BROOKLYN RENTAL MARKET REPORT
BROOKLYN RENTAL MARKET REPORT ARCHIVE
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TABLE OF CONTENTS
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introduction
THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.
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CHANGE
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$3,026MARCH 2020
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$2,970APRIL 2020
A QUICK LOOK
Over the last month, the average rental price in Brooklyn has decreased by 1.83%, from $3,025.90 to $2,970.39. The average rental price for a studio unit fell by 0.67%, from $2,325.16 to $2,309.51. The average rental price for a one-bedroom unit fell by 2.30%, from $2,926.51 to $2,859.22. The average rental price for a two-bedroom unit fell by 2.19%, from $3,826.03 to $3,742.43. Year-over-year, rental prices are up across-the-board, with studio, one-bedroom, and two-bedroom prices increasing by 0.93%, 0.22%, and 3.69%, respectively.
This past month, out of the sixteen neighborhoods tracked by this report, only five saw their average rental price increase: Bay Ridge (+1.4%), Boerum Hill (+1.8%), Borough Park/Sunset Park (+2.0%), Cobble Hill (+0.3%), and Prospect Lefferts Gardens (+3.6%). This past month, the most expensive rentals by average price were all in DUMBO. The most affordable studio units were in Bay Ridge, while the most affordable one and two-bedroom units could be found in Borough Park/Sunset Park.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $3,350 | Bay Ridge $1,450 |
| One bedrooms | Dumbo $4,412 | Borough/Sunset Park $1,773 |
| Two bedrooms | Dumbo $6,161 | Borough/Sunset Park $2,134 |
WHERE PRICES DECREASED
BAY RIDGE
Studios -6.6%
BED STUY
Studios -1.2%
One-Bedroom -0.7%
Two-Bedroom -0.4%
BOERUM HILL
One-Bedroom -2.0%
BROOKLYN HEIGHTS
Studios -7.6%
Two-Bedroom -1.3%
BUSHWICK
One-Bedroom -1.9%
Two-Bedroom -2.8%
CLINTON HILL
Studios -4.5%
One-Bedroom -5.8%
Two-Bedroom -2.1%
BOROUGH PARK/SUNSET PARK
One-Bedroom -5.2%
COBBLE HILL
Studio -4.5%
One-Bedroom -0.2%
Two-Bedroom -0.2%
CROWN HEIGHTS
Studios -3.1%
DUMBO
One-Bedroom -6.3%
Two-Bedroom -6.3%
DOWNTOWN BK
Studios -0.6%
One-Bedroom -1.8%
Two-Bedroom -2.1%
FORT GREENE
Studios -5.7%
One-Bedroom -1.6%
Two-Bedroom -1.0%
GREENPOINT
One-Bedroom -6.3%
Two-Bedroom -11.4%
PARK SLOPE
Two-Bedroom -4.2%
WILLIAMSBURG
Studios -3.7%
One-Bedroom -3.9%
Two-Bedroom -9.3%
WHERE PRICES INCREASED
BAY RIDGE
One-Bedroom 0.5%
Two-Bedroom 7.4%
BOERUM HILL
Studios 2.2%
Two-Bedroom 4.2%
BROOKLYN HEIGHTS
One-Bedroom 1.7%
BUSHWICK
Studios 1.27%
BOROUGH PARK/SUNSET PARK
Studios 12.1%
Two-Bedroom 1.69%
CROWN HEIGHTS
One-Bedroom 0.4%
Two-Bedroom 0.2%
DUMBO
Studios 1.9%
GREENPOINT
Studios 0.61%
PARK SLOPE
Studios 0.1%
One-Bedroom 0.2%
PLG/FLATBUSH
Studios 7.5%
One-Bedroom 0.2%
Two-Bedroom 3.7%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
APRIL 2019 VS. APRIL 2020
| TYPE | APRIL 2019 | APRIL 2020 | CHANGE |
|---|---|---|---|
| Studios | $2,288 | $2,310 | 0.9% |
| One bedrooms | $2,853 | $2,859 | 0.2% |
| Two bedrooms | $3,609 | $3,742 | 3.7% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 1.36%.
BEDFORD-STUYVESANT PRICE TRENDS
THROUGH APRIL, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT FELL BY 0.73%.
BOERUM HILL PRICE TRENDS
STABILIZING AFTER LAST MONTH’S LARGER-THAN-NORMAL INCREASE, THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 1.82%.
BOROUGH/SUNSET PARK PRICE TRENDS
BUOYED BY A 12.14% INCREASE IN STUDIO PRICING THAT WAS CAUSED BY A DEARTH OF INVENTORY, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 2.02%.
BROOKLYN HEIGHTS PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS FELL BY 1.77%.
BUSHWICK PRICE TRENDS
FOLLOWING A SLIGHT DROP IN MARCH, THE AVERAGE RENTAL PRICE IN BUSHWICK FELL BY AN ADDITIONAL 1.28% IN APRIL.
CLINTON HILL PRICE TRENDS
CORRECTING FROM LAST MONTH’S SLIGHT INCREASE, THE AVERAGE PRICE FOR A RENTAL UNIT IN CLINTON HILL FELL BY 3.96% THROUGH APRIL.
COBBLE HILL PRICE TRENDS
REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY JUST 0.34%.
CROWN HEIGHTS PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS FELL BY 0.69%.
DOWNTOWN BROOKLYN PRICE TRENDS
AFTER A STABLE MARCH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 1.66% THROUGH APRIL.
DUMBO PRICE TRENDS
FOLLOWING TWO MONTHS OF PRICE INCREASES, THE AVERAGE PRICE FOR A RENTAL UNIT IN DUMBO EXPERIENCED A CORRECTION OF 4.44%.
FORT GREENE PRICE TRENDS
FOLLOWING A LARGE INCREASE LAST MONTH, THE AVERAGE PRICE FOR A RENTAL UNIT IN FORT GREENE EXPERIENCED A CORRECTION OF 2.36% THROUGH APRIL.
GREENPOINT PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT FELL BY 6.54%.
PARK SLOPE PRICE TRENDS
CONTINUING THE TREND THAT EMERGED LAST MONTH, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY AN ADDITIONAL 1.70% THROUGH APRIL.
PLG/FLATBUSH PRICE TRENDS
THANKS TO AN INCREASING NUMBER OF AVAILABLE LUXURY UNITS IN THE AREA, THE AVERAGE RENTAL PRICE IN PROSPECT LEFFERTS GARDENS/FLATBUSH INCREASED BY 3.62%.
WILLIAMSBURG PRICE TRENDS
DUE TO AN INCREASE IN INVENTORY COINCIDING WITH A DIFFICULT PUBLIC HEALTH AND ECONOMIC CLIMATE, THE AVERAGE PRICE FOR A RENTAL UNIT IN WILLIAMSBURG FELL BY 5.98% THROUGH APRIL.
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.
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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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