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Brooklyn
Rental Market Report

November 2014

Introduction

Average rents throughout Brooklyn increased from $2,616.60 in November 2013 to $2,677.19 in November 2014.

A QUICK LOOK

Rent Prices in Brooklyn decreased by approximately 0.61% from $2,694 in October 2014 to $2,677.19 in November 2014. Rent prices increased 2.32% from $2,616.60 in November 2013 to $2,677.19 in November 2014. Listing Inventory increased significantly by 21% from 2,379 listing Units in October 2014 to 2,879 listing Units in November 2014.

The market appears to have slowed down slightly compared to October 2014. The largest percentage increases in rent prices (among material sample sizes) were seen in Studio units in Boerum Hill, Cobble Hill and Greenpoint. The largest percentage decreases was seen in Studio units in Dumbo. The largest annual upward and downward shifts in rent prices (among material sample sizes) were seen in Boerum Hill and Williamsburg. Rent increased 11.5% in Boerum Hill from $2,775 in November 2013 to $3,095 in November 2014. Rent decreased by 7.8% in Williamsburg from $3,392 in November 2013 to $3,129 in November 2014.

Despite the minuscule downturn in monthly overall average rent, the positive increase in yearly overall average rent for Brooklyn portrayed that several key trends still exist. Williamsburg inventory increased by a notable 66.93% from October 2014 to November 2014 due to the new addition of the amenity-rich development at Leonard Pointe in the neighborhood. Williamsburg continues to experience slight month to month declines and more notably a decline of 7.8% in rent prices compared to November 2013. However, with apartments lasting an average of 15 days on the market, coupled with high inventory numbers, Williamsburg demand continues to hold and still performs relatively well in terms of unit pricing, despite a slight decline in the monthly and yearly overall averages. Entry of a highly priced unit in Boerum Hill led to a significantly large increase in the month-to-month averages. A luxury loft listing at 59 Kent Street caused abnormal increase in Greenpoint Studio rent, making it the highest priced studio market this month. As with recent months, most of the neighborhoods in Brooklyn were experiencing a positive year-over-year change. However, overall monthly changes have varied more widely. This can be expected to continue as many more new developments and conversions enter the market in the months to come.

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: November 2013 vs. November 2014
  November '13 November '14 Change
Studios $2,061 $2,174 5.5%
One-bedrooms $2,485 $2,561 3.1%
Two-bedrooms $3,304 $3,296 -0.2%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
One-Bedroom -1.10%, Two-Bedroom -3.46%
Bed Stuy
Studios -3.76% One-Bedroom -0.48%
Boerum Hill
Two-Bedroom -4.02%
Brooklyn Heights
Studios -0.23%
Bushwick
One-Bedroom -4.31%, Two-Bedroom -1.87%
Clinton Hill
Studios -8.18%, One-Bedroom -6.92%, Two-Bedroom -2.27%
Cobble Hill
One-Bedroom -5.37%, Two-Bedroom -3.08%
Crown Heights
Studios -8.20%, One-Bedroom -0.46%
Dumbo
Studios -18.84%, Two-Bedroom -3.72%
Downtown BK
Studios -3.55%, One-Bedroom -2.26%, Two-Bedroom -3.99%
Fort Greene
One-Bedroom -3.74% Two-Bedroom -7.19%
Park Slope
Studios -9.89%
PLG
Studios -1.77%, One-Bedroom -2.59%, Two-Bedroom -4.95%
Williamsburg
Studios -2.99%, One-Bedroom -0.67%, Two-Bedroom -0.36%

Where Prices Increased (Monthly)

Bay Ridge
Studios 4.99%
Bed Stuy
Two-Bedroom 1.26%
Boerum Hill
Studios 22.12%, One-Bedroom 4.74%
Brooklyn Heights
One-Bedroom 0.48%, Two-Bedroom 6.18%
Bushwick
Studios 11.46%
Cobble Hill
Studios 19.79%
Crown Heights
Two-Bedroom 0.11%
Dumbo
One-Bedroom 3.16%
Fort Greene
Studios 2.10%
Greenpoint
Studios 20.48%, One-Bedroom 7.17%, Two-Bedroom 6.28%
Park Slope
One-Bedroom 0.36%, Two-Bedroom 1.16%

Neighborhood Price Trends

• Although average rent prices fell by 0.53% this month, studio rents increased by 4.99% since October, with overall average annual rentals increasing by 6.1%.

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

• The overall annual increase of 4.6% was led by an 10.36% increase in Two Bedroom Units from November 2013 to November 2014.

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

• The high growth of 11.5% from November 2013 to November 2014 led the highest yearly change amongst all the neighborhoods in Brooklyn. However, the immense growth can be viewed as artificial due to the entry of a single highly priced studio, amongst an overall studio sample size consisting of 4 units.

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

• Although annual overall average rent decreased by 3.9%, the monthly overall average increased by 2.87% since October 2014.

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

• Studio rent in this neighborhood increased a notable 11.46%, as One Bedroom and Two Bedroom rent prices decreased by 4.31% and 1.87% respectively. Overall, this neighborhood experienced slow monthly growth at 1.12%

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

• Despite the average monthly rent decreasing by 5.41%, the overall average annual rent increased without any significant changes at 0.2%

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

• Studios in Cobble Hill increased by an immense 19.79% since October 2014. However, the sample size was relatively small compared to sample sizes of studios in other neighborhoods.

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

• The overall monthly rental average decreased by 2.47%, while the annual average increased by 7%.

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

• Despite experiencing a 3.33% downturn this month, yearly average rents increased by 6.3%, continuing the trend of last month.

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

• The average monthly rent for Studios in DUMBO fell by 18.84%, led by numerous listings at 220 Water St leaving the market. However, overall average annual rent increased by a steady 3%.

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

• A small decrease of 3.62% in month-to-month averages had little impact on annual growth which increased by a minuscule 0.7%.

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

• The spacious luxury loft at 59 Kent Street caused an abnormal increase of 20.48% in Studio prices, however the annual average rent increased by only 2.3%.

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

• Led by a 9.89% drop in Studio prices, overall monthly rental prices decreased by 2.14%.

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

• Overall monthly average rents fell by 3.33%, while the annual average rent increased by 7.2%.

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

• A notable decline of 7.8% in rent prices since November 2013 was observed, however the month saw a significant boost in inventory with the addition of units at the newly developed, Leonard Pointe.

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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