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Brooklyn
Rental Market Report

March 2015

Introduction

Average rents throughout Brooklyn increased .38% this month, to $2,711.22 in March from $2700.99 in February.

A QUICK LOOK

Brooklyn rents remained stable this month, increasing only 0.38% since last month. The average rent for the borough increased to $2,711.22 in March, from $2,700.99 in February. Year-over-year increases were 2.87% from March 2014. Listing inventory grew only 0.57% in March—up to 2,984 from 2,967 units in February.

The largest increases in rent prices were seen in studio in Brooklyn Heights and two bedroom units in Boerum Hill and Cobble Hill. The biggest drops in rents occurred in studio units in Cobble Hill, Crown Height and Fort Greene, and two bedroom units in Fort Greene. It should also be noted that the current inventory of studio units in Boerum Hill, Cobble Hill, Crown Heights and Bushwick was less than 15 units at the time data was collected. Thus, these neighborhoods may demonstrate extreme price sensitivity compared to other Brooklyn neighborhoods.
The greatest year-over-year changes occurred in Boerum Hill and Greenpoint. Average prices in Boerum Hill increased by 21.3% since March 2014. Average prices in Greenpoint fell by 7.3%, to $2,655 in March 2015 from $2,864.41 in March 2014

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: March 2014 vs. March 2015
  March '14 March '15 Change
Studios $2,030 $2,139 5.4%
One-bedrooms $2,544 $2,608 2.5%
Two-bedrooms $3,331 $3,386 1.6%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -4.84%, Two-Bedroom -3.69%
Bed Stuy
Studios -5.67%, Two-Bedroom -2.42%
Brooklyn Heights
One-Bedroom -0.08%
Bushwick
One-Bedroom -1.46%
Clinton Hill
Studios -2.05%
Cobble Hill
Studios -15.92%
Crown Heights
Studios -7.10%, One-Bedroom -1.34%
Dumbo
Studios -1.04%, One-Bedroom -3.90%, Two-Bedroom -5.94%
Fort Greene
Studios -7.78%, Two-Bedroom -8.13%
PLG
Two-Bedroom -2.45%
Williamsburg
Studios -0.25%, Two-Bedroom -1.94%

Where Prices Increased (Monthly)

Bay Ridge
One-Bedroom 1.54%
Bed Stuy
One-Bedroom 4.43%
Boerum Hill
Studios 5.82%, One-Bedroom 4.93%, Two-Bedroom 9.60%
Brooklyn Heights
Studios 9.55%, Two-Bedroom 4.29%
Bushwick
Studios 0.75%, Two-Bedroom 1.50%
Clinton Hill
One-Bedroom 3.18%, Two-Bedroom 5.15%
Cobble Hill
One-Bedroom 3.95%, Two-Bedroom 11.91%
Crown Heights
Two-Bedroom 0.19%
Downtown BK
Studios 2.76%, One-Bedroom 2.05%, Two-Bedroom 2.03%
Fort Greene
One-Bedroom 0.71%
Greenpoint
Studios 0.29%, One-Bedroom 0.98%, Two-Bedroom 0.55%
Park Slope
Studios 2.38%, One-Bedroom 3.55%, Two-Bedroom 0.98%
PLG
Studios 0.15%, One-Bedroom 2.78%
Williamsburg
One-Bedroom 2.93%

Neighborhood Price Trends

• The average overall rent decreased by 2.42% this month, with studios prices falling by 4.84% and two bedroom prices falling by 3.69%.

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

• The average rent for the neighborhood fell by 1.22%.
• Prices for studios saw the biggest decrease at 5.67%.

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

• Prices overall increased by 6.98% since February 2015.
• Two bedroom prices saw the biggest increase at 9.60%.
• Studio and one bedroom prices increased by 5.82% and 4.93%, respectively.
• However, it is important to note that this neighborhood consistently has a relatively low sample size compared to other areas, especially in studio inventory.

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

• The average neighborhood rent overall grew by 4.16%.
• Studio prices increased 9.55% this month.

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

• Prices remained steady, increasing only 0.34% since last month.

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

• The average neighborhood rent overall grew by 2.53% this month.
• Two bedroom prices increased by 5.15%.

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

• The average rent in the neighborhood fell by 1.33% this month.
• The average price for a studio in the neighborhood fell by 15.92% since February 2015; however, the inventory was relatively small, consisting of only 6 units, artificially affecting price trends.
• Two bedroom prices increased by 11.91%.

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

• The average rent in the neighborhood fell by 2.31% this month.
• The average price for a studio in the neighborhood fell by 7.1%.

crown heights studio apartment prices crown heights one bedroom apartment prices crown heights two bedroom apartment prices

• The average rent in the neighborhood increased by 2.22% since the previous month.
• Studio, one bedroom and two bedroom prices increased 2.76%, 2.05% and 2.03% respectively.

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

• The average rent in the neighborhood fell by 4.14% this month.

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

• Studio and two bedroom rents fell by 7.78% and 8.13%, respectively, this month.
• The average rent in the neighborhood fell by 5.33% this month.

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

• Prices increased by .62% this month.

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

• The average rent in the neighborhood increased 2.15% this month.

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

• The average rent in the neighborhood fell by 0.05% this month.

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

• The average rent in the neighborhood fell by 0.03% this month.

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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