BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.

  • 0.73%
    CHANGE
  • $2,974
    NOVEMBER 2019
  • $2,953
    DECEMBER 2019

A QUICK LOOK

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Over the last month, the average rental price in Brooklyn has decreased by 0.73%, from $2,974.39 to $2,952.55. The average price for a studio unit fell by 3.05%, from $2,370.29 to $2,298.09. The average rental price for a one-bedroom unit increased by 1.35%, from $2,798.95 to $2,836.63. The average rental price for a two-bedroom unit increased by 0.98%, from $3,686.72 to $3,722.95. Year-over-year, rental prices are up across-the-board, with studio, one-bedroom, and two-bedroom prices increasing by 2.30%, 6.29%, and 7.70%, respectively.

Out of the sixteen neighborhoods tracked by this report, exactly half saw their average rental prices fall: Bushwick (-0.1%), Borough/Sunset Park (-1.7%), Clinton Hill (-3.3%), Cobble Hill (-15.1%), DUMBO (-3.4%), Downtown Brooklyn (-0.6%), Park Slope (-2.0%), and Prospect Lefferts Gardens (-0.8%). This past month, the most expensive rentals were observed in DUMBO. The least expensive studio and one-bedroom rentals were in Bay Ridge, while the least expensive two-bedroom rentals were in Borough/Sunset Park.

NOTABLE TRENDS

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TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $3,422 Bay Ridge $1,446
One bedrooms Dumbo $4,118 Bay Ridge $1,778
Two bedrooms Dumbo $6,013 Borough/Sunset Park $2,156

WHERE PRICES DECREASED

price_down_icon

BAY RIDGE

Studios -1.3%

BED STUY

Two-Bedroom -0.4%

BOERUM HILL

Two-Bedroom -1.8%

BROOKLYN HEIGHTS

Studios -4.6%

BUSHWICK

Studios -0.3%

One-Bedroom -0.7%

CLINTON HILL

Studios -9.4%

One-Bedroom -0.1%

Two-Bedroom -1.7%

BOROUGH/SUNSET

Studios -5.6%

Two-Bedroom -1.6%

COBBLE HILL

One-Bedroom -0.2%

Two-Bedroom -0.2%

DUMBO

Studios -2.3%

One-Bedroom -5.4%

Two-Bedroom -2.6%

DOWNTOWN BK

Studios -1.6%

One-Bedroom -0.3%

Two-Bedroom -0.1%

FORT GREENE

Studios -3.9%

GREENPOINT

Studios -0.4%

PARK SLOPE

Studios -5.8%

Two-Bedroom -1.2%

PLG/FLATBUSH

One-Bedroom -1.2%

Two-Bedroom -1.8%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

One-Bedroom 2.7%

Two-Bedroom 2.4%

BED STUY

Studios 0.1%

One-Bedroom 0.9%

BOERUM HILL

Studios 17.4%

One-Bedroom 3.1%

BROOKLYN HEIGHTS

One-Bedroom 11.7%

Two-Bedroom 7.0%

BUSHWICK

Two-Bedroom 0.6%

BOROUGH/SUNSET

One-Bedroom 2.0%

CROWN HEIGHTS

Studios 3.5%

One-Bedroom 0.2%

Two-Bedroom 1.4%

FORT GREENE

One-Bedroom 5.4%

Two-Bedroom 1.0%

GREENPOINT

One-Bedroom 2.8%

Two-Bedroom 8.1%

PARK SLOPE

One-Bedroom 0.1%

PLG/FLATBUSH

Studios 1.3%

WILLIAMSBURG

Studios 1.0%

One-Bedroom 1.6%

Two-Bedroom 5.1%

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
2.22%
2.74%
12.96%
16.89%
11.33%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
9.77%
1.91%
5.83%
6.55%
2.44%
Fort Greene
Greenpoint
Park Slope
PLG
Williamsburg
8.69%
21.62%
3.26%
3.40%
21.40%

YEAR OVER YEAR Price change

BROOKLYN RENTS: DECEMBER 2018 VS. DECEMBER 2019

price changes
TYPE DECEMBER 2018 DECEMBER 2019 CHANGE
Studios $2,246 $2,298 2.3%
One bedrooms $2,669 $2,837 6.3%
Two bedrooms $3,457 $3,723 7.7%
BROOKLYN

FOLLOWING A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE REBOUNDED BY 1.49% THROUGH DECEMBER.

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FOR THE SECOND MONTH IN A ROW, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT REMAINED STABLE, INCREASING BY JUST 0.19%.

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THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 0.51%.

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THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH/SUNSET PARK FELL BY 1.66%.

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THANKS TO AN INCREASE IN LUXURY LISTINGS COINCIDING WITH A SLIGHT DECREASE IN OVERALL INVENTORY IN THE AREA, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS INCREASED BY 5.62%IN DECEMBER.

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OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BUSHWICK FELL BY JUST 0.09%.

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MARKING THE THIRD MONTH OF PRICE DROPS IN THE AREA, THE AVERAGE RENTAL PRICE IN CLINTON HILL FELL BY 3.26% THROUGH DECEMBER.

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THANKS TO THE REINTRODUCTION OF STUDIO INVENTORY IN THE AREA, THE AVERAGE RENTAL PRICE IN COBBLE HILL EXPERIENCED A CORRECTION OF 15.12%. ONCE INVENTORY LEVELS BECOME MORE CONSISTENT, PRICING IN THE AREA CAN BE EXPECTED TO NORMALIZE.

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FOLLOWING LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS REBOUNDED BY 1.60% THROUGH DECEMBER.

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THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 0.56%.

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AFTER LAST MONTH’S INCREASE, THE AVERAGE RENTAL PRICE IN DUMBO EXPERIENCED A CORRECTION OF 3.39%.

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THANKS TO A 5.44% INCREASE IN ONE-BEDROOM RENTAL PRICING IN THE AREA, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 1.07%.

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FOLLOWING TWO MONTHS OF PRICE DECREASES, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 3.93% THROUGH DECEMBER.

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OVERALL, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY 1.98% THROUGH DECEMBER.

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STABILIZING AFTER THE ADDITION OF FLATBUSH TO THIS AREA AVERAGE, THE AVERAGE RENTAL PRICE IN PLG/FLATBUSH FELL BY JUST 0.76% THIS PAST MONTH.

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THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 2.78%.

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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.

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