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Brooklyn
Rental Market Report

February 2015

Introduction

Average rents in Brooklyn increased to $2,701 in February 2015. Monthly growth was 1.3% over January 2015. Year-over-year averages increased by 2.67% this month; rents are up $70.20 from $2,630.80 in February 2014.

A QUICK LOOK

Rent prices in Brooklyn achieved modest gains this month, increasing 1.30% from $2,666.26 in January 2015 to $2,700.99 in February 2015. Movement in prices was on par with February 2014, which saw a 1.27% increase in prices over January 2014. However, year-over-year growth was soft compared to one year ago; February 2014 saw nearly 5% gains over February 2013, compared to only 2.67% yearly growth in February 2015.

Most of the price growth occurred among studio inventory. Rental prices for studios increased 2.95% month-over-month, while prices for one and two bedroom units grew only .93% and .55%, respectively. Some of this growth can be attributed to the much smaller inventory of studios compared to one and two bedroom units, resulting in more price sensitive sample sets. Among studios, Bushwick saw the largest increase in prices, due in part to a number of spacious units entering the market. The largest price increases among one and two bedroom units occurred in Fort Greene, where two bedroom units increased 13.2%.

The largest year-over-year price growth by neighborhood occurred in Boerum Hill, where rents increased 14.8%. In addition to a 91% year-over-year increase in inventory, several new developments in Boerum Hill have driven up average rents.

In addition, Downtown Brooklyn, DUMBO, and Bed Stuy all saw year-over –year price increases of over 7.5%. In Bed Stuy, nearly all of the growth occurred in newly renovated or converted units on the far west side of the neighborhood.

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: February 2014 vs. February 2015
  February '14 February '15 Change
Studios $2,030 $2,166 6.67%
One-bedrooms $2,527 $2,570 1.7%
Two-bedrooms $3,335 $3,367 0.9%

A Quick Look

Where Prices Decreased (Monthly)

Bed Stuy
One-Bedroom -0.61%
Brooklyn Heights
Two-Bedroom -8.38%
Bushwick One-Bedroom -0.12%
Clinton Hill
One-Bedroom -6.70%
Cobble Hill
Studios -5.24%, Two-Bedroom -11.50%
Crown Heights
Two-Bedroom -0.59%
Dumbo
Studios -3.94%
Downtown BK
Studios -0.61%
Greenpoint
Two-Bedroom -0.02%
Park Slope
Studios -0.32%, One-Bedroom -3.47%
Williamsburg
One-Bedroom -0.73%, Two-Bedroom -0.46%

Where Prices Increased (Monthly)

Bay Ridge
Studios 5.02%, One-Bedroom 1.24%, Two-Bedroom 3.87%
Bed Stuy
Studios 11.43%, Two-Bedroom 1.21%
Boerum Hill
Studios 10.56%, One-Bedroom 2.63%, Two-Bedroom 0.79%
Brooklyn Heights
Studios 6.63%, One-Bedroom 5.00%
Bushwick
Studios 14.48%, Two-Bedroom 2.56%
Clinton Hill
Studios 1.24%, Two-Bedroom 5.74%
Cobble Hill
One-Bedroom 0.88%
Crown Heights
Studios 2.21%, One-Bedroom 4.22%
Dumbo
One-Bedroom 1.20%, Two-Bedroom 2.14%
Downtown BK
One-Bedroom 6.11%, Two-Bedroom 1.24%
Fort Greene
Studios 5.77%, One-Bedroom 1.26%, Two-Bedroom 13.19%
Greenpoint
Studios 2.52%, One-Bedroom 0.72%
Park Slope
Two-Bedroom 2.39%
PLG
Studios 2.54%, One-Bedroom 1.13%, Two-Bedroom 0.32%
Williamsburg
Studios 0.75%

Neighborhood Price Trends

• Average rent prices increased by 3.35% this month.
• Studio units showed the most growth, with rents increasing 5.02% since January.
• One and two bedrooms unit rents increased 1.24% and 3.87%, respectively.

bay ridge studio apartment price trends bay ridge one bedroom price trends bay ridge two bedroom price trends

• The overall monthly average rent for the neighborhood grew by 3.41%.
• Studio rents increased by 11.43% in February, with most of the price growth occurring in large, renovated units near the Clinton Hill and Prospect Heights border.
• One bedroom average rents fell .61% this month, while two bedroom rents increased 1.21%.

