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Brooklyn
Rental Market Report

April 2016

Introduction

Average rents throughout Brooklyn increased by 1.84% from $2,723.46 in March 2016 to $2,773.70 in April 2016.

A QUICK LOOK

The monthly average rent in Brooklyn increased by 1.84% from $2,723.46 in March 2016 to $2,773.70 in April 2016. Similarly, rents increased by 1.82% since April 2015, from $2,724.14. From an inventory standpoint, we saw a 10.12% increase since last month; from 3,430 to 3,777 units on the market.
At the time the sample was taken, these following neighborhoods consisted of less than 20 units in the sample size; Studios in Bay Ridge, Boerum Hill, Bushwick, Clinton Hill, Cobble Hill, Crown Heights, Dumbo, Greenpoint and Prospect Lefferts Gardens.
The largest average growth this month was seen in Cobble Hill, which increased by 6.76% since March 2016. This was the result of changes in levels and types of inventory – lower/higher priced units leaving/entering the market. The largest increase on a unit type level was seen in Studios in Bushwick, however this is the result of a very small sample of units on the market – the ratio of Studios to One Bedrooms & Two Bedrooms, combined, is 1:78.
The largest increase since last year was seen in Bay Ridge this month, at 10.6%, followed by BedStuy at 8.6% and Crown Heights at 8.4%. As January 2015 saw the opening of the 509 unit rental building at 1 N 4th Pl, Williamsburg saw the largest decrease in rents since last year, the result of the initial lease up almost being complete. Being one of its kind, 1 N 4th set records in all unit classes amongst other rentals in the area, so naturally as 1 N 4th product inventory reduces, the average prices for the area follow suit.

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: April 2015 vs. April 2016
Type April '15 April '16 Change
Studios $2,116 $2,187 3.37%
One-bedrooms $2,640 $2,682 1.59%
Two-bedrooms $3,417 $3,452 1.04%

A Quick Look

Where Prices Decreased (Monthly)

Boerum Hill
Studios -1.52%
Bushwick
One-Bedroom -0.46% Two-Bedroom -4.52%
Clinton Hill
Studios -3.01%
Crown Heights
Two-Bedroom -1.79%
Dumbo
Two-Bedroom -1.11%
Downtown BK
Studios -1.31% One-Bedroom -0.47% Two-Bedroom -2.65%
Fort Greene
Studios -4.72%
Park Slope
Studios -2.40% One-Bedroom -1.18% Two-Bedroom -1.46%
PLG
Studios -3.06% One-Bedroom -3.25%
Williamsburg
Studios -2.30% Two-Bedroom -5.44%

Where Prices Increased (Monthly)

Bay Ridge
Studios 7.39% One-Bedroom 0.14% Two-Bedroom 5.30%
Bed Stuy
Studios 6.87% One-Bedroom 5.44% Two-Bedroom 2.73%
Boerum Hill
One-Bedroom 4.30% Two-Bedroom 8.06%
Brooklyn Heights
Studios 5.61% One-Bedroom 8.18% Two-Bedroom 5.96%
Bushwick
Studios 11.61%
Clinton Hill
One-Bedroom 3.51% Two-Bedroom 1.25%
Cobble Hill
Studios 4.58% One-Bedroom 3.09% Two-Bedroom 10.94%
Crown Heights
Studios 0.01% One-Bedroom 2.24%
Dumbo
Studios 4.36% One-Bedroom 7.88%
Fort Greene
One-Bedroom 0.50% Two-Bedroom 0.86%
Greenpoint
Studios 2.13% One-Bedroom 6.62% Two-Bedroom 2.88%
PLG
Two-Bedroom 0.39%
Williamsburg
One-Bedroom 0.90%

Neighborhood Price Trends

• Monthly average rent increased by 4.19% this month; Studios by 7.39%, One bedrooms by 0.14% and Two bedrooms by 5.30% as several listings along Shore Road entered the market.
• Annually, Bay Ridge saw the largest growth since 2015, increasing by 10.6%

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

• All unit classes increased this month, with an overall average movement of 4.76%.
• Since 2015, average rents have increased by 8.6%, the second largest growth in the borough, indicative of a growing demand in the area.

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

• The reverse of last month, Boerum Hill’s Two Bedroom unit average rent saw the largest increase this month compared to the other analyzed neighborhoods, at 8.06%. Given it was the largest decrease last month, the spike is indicative of market correction from higher/lower priced units entering/leaving the market.

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

• Brooklyn Heights came in second this month for the greatest average rental growth, with an overall increase of 6.55%. This is the result of several higher priced units at 360 Furman st and 29 Willow st entering the market.

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

• Studios in Bushwick increased the most compared to the other Brooklyn nabes this month, increasing by 11.61%, the result of a sample size of only 3 higher priced units.
• Annually, average rents increased by 4.70%.

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

• With Studio rents decreasing by 3.01%, One Bedrooms increasing by 3.51% and Two Bedrooms by 1.25%, overall average rents remained stable, moving by 0.90%.

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

• Cobble Hill Two Bedroom units increased the greatest this month, moving by 10.94%, while Studios increased by 4.58% and One Bedrooms by 3.09%, resulting in an overall average price movement of 6.76% - the largest in the borough.
• These price movements were predominantly the result of typical changes in inventory

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

• Although monthly rents remained relatively unchanged this month, annual rents increased by 8.39%.

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

• All unit classes saw increases in average rent this month, with an overall increase of 1.55%

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

• One Bedroom rents increased by 7.88% this month, as Studio rents increased by 4.36% and Two Bedrooms decreased by 1.11%.
• DUMBO also recorded the lowest sample size this month, with only 76 units on the market.

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

• Fort Greene rents remained stable this month, moving by only -0.68%, while rents increased by 5.46% since April 2015.

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

• All unit classes saw increases in rent this month – Studios by 2.13%, One Bedrooms by 6.62% and Two Bedrooms by 2.88%.

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

• The overall average rent dipped slightly this month by 1.61%.

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

• While the average rent decreased by 1.70% since last month, since last year, rents increased by 4.56%.

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

• As January 2015 saw the opening of the 509 unit rental building at 1 N 4th Pl, Williamsburg saw the largest decrease in rents since last year, the result of the initial lease up almost being complete.
• Being one of its kind, 1 N 4th set records in all unit classes amongst other rentals in the area, so naturally as 1 N 4th product inventory diminishes, the average prices for the area follow suit.

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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