Brooklyn
Rental Market Report

January 2018

Introduction

Over the last month, the average rental price in Brooklyn increased by 0.07% since last month, $2,716.86 to $2,718.82.

A QUICK LOOK

Over the last month, the average rent in Brooklyn increased by 0.07%, from $2,716.86 to $2,718.82. Studio rental prices fell by 0.4%, from $2,172.08 to $2,162.72. One-bedroom rental prices increased by 0.3%, from $2,581.87 to $2,590.30. Two-bedroom rental prices increased by 0.2%, from $3,396.63 to $3,403.43. Year-over-year, studio rental prices are down 2.01%, one-bedroom rental prices are down 0.96%, and two-bedroom rental prices are up 1.46%. Overall, rental prices are down 0.25% year-over-year.
Most overall price changes by neighborhood were positive, except for: Boerum Hill (-3.8%), Brooklyn Heights (-0.6%), Cobble Hill (-3.4%), DUMBO (-1.0%), Downtown Brooklyn (-0.5%), and Greenpoint (-1.9%). As some of the more established Brooklyn rental sub-markets experience slight declines, neighborhoods like Bushwick (+2.0%), Crown Heights (+2.5%), and Prospect Lefferts Gardens (+0.8%) continue to benefit because of their relatively low rents. During January, the most expensive rentals were in DUMBO, while the least expensive studio and one-bedroom rentals were in Bay Ridge, and the least expensive two-bedroom rentals were in Prospect Lefferts Gardens.
A noteworthy occurrence this month was the 3.8% rental price increase observed in Fort Greene. As the neighborhoods surrounding Atlantic Center continue to be developed, Fort Greene rental prices can be expected to continue their upward trajectory.
As we make our way through the first quarter of 2018, rents can be expected to remain stable.

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: January 2017 vs. January 2018
Type January 2017 January 2018 Change
Studios $2,207 $2,163 -2.01%
One-bedrooms $2,615 $2,590 -0.96%
Two-bedrooms $3,355 $3,403 1.46%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -2.7%
Bed Stuy
2 Bedroom -0.2%
Boerum Hill
Studios -5.9% 1 Bedroom -0.4% 2 Bedroom -5.1%
Brooklyn Heights
Studios -2.6% 1 Bedroom -3.1%
Clinton Hill
Studios -4.1% 1 Bedroom -0.7%
Cobble Hill
1 Bedroom -0.9% 2 Bedroom -7.0%
Dumbo
1 Bedroom -3.8% 2 Bedroom -1.8%
Downtown BK
1 Bedroom -0.2% 2 Bedroom -1.8%
Greenpoint
Studios -11.8%
PLG
2 Bedroom -2.8%

Where Prices Increased (Monthly)

Bay Ridge
1 Bedroom 2.4% 2 Bedroom 0.0%
Bed Stuy
Studios 1.8% 1 Bedroom 0.5%
Brooklyn Heights
2 Bedroom 2.0%
Bushwick
Studios 4.4% 1 Bedroom 1.7% 2 Bedroom 0.4%
Clinton Hill
2 Bedroom 5.3%
Cobble Hill
Studios 0.6%
Crown Heights
Studios 1.4% 1 Bedroom 3.8% 2 Bedroom 2.4%
Dumbo
Studios 3.6%
Downtown BK
Studios 1.4%
Fort Greene
Studios 4.6% 1 Bedroom 0.6% 2 Bedroom 5.8%
Greenpoint
1 Bedroom 2.9% 2 Bedroom 2.5%
Park Slope
Studios 0.2% 1 Bedroom 0.6% 2 Bedroom 4.2%
PLG
Studios 3.3% 1 Bedroom 3.1%
Williamsburg
Studios 0.3% 1 Bedroom 3.5% 2 Bedroom 2.4%

• Rental prices in Bay Ridge remained stable during January, increasing by just 0.06%.

bay ridge studio apartment price trends

• After a slight dip in December, the average rental price in Bedford-Stuyvesant increased by 0.61% during January.

bedford-stuyvesant apartment

• Over the month of January, the average rental price in Boerum Hill fell by 3.82%. This dip is a continuation of a seasonal downtrend in Boerum Hill that originally emerged in September.

boerum hill apartment

• During January, the average rental price in Brooklyn Heights fell by 0.60%.

brooklyn heights apts

• The average rental price in Bushwick increased by 2.03% over the month of January. Most of this growth occurred, specifically, within the studio rental submarket. The average studio rental price increased by 4.44% thanks to a number of oversized units that came on to the market in the past month, which usually demand higher-than-average rents.

bushwick apts

• After slightly dropping over previous month, the average rental price in Clinton Hill increased by 0.85% during the month of January.

clinton hill apts

• Overall, rental prices in Cobble Hill were down 3.41% during January. Most of this drop occurred within two-bedroom rentals, where prices fell by 6.98%.

cobble hill apts

• After a drop in December, the average rental price in Crown Heights increased by 2.52% during January.

crown heights apts

• Over the month of January, the average rental price in Downtown Brooklyn fell by 0.52%.

downtown brooklyn apts

• Rental prices in DUMBO experienced a slight correction during January, falling by 1.02%.

dumbo apts

• Thanks to units from new developments that recently came onto the market, rental prices in Fort Greene increased by 3.79% during January.

fort greene apts

• After experiencing an increase during December, rental prices in Greenpoint fell by 1.95% over the month of January. The majority of this decrease occurred within studio rentals, where prices fell by 11.78% during January following a 13.43% increase in December.

greenpoint apts

• Overall, rental prices in Park Slope increased by 1.94% during January.

park slope apts

• January proved to be a relatively stable month for rental pricing in Prospect Lefferts Gardens, where the average rental price grew by 0.80%.

prospect lefferts gardens apts

• After a price decline in December, rental prices in Williamsburg rebounded slightly, increasing by 2.15% over the month of January.

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: 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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