Brooklyn
Rental Market Report

JANUARY 2019

Introduction

Over the last month, the average rental price in Brooklyn decreased by 0.30%, from $2,790.68 to $2,782.29.

A QUICK LOOK

Over the last month, the average rental price in Brooklyn decreased by 0.30%, from $2,790.68 to $2,782.29. The average rental price for a studio unit decreased by 0.90%, from $2,246.68 to $2,226.24. The average rental price for a one-bedroom unit increased by 0.10%, from $2,668.72 to $2,671.52. The average rental price for a two-bedroom unit decreased by 0.22%, from $3,456.82 to $3,449.10. Year-over-year, studio rental prices are up 2.94%, while one and two-bedroom rental prices are up 3.14% and 1.34%, respectively. Overall, the average rental price in Brooklyn is up 2.33% from this time last year.

This past month, six out of fifteen tracked neighborhoods saw their prices improve month-over-month. That list includes: Bay Ridge (+0.99%), Boerum Hill (+0.38%), Bushwick (+0.99%), Clinton Hill (+1.30%), Greenpoint (+0.34%), and Williamsburg (1.49%). Out of the remaining nine neighborhoods, six saw their prices stay within 100 basis points of their December averages. Out of all unit types, one-bedrooms performed the best on a by-neighborhood basis with prices improving in nine out of fifteen tracked neighborhoods. During January, the most expensive studio, one, and two-bedroom units were in DUMBO, while the least expensive units were all in Bay Ridge.

One important observation this past month was the immediate effect the reversal of the L-train shutdown had on Williamsburg rents, which increased by 1.49% month-over-month. As we approach a busier cycle in the rental market, it will be interesting to see how this sudden change of plans continues to influence the greater Brooklyn rental market.

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

• After a drop last month, rental pricing in Bay Ridge rebounded by 0.99% during January.

bay ridge studio apartment price trends

• As expected during this point in the rental market cycle, the average rental price in Bedford-Stuyvesant fell by 0.97% during January.

bedford-stuyvesant apartment

• Carrying over some momentum from last month, the average rental price in Boerum Hill increased by 0.38% during January.

boerum hill apartment

• This past month, the average rental price in Brooklyn Heights experienced a correction of 2.24%.

brooklyn heights apts

• The average rental price in Bushwick increased by 0.99% during January.

bushwick apts

• Reversing on the trend that emerged over the previous three months, the average rental price in Clinton Hill increased by 1.30% during January.

clinton hill apts

• The average rental price in Cobble Hill remained relatively stable during January, decreasing by just 0.12%.

cobble hill apts

• The average rental price in Crown Heights fell by just 0.14% during January.

crown heights apts

• The average rental price in Downtown Brooklyn fell by just 0.29% during January.

downtown brooklyn apts

• Following last month’s increase, the average rental price in DUMBO experienced a correction of 1.31% during January.

dumbo apts

• Further succumbing to seasonality, the average rental price in Fort Greene fell by 1.91% during January.

fort greene apts

• Following last month’s drop, rental pricing in Greenpoint rebounded slightly, increasing by 0.34% this past month.

greenpoint apts

• The average rental price in Park Slope decreased by 0.69% during January.

park slope apts

• Following last month’s large price drop, the average rental price in PLG stabilized during January, falling by just 0.35%.

prospect lefferts gardens apts

• For the second month in a row, the average rental price in Williamsburg experienced an increase, this time improving by 1.49%.

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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