Brooklyn Rental Market Report | MNS is Real Impact Real Estate

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Brooklyn
Rental Market Report

June 2015

Introduction

Rents across Brooklyn fell by 0.39% this month, from $2,720.73 in May 2015 to $2,710.02 in June.

A QUICK LOOK

Across Brooklyn, average rents dropped slightly in June, falling 0.39% since last month. The average rent fell from $2,720.73 in May to $2,710.02 in June. From a year over year perspective, the average neighborhood rent fell 1.12%, dropping from $2,740.81 in June 2014 to $2,710.02 in June 2015.
In regards to marketing inventory, Bedford-Stuyvesant saw the highest increase of any neighborhood in this month’s report, with inventory increasing 36% this month. Listing inventory, up 4.5% since May, has been steadily increasing across all neighborhoods. However, average rents throughout Brooklyn have remained steady for the most part. June marks the fourth consecutive month that fluctuations in the average rent have been less than .5%. June also marks the second consecutive month of a slight drop in average rents, after two consecutive months of slight gains.
The neighborhoods with the largest growth in average rents this month were Bedford -Stuyvesant, Williamsburg, and Greenpoint, with rents for each neighborhood increasing an average of 2.94%, 2.88%, and 2.50%, respectively. Williamsburg and Bedford Stuyvesant were the only two neighborhoods in this month’s report that saw rents climb for all unit types. In Williamsburg, this can be described as a normalization of prices after taking a sharp downturn in last month’s report. In Bed-Stuy -- where price increases were accompanied by a large quantity of inventory hitting the market – rents for the middle 50% of units grew by nearly 5%. This indicates that the majority of growth in rent prices occurred not in outliers or oversized listings, but in the core of the marketing inventory.
Due to the small sample size of inventory, studios in Cobble Hill saw the greatest increase in price since May – however, much of this fluctuation can be viewed as artificial due to the extreme price sensitivity of the neighborhood. The second largest increase in average rent occurred in one bedroom units in Greenpoint. This was caused by an influx of higher priced units from newer buildings to the market. The greatest decreases in average rents since last month were seen in studio units in Dumbo and in Boerum Hill, although this was primarily a result of the small sample of studios in 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: June 2014 vs. June 2015
Type June '14 June '15 Change
Studios $2,240 $2,128 5.0%
One-bedrooms $2,583 $2,614 1.2%
Two-bedrooms $3,400 $3,388 0.3%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -0.71% One-Bedroom -0.07%
Boerum Hill
Studios -8.68% Two-Bedroom -0.21%
Brooklyn Heights
One-Bedroom -3.59%
Bushwick
Studios -2.36% Two-Bedroom -1.60%
Clinton Hill
Studios -0.62% One-Bedroom -2.09% Two-Bedroom -1.91%
Cobble Hill
One-Bedroom -5.04% Two-Bedroom -4.15%
Crown Heights
One-Bedroom -0.54%
Dumbo
Studios -6.33% One-Bedroom -0.54%
Downtown BK
Studios -1.69% One-Bedroom -2.23% Two-Bedroom -0.26%
Fort Greene
Two-Bedroom -4.46%
Greenpoint
Two-Bedroom -0.83%
Park Slope
One-Bedroom -2.13% Two-Bedroom -3.24%
PLG
One-Bedroom -2.24%

Where Prices Increased (Monthly)

Bay Ridge
Two-Bedroom 0.04%
Bed Stuy
Studios 4.12% One-Bedroom 3.73% Two-Bedroom 1.49%
Boerum Hill
One-Bedroom 1.71%
Brooklyn Heights
Studios 0.27% Two-Bedroom 0.46%
Bushwick
One-Bedroom 2.67%
Cobble Hill
Studios 6.04%
Crown Heights
Studios 2.99% Two-Bedroom 1.03%
Dumbo
Two-Bedroom 1.34%
Fort Greene
Studios 0.72% One-Bedroom 1.93%
Greenpoint
Studios 3.98% One-Bedroom 5.30%
Park Slope
Studios 0.33%
PLG
Studios 0.56% Two-Bedroom 0.97%
Williamsburg
Studios 3.48% One-Bedroom 4.00% Two-Bedroom 1.58%

Neighborhood Price Trends

• Average rent for the neighborhood fell slightly this month, by .19% to $1737. • Average rent for studios and one bedroom units fell by .71% and .07%, respectively, this month.
• Price for two bedroom units saw sight gains, increasing by .04% this month.

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

• Average rents for studio, one and two bedroom units increased by 4.12%, 7.73%, and 1.49%, respectively, since last month.
• The listings inventory in Bedford Stuyvesant increased by 36% this month.

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

• The average rent for the neighborhood fell by 2.1% since last month.
• Despite some more expensive units coming to market on the northern boundary of the neighborhood, the average rent for studio units declined 8.68%, due in part to a consistently small sample size resulting in extreme price sensitivity.
• Prices for one bedroom units increased 1.71% since last month.

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

• The average rent for the neighborhood fell by 0.90% this month.
• The average price for a one bedroom unit in the neighborhood fell by 3.59% since last month.
• Studio and two bedroom units saw prices increase by an average of .27% and .46%, respectively, since last month.

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

• The average rent this month fell by 0.41% since May.
• The average price for a studio in the neighborhood fell by 2.36% this month, and studio inventory nearly tripled, due in part to an abnormally small sample size in last month’s report.
• The average rent for a one bedroom unit increased by 2.67% since last month.

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

• Average prices for studios, one bedroom and two bedroom units fell by 0.62%, 2.09%, and 1.91%, respectively, since the last month.
• The average rent in the neighborhood fell by 1.61% over last month.

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

• Prices for studios increased by an average of 6.04% over last month, though it should be noted that this neighborhood consistently has a relatively low sample size of studio unit compared to other areas.
• Average prices for one and two bedroom units fell by 5.04% and 4.15%, respectively, since May.
• Overall, the average rent for the neighborhood fell by 2.34% since last month.

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

• The average rent for studio, one bedroom and two bedroom units rent fell by 1.69%, 2.23%, and 0.26%, respectively, since last month.
• Overall, the average rent for the neighborhood fell by 1.24%.

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

• The average price for a studio decreased by 6.33% this month, and the average price for a one bedroom unit fell by .54%.
• Overall, the average rent in the neighborhood fell by 1.23%.

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

• The average rent in the neighborhood fell by 1.11% since May.
• The average price for studios and one bedroom units grew by 0.72% and 1.93%, respectively, since last month.
• The average price for a two bedroom unit rent fell by 4.46% since last month.

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

• The average price for a studio and one bedroom unit grew by 3.98% and 5.30%, respectively, over last month.
• The average price for a two bedroom unit fell by 0.83% since last month.
• The average rent in the neighborhood grew by 2.50% since May.

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

• Overall, the average rent in the neighborhood increased fell by 2.00%.
• Studio prices increased an average of 0.33% since last month.
• Average rents for one and two bedroom units fell by 2.13% and 3.24%, respectively, since last month.

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

• Throughout the neighborhood, average rents fell by 0.19% since the previous month.
• Average prices for studio and two bedroom units grew by 0.56% and 0.97%, respectively, this month.
• Prices for one bedroom units fell by 2.24% since last month.

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

• Studios, one bedroom and two bedroom units saw average rents rise by 3.48%, 4.00%, and 1.58%, respectively.
• The neighborhood as a whole saw rents grow by an average of 2.88% since May.

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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