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BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.

  • 1.98%
    CHANGE
  • $2,911
    MAY 2020
  • $2,853
    JUNE 2020

A QUICK LOOK

brooklyn

Over the last month, the average rental price in Brooklyn has decreased by 1.98%, from $2,910.89 to $2,853.30. The average rental price for studio fell by 0.89%, from $2,268.27 to $2,248.16. The average rental price for a one-bedroom unit fell by 2.94%, from $2,845.80 to $2,762.23. The average rental price for a two-bedroom unit fell by 1.91%, from $3,618.61 to $3,549.50. Year-over-year rental prices are down across-the-board with studio, one-bedroom, and two-bedroom prices decreasing by 3.38%, 3.72%, and 5.61%, respectively.

This past month, the most expensive units by average rental price were observed in DUMBO, while the most affordable units by average rental price were in Borough Park/Sunset Park.

Out of the sixteen neighborhoods tracked by this report, only four saw their average rental price increase this past month: Bedford-Stuyvesant (+0.8%), Borough/Sunset Park (+4.4%), Clinton Hill (+1.9%), and DUMBO (+0.1%).

As concessions grow in both popularity and generosity, pricing in the Brooklyn rental market can be expected to adjust accordingly, especially within neighborhoods that have established luxury submarkets like Williamsburg and Downtown Brooklyn.

NOTABLE TRENDS

brooklyn
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $3,148 Borough/Sunset Park $1,400
One bedrooms Dumbo $4,083 Borough/Sunset Park $1,854
Two bedrooms Dumbo $5,851 Borough/Sunset Park $2,146

WHERE PRICES DECREASED

price_down_icon

BAY RIDGE

Studios -5.1%

One-Bedroom -0.1%

Two-Bedroom -0.3%

BED STUY

One-Bedroom -3.2%

BOERUM HILL

Studios -2.2%

One-Bedroom -1.5%

Two-Bedroom -5.7%

BROOKLYN HEIGHTS

Studios -2.0%

One-Bedroom -2.5%

Two-Bedroom -1.9%

BUSHWICK

Studios -0.54%

One-Bedroom -3.7%

Two-Bedroom -3.0%

CLINTON HILL

Studios -1.6%

COBBLE HILL

Studio -1.6%

One-Bedroom -0.9%

Two-Bedroom -4.3%

CROWN HEIGHTS

Studios -1.9%

One-Bedroom -0.7%

Two-Bedroom -0.9%

DUMBO

One-Bedroom -5.6%

DOWNTOWN BK

Studios -3.9%

One-Bedroom -5.0%

Two-Bedroom -3.8%

FORT GREENE

Studios -2.2%

One-Bedroom -3.7%

Two-Bedroom -2.7%

GREENPOINT

Studios -3.25%

One-Bedroom -8.0%

Two-Bedroom -5.9%

PARK SLOPE

Two-Bedroom -5.5%

PLG/FLATBUSH

Studios -1.2%

Two-Bedroom -2.0%

WILLIAMSBURG

Studios -1.0%

One-Bedroom -8.5%

Two-Bedroom -3.9%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

Studios 0.8%

Two-Bedroom 4.5%

CLINTON HILL

One-Bedroom 0.4%

Two-Bedroom 5.4%

BOROUGH PARK/SUNSET PARK

Studios 12.0%

One-Bedroom 1.7%

Two-Bedroom 2.26%

DUMBO

Studios 4.7%

Two-Bedroom 1.9%

PARK SLOPE

Studios 2.2%

One-Bedroom 1.9%

PLG/FLATBUSH

One-Bedroom 0.1%

BROOKLYN AVERAGE PRICE

BROOKLYN AVERAGE PRICE

BROOKLYN AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
Bay Ridge
Bed Stuy
Boerum Hill
Brooklyn Heights
Bushwick
1.54%
1.67%
1.27%
6.55%
2.38%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
1.18%
2.05%
1.80%
5.06%
2.02%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
7.57%
1.65%
6.08%
0.58%
0.07%

YEAR OVER YEAR Price change

JUNE 2019 VS. JUNE 2020

price changes
TYPE JUNE 2019 JUNE 2020 CHANGE
Studios $2,327 $2,248 3.4%
One bedrooms $2,869 $2,762 3.7%
Two bedrooms $3,760 $3,550 5.6%
BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE FELL BY 1.64%.

BROOKLYN

FOLLOWING TWO MONTHS OF SIZEABLE DROPS, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 0.76% THROUGH JUNE.

BROOKLYN

FALLING FOR THE SECOND MONTH IN A ROW, THE AVERAGE RENTAL PRICE IN BOERUM HILL DECREASED BY AN ADDITIONAL 3.52% THROUGH JUNE.

BROOKLYN

THANKS, IN PART, TO ITS LOWER-END INVENTORY MIX WHICH CAN LEAD TO MONTH-OVER-MONTH PRICE SWINGS, BOROUGH PARK/SUNSET PARK SAW AVERAGE RENTAL PRICES INCREASE BY 4.41% THROUGH JUNE.

BROOKLYN

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS FELL BY 2.11%.

BROOKLYN

THROUGH JUNE, THE AVERAGE RENTAL PRICE IN BUSHWICK FELL BY 2.51%.

BROOKLYN

BUOYED BY A HANDFUL OF UNITS AT THE HIGHER-END OF THE MARKET, THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 1.86% THROUGH JUNE.

BROOKLYN

FOLLOWING ALMOST NO MOVEMENT LAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL FELL BY 3.17% THROUGH JUNE.

BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS DECREASED BY 1.13%.

BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN DECREASED 4.20%.

BROOKLYN

FOLLOWING A DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN DUMBO STABILIZED THROUGH JUNE, INCREASING BY 0.06%.

BROOKLYN

THROUGH JUNE, THE AVERAGE RENTAL PRICE IN FORT GREENE FELL BY 2.88%.

BROOKLYN

ADJUSTING TO LAST MONTH’S SURGE IN LUXURY AVAILABILITIES, THE AVERAGE RENTAL PRICE IN GREENPOINT FELL BY 5.85% THROUGH JUNE.

BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY 1.26%.

BROOKLYN

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN PROSPECT LEFFERTS GARDENS/FLATBUSH FELL BY 1.10%.

BROOKLYN

THANKS TO A SIGNIFICANT INCREASE IN THE NUMBER AND AMOUNT OF OFFERED CONCESSIONS, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG FELL BY 4.65% THROUGH JUNE.

BROOKLYN

THE REPORT EXPLAINED

THE BROOKLYN RENTAL MARKET REPORTTM COMPARES FLUCTUATION IN THE BOROUGH’S RENTAL DATA ON A MONTHLY BASIS. IT IS AN ESSENTIAL TOOL FOR POTENTIAL RENTERS SEEKING TRANSPARENCY IN THE BROOKLYN APARTMENT MARKET AND A BENCHMARK FOR LANDLORDS TO EFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN BROOKLYN.

The Brooklyn Rental Market Report TM is based on a cross-section of data from available listings and priced under $10,000, with ultraluxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specifc mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).

Author: MNS has been helping Brooklyn landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help.

Contact Us Now: 718-222-0211
Note: All market data is collected and compiled by MNS’s marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice.

If you would like to republish this report on the web, please be sure to source it as the “Brooklyn Rental Market Report” with a link back to its original location.

HTTP://WWW.MNS.COM/BROOKLYN_RENTAL_MARKET_REPORT

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