expire and demand spikes.

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 Prospect Heights' spike, median rents rose to $2,950 in Crown Heights, up from $2,700 earlier this year. Average rents reached $2,999 in Bed-Stuy and $2,573 in Flatbush.

"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.”