Brooklyn
Rental Market Report

DECEMBER 2018

Introduction

Over the last month, the average rental price in Brooklyn decreased by 0.97%, from $2,818.15 to $2,790.68.

A QUICK LOOK

Over the last month, the average rental price in Brooklyn decreased by 0.97%, from $2,818.15 to $2,790.68. The average rental price for a studio unit decreased by 0.94%, from $2,267.91 to $2,246.48. The average rental price for a one-bedroom unit decreased by 0.82%, from $2,690.72 to $2,668.72. The average rental price for a two-bedroom unit increased by 0.73%, from $3,431.75 to $3,456.82. Year-over-year, studio rental prices are up 3.43%, while one and two-bedroom rental prices are up 3.36% and 1.77%, respectively. Overall, the average rental price in Brooklyn is up 2.72% from this time last year.

This past month, most analyzed neighborhoods experienced month-over-month price drops, which can be expected for this time of the year. Out of all tracked unit types two-bedrooms performed the best on a month-over-month and per neighborhood basis, with prices increasing in nearly half of all tracked neighborhoods. During December, the most expensive neighborhood to rent in was DUMBO, while the most affordable neighborhood was Bay Ridge.

Similar to last month, rental pricing had increased year-over-year, which indicates there is still some healthy demand in the Brooklyn rental market, even in the more-fringe neighborhoods like Bushwick (+6.48%), Prospect Lefferts Gardens (+5.03%), and Crown Heights (+2.95%).

brooklyn quick look studios brooklyn quick look 1 bed brooklyn quick look 2 bed brooklyn quick year over year change

• Rental pricing in Bay Ridge fell by 0.67% during December.

bay ridge studio apartment price trends

• Remaining relatively stable, the average rental price in Bedford-Stuyvesant fell by 1.05% this past month.

bedford-stuyvesant apartment

• Following a slight drop in pricing last month, the average rental price in Boerum Hill increased by 1.01% during December.

boerum hill apartment

• Thanks to an impressive 3.51% increase in two-bedroom pricing, the average rental price in Brooklyn Heights increased by 0.83% during December.

brooklyn heights apts

• Rental pricing in Bushwick remained stable during December, increasing by just 0.04% since last month.

bushwick apts

• Continuing the trend seen over the last two months, the average rental price in Clinton Hill fell by 2.19% during December.

clinton hill apts

• One-bedroom and two-bedroom units in Cobble Hill saw their rental prices increase by 1.06% and 3.35%, respectively. However, due to an increase in smaller-sized listings, the average rental price in Cobble Hill fell by 9.21% during December.

cobble hill apts

• After a stable November, the average rental price in Crown Heights fell by 0.38% during December.

crown heights apts

• Further succumbing to rental market seasonality, the average rental price in Downtown Brooklyn fell by 1.52% during December.

downtown brooklyn apts

• After last month’s correction, the average rental price in DUMBO rebounded by 1.97% during December. The majority of this increase can be attributed to larger-than-normal units that came onto the higher-end of the rental market in DUMBO.

dumbo apts

• Following last month’s increase, the average rental price in Fort Greene experienced a correction of 1.71% during December.

fort greene apts

• The average rental price in Greenpoint fell by 1.08% during December.

greenpoint apts

• Rental pricing in Park Slope remained stable during December, increasing by just 0.05%.

park slope apts

• Due to a number of higher-end inventory exiting the market in Prospect Lefferts Gardens, the average rental price in the area fell by 2.89% during December.

prospect lefferts gardens apts

• The average rental price in Williamsburg increased by 1.07% during December.

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 (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.

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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