Brooklyn
Rental Market Report

NOVEMBER 2018

Introduction

Over the last month, the average rental price in Brooklyn decreased by 0.88%, from $2,843.25 to $2,818.15.

A QUICK LOOK

Over the last month, the average rental price in Brooklyn decreased by 0.88%, from $2,843.25 to $2,818.15. The average rental price for a studio unit increased by 0.62%, from $2,253.98 to $2,267.91. The average rental price for a one-bedroom unit decreased by 0.39%, from $2,701.25 to $2,690.72. The average rental price for a two-bedroom unit decreased by 2.37%, from $3,514.89 to $3,431.75. Year-over-year, studio rental prices are up 3.65%, while one and two-bedroom prices are up 2.90% and 1.27%, respectively. Overall, the average rental price in Brooklyn is up 3.21% from this time last year.

During November, most analyzed neighborhoods experienced month-over-month price drops, with the exception of: Cobble Hill (+0.4%), Crown Heights (+0.1%), and Fort Greene (+2.5%). Out of all tracked unit types studios performed the best, with prices increasing in nine out of fifteen tracked neighborhoods. The most expensive units to rent this past month could be found in DUMBO, while the least expensive were in Bay Ridge.

While month-over-month rental pricing went down in most neighborhoods, year-over-year price gains remained strong. Leading the pack, DUMBO experienced a 10.21% increase in rental pricing from this time last year, while Fort Greene (+9.37%), and Prospect Lefferts Gardens (+8.85%) also posted strong year-over-year rental price increases.

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 1.70% during November.

bay ridge studio apartment price trends

• Remaining relatively stable, the average rental price in Bedford-Stuyvesant fell by 0.23% this past month.

bedford-stuyvesant apartment

• After a large correction last month, the average rental price in Boerum Hill stabilized, falling by just 0.19% during November.

boerum hill apartment

• While studio and one-bedroom pricing increased during November, building upon last month’s gains, the average rental price in Brooklyn Heights fell by 2.60%.

brooklyn heights apts

• Following last month’s drop, the average rental price in Bushwick fell by an additional 1.81% during November.

bushwick apts

• Further succumbing to rental market seasonality, the average rental price in Clinton Hill fell by 2.93% during November.

clinton hill apts

• Following a strong correction last month, the average rental price in Cobble Hill stabilized this past month, increasing by just 0.40%.

cobble hill apts

• Rental pricing in Crown Heights remained relatively stable during November, increasing by just 0.06%.

crown heights apts

• Over the last month, the average rental price in Downtown Brooklyn fell by 0.25%.

downtown brooklyn apts

• The average rental price in DUMBO experienced a correction of 2.10% during November.

dumbo apts

• During November, the average rental price in Fort Greene increased by 2.55%.

fort greene apts

• After a slight increase last month, the average rental price in Greenpoint fell by 0.96% this past month.

greenpoint apts

• The average rental price in Park Slope decreased by 1.10% during November.

park slope apts

• Over the last month, the average rental price in Prospect Lefferts Gardens fell by 1.29%.

prospect lefferts gardens apts

• The average rental price in Williamsburg fell by 0.91% during November.

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).

Brooklyn rental
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