Brooklyn
Rental Market Report

December 2017

Introduction

Over the last month, overall rental prices in Brooklyn decreased by 0.5%, from $2,730.56 to $2,716.86.

A QUICK LOOK

Over the last month, the average rent in Brooklyn fell by 0.5%, from $2,730.56 to $2,716.86. Studio rental prices fell by 0.7%, from $2,188 to $2,172. One-bedroom rental prices decreased by 1.3%, from $2,615 to $2,581. Two-bedroom rental prices increased by 0.2%, from $3,389 to $3,397. Year-over-year, studio rental prices grew by 0.13%, one-bedroom rental prices fell by 0.34%, and two-bedroom rental prices grew by 1.19%. A 0.5% month-over-month decrease from November to December was expected as began the winter season, a traditionally slow period for the rental market.
December continued the seasonal downtrend we saw emerging during September. Overall neighborhood price changes were evenly split with Bay Ridge (+0.8%), DUMBO (+1.4%), Downtown Brooklyn (+0.1%), Fort Greene (+1.6%), Greenpoint (+2.2%), Park Slope (+0.02%), Prospect Lefferts Gardens (+0.6%) all experiencing price growth while Bedford Stuyvesant (-0.6%), Boerum Hill (-1.7%), Brooklyn Heights (-1.6%), Bushwick (-1.6%), Clinton Hill (-0.7%), Cobble Hill (-1.6%), Crown Heights (-2.4%), and Williamsburg (-4.1%) all experiencing price contraction. During December, DUMBO remained home to the most expensive rental units across the board. The least expensive rental units were all in Bay Ridge.
A noteworthy occurrence this month was the 2.2% rental price growth seen in Greenpoint. This growth can be attributed to a combination of new development rental units, as well as a handful of oversized loft-like studio apartments coming onto the market in the past month.
As we begin the winter season, further price tightening can be expected.

Notable Trends

Building (Average Prices)
brooklyn quick look studios brooklyn quick look 1 bed brooklyn quick look 2 bed brooklyn quick year over year change
Brooklyn Rents: December 2016 vs. December 2017
Type December 2016 December 2017 Change
Studios $2,169 $2,172 0.13%
One-bedrooms $2,591 $2,582 -0.34%
Two-bedrooms $3,357 $3,397 1.19%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
1 Bedroom -0.9%
Bed Stuy
Studios -1.5% 1 Bedroom -0.8%
Boerum Hill
Studios -3.6% 2 Bedroom -2.7%
Brooklyn Heights
Studios -0.2% 1 Bedroom -4.3% 2 Bedroom -0.6%
Bushwick
Studios -4.6% 1 Bedroom -0.8%
Clinton Hill
Studios -3.0% 1 Bedroom -4.1%
Cobble Hill
1 Bedroom -4.7% 2 Bedroom -1.0%
Crown Heights
1 Bedroom -2.5% 2 Bedroom -4.0%
Dumbo
Studios -4.8%
Downtown Brooklyn
Studios -1.4% 1 Bedroom -0.1%
Fort Greene
Studios -1.8%
Greenpoint
1 Bedroom -3.9% 2 Bedroom -0.9%
Park Slope
1 Bedroom -1.8% 2 Bedroom -2.6%
PLG
Studios -1.0%
Williamsburg
Studios -7.9% 1 Bedroom -4.2% 2 Bedroom -1.0%

Where Prices Increased (Monthly)

Bay Ridge
Studios 3.7% 2 Bedroom 0.4%
Bed Stuy
2 Bedroom 0.3%
Boerum Hill
1 Bedroom 1.3%
Bushwick
2 Bedroom 0.3%
Clinton Hill
2 Bedroom 3.9%
Cobble Hill
Studios 1.2%
Crown Heights
Studios 0.0%
Dumbo
1 Bedroom 4.1% 2 Bedroom 3.4%
Downtown Brooklyn
2 Bedroom 1.3%
Fort Greene
1 Bedroom 1.5% 2 Bedroom 4.0%
Greenpoint
Studios 13.4%
Park Slope
Studios 6.6%
PLG
1 Bedroom 1.3% 2 Bedroom 1.2%

• After a slight dip in November, the average overall rental price in Bay Ridge increased by 0.82% during December.

bay ridge studio apartment price trends

• Average rental prices in Bedford Stuyvesant fell by 0.56% during December, continuing the seasonal downtrend that began in September.

bedford-stuyvesant apartment

• During December, the average rental price in Boerum Hill fell by 1.7%.

boerum hill apartment

• After experiencing growth during November, the average Brooklyn Heights rental price fell by 1.65% during December.

brooklyn heights apts

• Continuing the seasonal downtrend, the average rent in Bushwick fell by 1.6% during December.

bushwick apts

• Succumbing to seasonality, the average rental price in Clinton Hill fell by 0.66% during December.

clinton hill apts

• Overall, rental prices in Cobble Hill were down 1.65% during December.

cobble hill apts

• Overall rental prices in Crown Heights were down by 2.38% during December, continuing the seasonal downtrend.

crown heights apts

• After experiencing a seasonal correction in November, overall rental prices remained stable during December, growing by just 0.15%.

downtown brooklyn apts

• DUMBO was one of the few Brooklyn neighborhood that experienced month-over-month growth in rental pricing. Overall rental prices were up 1.38% during December.

dumbo apts

• Led by an impressive 4% increase in two-bedroom pricing, overall rental prices were up 1.62% in Fort Greene during December.

fort greene apts

• After experiencing a correction in November, overall rental prices in Greenpoint grew by 2.23% during December. Most of this growth can be attributed to the impressive 13.43% price increase seen in studio pricing, which was the result of a combination of new construction and oversized loft-like studio apartments on the market.

greenpoint apts

• Overall rental prices in Park Slope remained stable during December, growing by just 0.02%.

park slope apts

• December proved to be a relatively stable month for rental pricing in Prospect Lefferts Gardens with overall rental prices growing by 0.64%.

prospect lefferts gardens apts

• Due to an influx of inexpensive units combined with increases in concessions, overall rental pricing in Williamsburg fell by 4.09% during December.

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: 212.475.9000

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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