bedford-stuyvesant studio apartment price trends bedford-stuyvesant one bedroom price trends bedford-stuyvesant two bedroom price trends

• Overall rents increased by 4.18% since January 2015. Most of this growth occurred in studio units, for which rents increased by 10.56%. However, it is important to note that this neighborhood consistently has a relatively low sample size compared to other areas, especially for studios. As a result, these changes can be seen as artificial due to do extreme price sensitivity.
• One and two bedroom units saw more modest increases of 2.65% and .79%, respectively.

boerum hill studio apartment price trends boerum hill one bedroom price trends boerum hill two bedroom apartment price trends

• Overall average rent decreased 1.01% this month.
• Studio rents increased 6.63% and one bedroom average rents increased 5.00% since January 2015.
• Two bedroom average rents decreased 8.4% this month; rents normalized after two $10,000+ units came off the market in January.

brooklyn heights studio apartment price trends brooklyn heights one bedroom price trends brooklyn heights two bedroom price trends

• Average studio rents increased 14.48%, due in part to a low sample size consisting of less than 10 units and a few larger listings entering the market.
• One bedrrom average rents decresed .12% this month, while two bedroom rents increased 2.56%.

bushwick studio apartment price trends bushwick one bedroom apartment price trends bushwick two bedroom apartment price trends

• Overall average rents for the neighborhood remained steady this month, with an increase of 0.33%.
• Average rents for studios and two bedroom units increased 1.24% and 5.74%, respectively.
• Rents for one bedroom units decreased by 6.71% this month.

clinton hill studio apartment price trends clinton hill one bedroom apartment price trends clinton hill two bedroom apartment price trends

• Studio rental prices decreased by 5.24% this month; however, inventory in the neighborhood, particularly for studios, is relatively small, which can result in extreme price sensitivity.
• Two bedroom unit rents decreased by 11.50%.
• Overall average rents for the neighborhood fell by 5.85% this month.

cobble hill studio apartment trends cobble hill one bedroom apartment price trends cobble hill two bedroom apartment price trends

• The average rent in the neighborhood increased 1.71% this month.

crown heights studio apartment prices crown heights one bedroom apartment prices crown heights two bedroom apartment prices

• Average rents for the neighborhood increased by 2.28% this month.
• Two bedroom unit rents increased by an average of 6.11%.
• Studio rents decreased by .61%, while two bedrooms rents increased 1.24% this month

downtown brooklyn studio apartment price trends downtown brooklyn one bedroom apartment prices downtown brooklyn two bedroom apartment price trends

• Studio rents in the neighborhood fell by an average of 3.94% since January 2015.
• One and two bedroom unit rents increased by 1.21% and 2.14%, respectively.

dumbo studio apartment price trends dumbo one bedroom apartment prices dumbo two bedroom apartment price trends

• Average rent for the neighborhood increased by 7.44% since last month.
• Two bedroom unit rents increased by 13.19%, due in part to the new addition of 232 Adelphi Street to the market.
• Studio and one bedroom rent increasing by 5.77% and 1.26%, respectively

fort greene studio apartment prices fort greene one bedroom apartment price trends fort greene two bedroom apartment prices

• Average rent for the neighborhood remained stable since last month, with an increase of 0.91%.
• Year-over-year prices for the neighborhood fell 8.75% since February 2014.

greenpoint studio apartment prices greenpoint one bedroom apartment price trends greenpoint two bedroom apartment price trends

• Average rents for the neighborhood decreased 0.22% this month.
• Studio and one bedroom rents fell by .32% and 3.47%, respectively, and two bedrooms rents increased by 2.39% since January 2015.

park slope nyc studio apartment prices park slope one bedroom apartments park slope two bedroom apartment price trends

• The neighborhood demonstrated modest price increases this month, with the overall average rent increasing by 1.16%.
• Studios, one bedroom and two bedrooms unit rents increased by 2.54%, 1.13% and .32% respectively.

prospect lefferts gardens studio apartment prices prospect lefferts gardens one bedroom apartment price trends prospect lefferts gardens two bedroom apartment prices

• Average rent in the neighborhood fell by 0.20% this month.
• Rental prices for studio units increased by .75% since January 2015.
• Prices for one and two bedroom units fell by .73% and .46%, respectively.

williamsburg studio apartment price trends williamsburg one bedroom prices williamsburg two bedroom apartment price trends

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 crosssection of data from available listings and priced under $10,000, with ultra-luxury 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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