BROOKLYN RENTAL MARKET REPORT
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BROOKLYN RENTAL MARKET REPORT ARCHIVE
AVERAGE RENT
THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.
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CHANGE
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$3,046.05AUGUST 2019
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$3,046.22SEPTEMBER 2019
A QUICK LOOK
Over the last month, the average rental price in Brooklyn increased by 0.01%, from $3,046.05 to $3,046.22. The average rental price for a studio decreased by 0.29%, from $2,358.88 to $2,352.04. The average rental price for a one-bedroom unit increased by 0.06%, from $2,903.59 to $2,905.46. The average rental price for a two-bedroom unit increased by 0.14%, from $3,875.68 to $3,881.15. Year-over-year, rental prices are up across-the-board, with studio, one-bedroom, and two-bedroom prices increasing by 3.38%, 7.54%, and 8.20%, respectively. Overall, this month was a stable month for rental pricing in Brooklyn. Out of fifteen tracked neighborhoods, five had their average rental prices fall: Boerum Hill (-1.20%), Brooklyn Heights (-2.74%), DUMBO (-2.63%), Downtown Brooklyn (-0.70%), and Park Slope (-1.02%). This past month, the most expensive rental units on the market could be found in DUMBO, while the most affordable units were in Bay Ridge.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $3,446 | Bay Ridge $1,522 |
| One bedrooms | Dumbo $4,283 | Bay Ridge $1,777 |
| Two bedrooms | Dumbo $6,067 | Bay Ridge $2,375 |
WHERE PRICES DECREASED
BAY RIDGE
Studios -0.8%
One Bedroom -1.0%
BED STUY
Studios -0.7%
BOERUM HILL
Studios -6.6%
BROOKLYN HEIGHTS
Studios -2.9%
Two Bedroom -5.4%
BUSHWICK
Studios -3.2%
CROWN HEIGHTS
Studios -2.1%
DUMBO
One Bedroom -1.7%
Two Bedroom -4.7%
DOWNTOWN BK
One Bedroom -2.2%
Two Bedroom -1.0%
FORT GREENE
Studios -0.8%
One Bedroom -2.8%
GREENPOINT
One Bedroom -0.6%
Two Bedroom -0.2%
PARK SLOPE
One Bedroom -2.6%
Two Bedroom -1.9%
PLG
Two Bedroom -0.1%
WILLIAMSBURG
Studios -1.8%
One Bedroom -0.2%
WHERE PRICES INCREASED
BAY RIDGE
Two Bedroom 1.9%
BED STUY
One Bedroom 1.3%
Two Bedroom 1.4%
BOERUM HILL
One Bedroom 0.4%
Two Bedroom 0.8%
BROOKLYN HEIGHTS
One Bedroom 2.1%
BUSHWICK
One Bedroom 3.4%
Two Bedroom 2.2%
CLINTON HILL
Studios 5.1%
One Bedroom 2.8%
Two Bedroom 4.3%
COBBLE HILL
Studios 0.7%
One Bedroom 0.7%
Two Bedroom 0.1%
CROWN HEIGHTS
One Bedroom 3.4%
Two Bedroom 3.3%
DUMBO
Studios 0.0%
DOWNTOWN BK
Studios 1.8%
FORT GREENE
Two Bedroom 2.6%
GREENPOINT
Studios 2.6%
PARK SLOPE
Studios 2.6%
PLG
Studios 1.7%
One Bedroom 1.0%
WILLIAMSBURG
Two Bedroom 8.0%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
CHANGE BY NEIGHBORHOOD
| Bay Ridge | Clinton Hill | Fort Greene |
| Bed Stuy | Cobble Hill | Greenpoint |
| Boerum Hill | Crown Heights | Park Slope |
| Brooklyn Heights | Downtown BK | PLG |
| Bushwick | Dumbo | Williamsburg |
YEAR OVER YEAR
BROOKLYN RENTS: SEPTEMBER 2018 VS. SEPTEMBER 2019
| TYPE | SEPTEMBER 2018 | SEPTEMBER 2019 | CHANGE |
|---|---|---|---|
| Studios | $2,275 | $2,352 | 3.4% |
| One bedrooms | $2,702 | $2,905 | 7.5% |
| Two bedrooms | $3,587 | $3,881 | 8.2% |
PRICE TRENDS
BROOKLYN
PRICE TRENDS
BAY RIDGE
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 0.24%.
PRICE TRENDS
BEDFORD-STUYVESANT
MARKING A THIRD MONTH OF GROWTH, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 0.78% THROUGH SEPTEMBER.
PRICE TRENDS
BOERUM HILL
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL EXPERIENCED A CORRECTION OF 1.20%.
PRICE TRENDS
BROOKLYN HEIGHTS
FOLLOWING A LARGE PRICE JUMP LAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS FELL BY 2.74% THROUGH SEPTEMBER.
PRICE TRENDS
BUSHWICK
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 0.98%.
PRICE TRENDS
CLINTON HILL
DUE TO THE ADDITION OF LUXURY UNITS FROM NEWER BUILDINGS IN THE AREA, THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 4.05% THIS PAST MONTH.
PRICE TRENDS
COBBLE HILL
REMAINING STABLE, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 0.42% THIS PAST MONTH.
PRICE TRENDS
CROWN HEIGHTS
THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY 1.72%.
PRICE TRENDS
DOWNTOWN BROOKLYN
THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 0.70%.
PRICE TRENDS
DUMBO
AFTER A LARGE INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN DUMBO EXPERIENCED A CORRECTION OF 2.63% THROUGH SEPTEMBER.
PRICE TRENDS
FORT GREENE
FOLLOWING A CORRECTION LAST MONTH, THE AVERAGE RENTAL PRICE IN FORT GREENE REMAINED STABLE THROUGH SEPTEMBER, INCREASING BY JUST 0.03%.
PRICE TRENDS
GREENPOINT
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 0.40%.
PRICE TRENDS
PARK SLOPE
THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN PARK SLOPE DECREASED BY 1.02%.
PRICE TRENDS
PROSPECT LEFFERTS GARDEN
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN PROSPECT LEFFERTS GARDENS INCREASED BY 0.78%.
PRICE TRENDS
WILLIAMSBURG
BUOYED BY A NUMBER OF HIGHER-PRICED TWO-BEDROOM UNITS ON THE MARKET, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 2.48%.
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.
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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.
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