Rental Market Report

February 2018


Over the last month, the average rental price in Brooklyn increased by 1.36%, from $2,718.82 to $2,755.82.


Over the last month, the average rental price in Brooklyn increased by 1.36%, from $2,718.82 to $2,755.82. The average studio rental price increased by 3.0%, from $2,162.72 to $2,228.54. The average one-bedroom rental price increased by 1.8%, from $2,590.30 to $2,637.21. The average two-bedroom rental price decreased by 0.1%, from $3,403.43 to $3,400.55. Year-over-year, studio rental prices are up 0.31%, one-bedroom rental prices are down 0.29%, and two-bedroom rental prices are up 1.04%. Overall, the average rental price is up 0.42% year-over-year.
Almost all overall neighborhood rental price changes were positive, except for: Bay Ridge (-0.7%), Fort Greene (-3.4%), Park Slope (-0.4%), and Williamsburg (-0.8%). We continue to see neighborhoods like Bushwick (+0.8%), Crown Heights (+0.6%), and Prospect Lefferts Gardens (+3.3%) perform well, while their more-established counterparts experience slower-than-expected price growth or reach their inflection points. This can be explained by increased development in these neighborhoods, along with preferable rents, which, in conjunction, lead some renters to move out further into Brooklyn. Overall, this is a good sign for the Brooklyn rental market, as average rental prices are still up. During February, the most expensive rental units were all in DUMBO, while the least expensive were observed in Bay Ridge.
A noteworthy occurrence this month was the 10.2% year-over-year price increase observed in Bushwick rental studios. This growth can be directly attributed to the new developments in the area, which create upward pressure on prices in the area.
As we make our way through the final month of the first quarter of 2018, rents can be expected to remain stable.

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 2017 vs. February 2018
Type February 2017 February 2018 Change
Studios $2,222 $2,229 0.31%
One-bedrooms $2,645 $2,637 - 0.29%
Two-bedrooms $3,367 $3,402 1.04%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -0.5% 1 Bedroom -1.3% 2 Bedroom -0.5%
Bed Stuy
2 Bedroom -1.4%
Boerum Hill
2 Bedroom -1.4%
Cobble Hill
2 Bedroom -2.9%
Downtown BK
2 Bedroom -1.3%
Fort Greene
Studios -4.7% 1 Bedroom -1.5% 2 Bedroom -4.2%
1 Bedroom -0.2% 2 Bedroom -3.8%
Park Slope
Studios -0.1% 1 Bedroom -1.7%
Studios -0.5% 1 Bedroom -2.0% 2 Bedroom -0.2%

Where Prices Increased (Monthly)

Bed Stuy
Studios 1.5% 1 Bedroom 1.2%
Boerum Hill
Studios 9.0% 1 Bedroom 2.6%
Brooklyn Heights
Studios 7.5% 1 Bedroom 1.5% 2 Bedroom 0.5%
Studios 0.9% 1 Bedroom 1.1% 2 Bedroom 0.4%
Clinton Hill
Studios 3.2% 1 Bedroom 3.4% 2 Bedroom 1.0%
Cobble Hill
Studios 13.9% 1 Bedroom 6.5%
Crown Heights
Studios 0.7% 1 Bedroom 0.6% 2 Bedroom 0.5%
Studios 2.1% 1 Bedroom 8.5% 2 Bedroom 5.9%
Downtown BK
Studios 2.0% 1 Bedroom 2.4%
Studios 9.1%
Park Slope
2 Bedroom 0.3%
Studios 1.0% 1 Bedroom 2.7% 2 Bedroom 5.5%

• Over the month of February, the average rental price in Bay Ridge fell by 0.74%.

bay ridge studio apartment price trends

• The average rental price in Bedford-Stuyvesant remained relatively stable during February, it increased by just 0.29%.

bedford-stuyvesant apartment

• After a dip in January, the average rental price in Boerum Hill experienced a rebound during February, with pricing increasing by 2.42%. Most of this increase occurred within studio rentals, which saw prices jump by 8.96%. This impressive price growth with the studio rental submarket is thanks, in larger part, to the addition of numerous luxury rental units from newer developments in the area, such as the Common Baltic at 595 Baltic Street.

boerum hill apartment

• After a slight dip in January, average rental pricing in Brooklyn Heights increased by 2.41% during February.

brooklyn heights apts

• The average rental price in Bushwick increased by 0.79% during February.

bushwick apts

• Over the month of February, the average rental price in Clinton Hill increased by 2.34%.

clinton hill apts

• Thanks to oversized inventory, rental prices in Cobble Hill experienced an impressive price growth of 4.03% during February.

cobble hill apts

• February proved to be a relatively stable month for rental pricing in Crown Heights. The average rental price increased by 0.61%.

crown heights apts

• Over the last month, the average rental price in Downtown Brooklyn increased by 0.69%.

downtown brooklyn apts

• Due to its low inventory nature, the average rental price in DUMBO experienced 5.66% price growth over the month of February.

dumbo apts

• Over February, rental pricing in Fort Greene experienced a correction of 3.44%. This price drop can be attributed to luxury units from newer developments being leased up in the past month, leaving rental pricing in the area to adjust.

fort greene apts

• The average rental price in Greenpoint experienced a 0.90% increase during February.

greenpoint apts

• After a slight increase in January, the average rental price in Park Slope decreased by 0.43% during February.

park slope apts

• Thanks to the addition of units from new developments, such as The Lincoln Apartments at 33 Lincoln Road, PLG saw average rental pricing increase by 3.27% during February.

prospect lefferts gardens apts

• The average rental price in Williamsburg decreased by 0.84% during February.

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 ( 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. (

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