REPORTS
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MANHATTAN
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BROOKLYN
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QUEENS
BROCHURES
Introduction
Average rents throughout Brooklyn increased by 2.64% from $2,598 in January 2014 to $2,666 in January 2015.
A QUICK LOOK
Rent Prices in Brooklyn decreased by approximately 0.02%- from $2,666.88 in December 2014 to $2,666.26 in January 2015. Rent prices increased by 2.64% from
$2,597.77 in January 2014 to $2,666.26 in January 2015. Listing Inventory increased by 5.34% from 3,148 listings units in December 2014 to 3,316 listings Units in
January 2015.
The market has picked up since December 2014. The largest percentage increases in rent prices were seen in Studio units in Cobble Hill, Clinton Hill and DUMBO.
The largest percentage drop was seen in Studio units in Greenpoint. It is important to note that these neighborhoods had 10 or less studio listings at the time the
sample was taken, a minimal number compared to other Brooklyn neighborhoods. As such, large fluctuations in these areas can be viewed as slightly artificial as 1
or so listings leaving/entering the market can highly influence the percentage changes.
The largest annual upward and downward shifts in rent prices were seen in Boerum Hill and Greenpoint. Rent increased by 11.6% in Boerum Hill from an average of
$2,673 in January 2014 to $2,983 in January 2015. Greenpoint saw a decrease of 10.0% from $2,904 in January 2014 to $2,615 in January 2015.
Most notable additions to the market were seen in Williamsburg where the 510-unit amenity-rich development at 1 North 4 and the 188-unit rental at the former
Meeker Flea Market site on 395 Leonard Street saw various listings enter the market. These additions highly influenced the 18% increase in inventory levels and
3.75% growth in average rental prices, where studios increased by 7.68%, 1 bedrooms remained stable at -0.02% and 2 bedrooms increased by 4.12%.
Notable Trends
| Most Expensive | Least Expensive | |
|---|---|---|
| Studios | DUMBO $3,160 | PLG $1,268 |
| One-Bedrooms | DUMBO $4,091 | Bay Ridge $1,562 |
| Two-Bedrooms | DUMBO $5,674 | PLG $2,051 |
| January '14 | January '15 | Change | |
|---|---|---|---|
| Studios | $2,012 | $2,104 | 4.58% |
| One-bedrooms | $2,515 | $2,545 | 1.27% |
| Two-bedrooms | $3,267 | $3,348 | 2.49% |
A Quick Look
Where Prices Decreased (Monthly)
- Bay Ridge
- One-Bedroom -1.09%
- Bed Stuy
- Studios -7.72%, One-Bedroom -0.04%
- Boerum Hill
- Studios -9.96%, One-Bedroom -0.09%, Two-Bedroom -0.78%
- Brooklyn Heights
- Studios -2.60%
- Bushwick
- Studios -4.06%, One-Bedroom -2.69%
- Clinton Hill
- Two-Bedroom -4.14%
- Cobble Hill
- One-Bedroom -1.31%
- Crown Heights
- Studios -3.92%, One-Bedroom -5.99%, Two-Bedroom -0.84%
- Dumbo
- Two-Bedroom -1.97%
- Downtown BK
- Studios -1.51%, One-Bedroom -0.32%
- Fort Greene
- Studios -4.40%
- Greenpoint
- Studios -18.14%, One-Bedroom -1.87%, Two-Bedroom -0.12%
- Park Slope
- Studios -3.11%
- PLG
- Studios -9.42%, Two-Bedroom -3.27%
- Williamsburg
- One-Bedroom -0.02%
Where Prices Increased (Monthly)
- Bay Ridge
- Studios 0.60%, Two-Bedroom 4.54%
- Bed Stuy
- Two-Bedroom 1.24%
- Brooklyn Heights
- One-Bedroom 0.25%, Two-Bedroom 4.19%
- Bushwick
- Two-Bedroom 4.03%
- Clinton Hill
- Studios 10.19%, One-Bedroom 0.78%
- Cobble Hill
- Studios 11.13%, Two-Bedroom 2.40%
- Dumbo
- Studios 9.72%, One-Bedroom 1.20%
- Downtown BK
- Two-Bedroom 0.31%
- Fort Greene
- One-Bedroom 2.09%, Two-Bedroom 4.28%
- Park Slope
- One-Bedroom 2.80%, Two-Bedroom 2.40%
- PLG
- One-Bedroom 0.43%
- Williamsburg
- Studios 7.68%, Two-Bedroom 4.12%
Neighborhood Price Trends
• Average rent prices increased by 1.76% this month, with Two Bedroom units increasing by 4.54% since December.
• The overall monthly average rent fell slightly by 1.79%, led by a decline of 7.72% in Studio monthly average rents.
• Overall rents decreased by 3.39% since December 2014. It is important to note that this neighborhood consistently has a relatively low sample size compared to other areas, particularly in Studios where 1 or 2 higher or lower priced units can drive the overall price movements.
• Overall monthly average rent increased 1.42%, as the annual average rent increased 0.8%.
• Average monthly rent for Studio and One Bedroom units decreased 4.06% and 2.69%, respectively while Two Bedroom units increased by 4.03%.
• The monthly average rent for studio units increased by 10.19%; however, the overall studio sample size consisted of only 8 units, making overall changes relatively sensitive. The overall monthly average rent increased 1.15%.
• Studios rent in Cobble Hill increased by an immense 11.13% since December 2014. However, the sample size was relatively small consisting of only 2 rental units at 267 Pacific st, again making overall growth for Studios somewhat artificial. More conservatively, One Bedroom units decreased by 1.31% and Two Bedrooms increased by 2.40%.
• Overall monthly rent decreased by 3.38%, with the annual average rent decreasing by 2.2%.
• Average rents for Downtown Brooklyn remained stable since last month with a -0.36% movement.
• The annual average rent increased by a substantial 9.9% from $3,918.58 in January 2014 to $4,308.27 in January 2015.
• With Studio units decreasing by 4.40%, and One and Two Bedroom units increasing by 2.09% and 4.28% respectively, overall rents increased by 1.26% since last month.
• The monthly average studio rent declined 18.14% caused by the higher priced luxury loft at 59 Kent leaving the market. This led the overall monthly average drop of 6.30% and annual average rent decrease of 10%.
• Overall monthly average rent increased slightly by 1.12%, while the annual average rent grew 4.5%.
• The average monthly studio in Prospect Lefferts Garden fell 9.42% as the monthly overall average fell 3.77%. These changes were the result of higher priced units exiting the market and lower priced units entering.
• The average monthly rents amongst Studio and Two Bedroom units increased by 7.68% and 4.12%. The inventory for Williamsburg increased 18% from 638 in December 2014 to 754 in January 2015 due to influx of new listings from 1 North 4th and 395 Leonard Street.
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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