Brooklyn
Rental Market Report

AUGUST 2018

Introduction

Over the last month, the average rental price in Brooklyn increased by 0.50%, from $2,840.74 to $2,855.00.

A QUICK LOOK

Over the last month, the average rental price in Brooklyn increased by 0.50%, from $2,840.74 to $2,855.00. The average rental price for a studio increased by 1.8%, from $2,198.75 to $2,237.69. The average rental price for a one-bedroom unit increased by 0.4%, from $2,756.39 to $2,766.21. The average rental price for a two-bedroom unit decreased by 0.2%, from $3,567.07 to $3,561.11. Year-over-year, studio rental prices are down 2.18%, while one and two-bedroom rental prices are up 2.96% and 2.18%, respectively. Overall, the average rental price in Brooklyn is up 1.25% from this time last year.

Only four neighborhoods that are tracked by this report experienced rental price drops, that list includes: Crown Heights (-1.3%), Fort Greene (-1.4%), Greenpoint (-0.7%), and Williamsburg (- 1.5%). Out of all unit types, studios experienced the best month for price gains with average rents increasing in all but four neighborhoods: Crown Heights (-0.2%), Greenpoint (-1.1%), Park Slope (-1.7%), and Williamsburg (-0.9%). During August, the most expensive units were in DUMBO, while the least expensive units could be found in Bay Ridge.

Year-over-year, ancillary neighborhoods like Prospect Lefferts Gardens (+9.14%) and Bushwick (+5.63%) continue to post impressive rental price gains. Continued price growth in neighborhoods like these is a good sign for the overall 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 prices in Bay Ridge improved during the month of August, increasing by 2.39%.

bay ridge studio apartment price trends

• This past month, the average rental price in Bedford-Stuyvesant increased by 1.68%.

bedford-stuyvesant apartment

• Rebounding from the slight correction that occurred last month, the average rental price in Boerum Hill increased by 0.66%.

boerum hill apartment

• The average rental price in Brooklyn Heights increased by 1.41% during August.

brooklyn heights apts

• Slowing down on the trend observed in Bushwick over the last few months, the average rental price in Bushwick increased by a modest 0.19% this past month.

bushwick apts

• Rental prices in Clinton Hill remained stable during August, increasing by just 0.05%.

clinton hill apts

• After experiencing a considerable correction last month, rental prices in Cobble Hill improved slightly this past month, increasing by 0.92%.

cobble hill apts

• Crown Heights rental prices experienced a correction of 1.26% during August.

crown heights apts

• Driven by the impressive 6.01% price increase experienced by one-bedroom units, the average rental price in Downtown Brooklyn increased by 1.20%.

downtown brooklyn apts

• Gaining some momentum from last month’s increase, the average rental price in DUMBO increased by 1.32% during August.

dumbo apts

• During August, the average rental price in Fort Greene experienced a correction of 1.45%.

fort greene apts

• The average rental price in Greenpoint experienced a slight correction of 0.66% during August.

greenpoint apts

• The average rental price in Park Slope experienced a slight increase of 0.27% this past month.

park slope apts

• Thanks to an increase in luxury rental units coming onto the market from buildings like The Parkside at 626 Flatbush Avenue, the average rental price in PLG improved by 2.98% during August.

prospect lefferts gardens apts

• The average rental price in Williamsburg fell by 1.53% this past month.

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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Tools

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