Brooklyn
Rental Market Report

JUNE 2018

Introduction

Over the last month, the average rental price in Brooklyn increased by 0.27%, from $2,823.77 to $2,831.33.

A QUICK LOOK

Over the last month, the average overall rent in Brooklyn increased by 0.27%, from $2,823.77 to $2,831.33. The average studio rental price decreased by 0.6%, from $2,230.33 to $2,216.96. The average rental price for a one-bedroom unit increased by 1.5%, from $2,694.63 to $2,735.06. The average rental price for a two-bedroom unit decreased by 0.1%, from $3,546.34 to $3,541.97. Year-over-year, studio rental prices are up 0.96%, while one-bedroom rental prices are up 3.05%, and two-bedroom rental prices are up 1.57%. Overall, the average rental price in Brooklyn is up 1.88% from this time last year.

Most of the tracked neighborhoods in this report experienced positive growth this past month, excluding: Clinton Hill (-2.0%), Crown Heights (-0.4%), DUMBO (-2.8%), Fort Greene (-2.8%), and Williamsburg (-0.6%). Out of all unit types, one-bedrooms performed best on a neighborhood by neighborhood basis. One-bedroom units experienced negative price movement in only four neighborhoods: Bay Ridge (-0.3%), Clinton Hill (-2.2%), Park Slope (-2.5%), and Prospect Lefferts Gardens (0.6%). This past month, the most expensive units were found in DUMBO, while the least expensive units were in Bay Ridge.

Up and coming neighborhoods like Prospect Lefferts Gardens and Crown Heights are experiencing impressive year-over-year price growth. Prospect Lefferts Gardens is up 4.92% from this time last year, while Crown Heights is up 3.98%.

brooklyn quick look studios brooklyn quick look 1 bed brooklyn quick look 2 bed brooklyn quick year over year change

• Rental price growth in Bay Ridge was relatively stable this past month. The average rent increased by 1.14%.

bay ridge studio apartment price trends

• The average rental price in Bedford Stuyvesant increased by 0.89% over the last month.

bedford-stuyvesant apartment

• After explosive growth last month, the average rental price in Boerum Hill increased by just 0.08% during June.

boerum hill apartment

• After a slight price drop last month, the average rental price in Brooklyn Heights increased by 4.09% during June. This large growth can be directly attributed to a number of oversized and high-priced listings that came onto the market over the last month.

brooklyn heights apts

• Continuing the momentum from last month, the average rental price in Bushwick increased by 1.60% this past month.

bushwick apts

• The average rental price in Clinton Hill fell by 2.03% during June.

clinton hill apts

• The average rental price in Cobble Hill increased by 3.02 over the last month, with much of this growth focused on one-bedroom pricing, which was up an impressive 6.69%.

cobble hill apts

• The average rental price in Crown Heights fell by just 0.37% during June.

crown heights apts

• Carrying over momentum from last month, the average rental price in Downtown Brooklyn increased by 1.65% during June.

downtown brooklyn apts

• Continuing last month’s downward trend, the average rental price in DUMBO fell by 2.85% during June.

dumbo apts

• After an increase last month, the average rental price in Fort Greene experienced a slight correction during June, falling by 2.84%.

fort greene apts

• Greenpoint experienced subdued rental price growth of just 0.55% during June.

greenpoint apts

• The average rental price in Park Slope increased by 0.64% during June.

park slope apts

• Overall rental prices in Prospect Lefferts Gardens experienced a 0.97% growth during June.

prospect lefferts gardens apts

• The average rental price in Williamsburg dipped slightly this past month, falling by 0.60% during June.

williamsburg apts

The Report Explained

The Brooklyn Rental Market Report™ 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 efficiently and fairly adjust individual property rents in Brooklyn.

The Brooklyn Rental Market Report™ 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 specific 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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Tools

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