BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.

  • 1.05%
    CHANGE
  • $2,953
    DECEMBER 2019
  • $2,983
    JANUARY 2020

A QUICK LOOK

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Over the last month, the average rental price in Brooklyn has increased by 1.05%, from $2,952.55 to $2,983.44. The average rental price for a studio unit increased by 3.54%, from $2,298.09 to $2,379.35. The average rental price for a one-bedroom unit increased by 1.20%, from $2,836.63 to $2,870.58. The average rental price for a two-bedroom unit decreased by 0.61%, from $3,722.95 to $3,700.40. Year-over-year, rental prices are up across-the-board, with studio, one-bedroom, and two-bedroom prices increasing by 6.88%, 7.45%, and 7.29%, respectively.

Out of the sixteen neighborhoods tracked by this report, only five saw their average rental prices fall over the last month: Bay Ridge (-0.1%), Brooklyn Heights (-4.8%), Downtown Brooklyn (-1.7%), Fort Greene (-0.7%), and Williamsburg (-0.5%). Through January, the most expensive rentals by average price could be found in DUMBO. The least expensive studio and one-bedroom rentals were seen in Bay Ridge, while the least expensive two-bedroom units were observed in Borough Park/Sunset Park.

NOTABLE TRENDS

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TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $3,373 Bay Ridge $1,475
One bedrooms Dumbo $4,388 Bay Ridge $1,746
Two bedrooms Dumbo $5,923 Borough/Sunset Park $2,175

WHERE PRICES DECREASED

price_down_icon

BAY RIDGE

One-Bedroom -1.8%

Two-Bedroom -0.2%

BROOKLYN HEIGHTS

Studios -2.3%

One-Bedroom -0.2%

Two-Bedroom -9.1%

BUSHWICK

One-Bedroom -1.3%

CLINTON HILL

One-Bedroom -1.3%

Two-Bedroom -1.6%

CROWN HEIGHTS

Studios -0.3%

Two-Bedroom -0.4%

DUMBO

Studios -1.4%

Two-Bedroom -1.5%

DOWNTOWN BK

One-Bedroom -1.0%

Two-Bedroom -4.1%

FORT GREENE

One-Bedroom -2.1%

Two-Bedroom -4.2%

GREENPOINT

Studios -2.9%

PARK SLOPE

Studios -0.5%

PLG/FLATBUSH

Studios -1.5%

WILLIAMSBURG

Studios -2.3%

One-Bedroom -1.8%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

Studios 2.0%

BED STUY

Studios 13.5%

One-Bedroom 1.2%

Two-Bedroom 0.6%

BOERUM HILL

Studios 7.6%

One-Bedroom 2.1%

Two-Bedroom 0.7%

BUSHWICK

Studios 2.9%

Two-Bedroom 2.2%

CLINTON HILL

Studios 9.9%

BOROUGH/SUNSET
PARK

Studios 0.8%

One-Bedroom 0.7%

Two-Bedroom 0.9%

COBBLE HILL

Studio 9.9%

One-Bedroom 10.0%

Two-Bedroom 4.0%

CROWN HEIGHTS

One-Bedroom 3.6%

DUMBO

One-Bedroom 6.6%

DOWNTOWN BK

Studios 1.6%

FORT GREENE

Studios 7.7%

GREENPOINT

One-Bedroom 1.0%

Two-Bedroom 5.9%

PARK SLOPE

One-Bedroom 0.2%

Two-Bedroom 1.3%

PLG/FLATBUSH

One-Bedroom 1.8%

Two-Bedroom 3.0%

WILLIAMSBURG

Two-Bedroom 1.9%

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
1.09%
8.22%
15.91%
13.80%
11.59%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
9.86%
14.25%
6.95%
5.03%
0.18%
Fort Greene
Greenpoint
Park Slope
PLG
Williamsburg
10.07%
23.47%
4.49%
5.17%
19.06%

YEAR OVER YEAR Price change

JANUARY 2019 VS. JANUARY 2020

price changes
TYPE JANUARY 2019 JANUARY 2020 CHANGE
Studios $2,226 $2,379 6.9%
One bedrooms $2,672 $2,871 7.5%
Two bedrooms $3,449 $3,700 7.3%
BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE REMAINED STABLE, FALLING BY JUST 0.13%.

BROOKLYN

THANKS TO AN INCREASE IN LUXURY INVENTORY IN THE AREA, ESPECIALLY AMONG STUDIO UNITS, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY AN IMPRESSIVE 4.31%.

BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 3.00%.

BROOKLYN

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK REMAINED RELATIVELY STABLE, INCREASED BY JUST 0.80%.

BROOKLYN

FOLLOWING A LARGE INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS EXPERIENCED A CORRECTION OF 4.83% THROUGH JANUARY.

BROOKLYN

THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 1.23%.

BROOKLYN

BUOYED BY A 9.88% INCREASE IN STUDIO PRICING, THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 1.38% THROUGH JANUARY.

BROOKLYN

DUE TO INCONSISTENT OVERALL INVENTORY LEVELS COMBINED WITH AN INCREASE IN AVAILABLE LUXURY UNITS, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 11.97% THIS PAST MONTH.

BROOKLYN

CONTINUING THE TREND THAT EMERGED LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY AN ADDITIONAL 0.92% THROUGH JANUARY.

BROOKLYN

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 1.72%.

BROOKLYN

FOLLOWING LAST MONTH’S PRICE DROP, THE AVERAGE RENTAL PRICE IN DUMBO REBOUNDED BY 0.97%.

BROOKLYN

THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN FORT GREENE FELL BY 0.67%.

BROOKLYN

BUILDING UPON LAST MONTH’S INCREASE, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 1.87%.

BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN PARK SLOPE REMAINED STABLE, INCREASING BY JUST 0.49%.

BROOKLYN

FOLLOWING A SLIGHT DROP IN DECEMBER, THE AVERAGE RENTAL PRICE IN PLG/FLATBUSH INCREASED BY 1.35%.

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THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG FELL BY 0.46%.

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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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