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Introduction
Average rents throughout Brooklyn increased from $2,587.23 in December 2013 to $2,666.88 in December 2014.
A QUICK LOOK
Rent prices in Brooklyn decreased slightly to $2,666.88 in December 2014, from $2,677.19 (0.39%) in November 2014, however since December 2013, a 3.08%
increase was observed with prices increasing from $2,587.23. Listing inventory increased substantially by 9% from 2,879 unit listings in November 2014 to 3,148 in
December 2014.
The largest percentage increase in rent prices (among material sample sizes) was seen in Studio units in Downtown Brooklyn at 10.57%. The largest percentage
decreases were seen in Studio units in Bay Ridge and Greenpoint, at 11.94% and 12.88%, respectively.
The largest annual upward and downward shifts in rent prices (among material sample sizes) were seen in Boerum Hill and Williamsburg. Average rent increased
15.7% in Boerum Hill from $2,667.65 in December 2013 to $3,088 in December 2014. Average rent decreased by 7.4% in Williamsburg from $3,461.62 in December
2013 to $3,204.51 in December 2014.
Despite slight downturns in monthly overall average rents, the overall Brooklyn market continues to show a steady increase on an annual basis. Some monthly
observations include an addition of 122 rental units to the Bedford Stuyvesant market since November 2014, with an average monthly rental price increase of 1.5%.
Park slope remained stable and experienced a slight gradual growth of 1.68% with 50 units added to December’s inventory. Williamsburg continues to experience
slight increases, with the monthly average rent increasing 2.42%. However, more notably is the decline of 7.4% in rent prices compared to December 2013.
Nevertheless, 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
Notable Trends
| Most Expensive | Least Expensive | |
|---|---|---|
| Studios | DUMBO $2,880 | Bay Ridge $1,284 |
| One-Bedrooms | DUMBO $4,042 | Bay Ridge $1,580 |
| Two-Bedrooms | DUMBO $5,788 | PLG $2,121 |
| December '13 | December '14 | Change | |
|---|---|---|---|
| Studios | $2,041 | $2,136 | 4.7% |
| One-bedrooms | $2,484 | $2,552 | 2.7% |
| Two-bedrooms | $3,237 | $3,313 | 2.3% |
A Quick Look
Where Prices Decreased (Monthly)
- Bay Ridge
- Studios -11.94%, One-Bedroom -0.56%, Two-Bedroom -3.32%
- Bed Stuy
- Two-Bedroom -0.64%
- Boerum Hill
- Studios -1.27%, Two-Bedroom -0.46%
- Brooklyn Heights
- One-Bedroom -3.04%, Two-Bedroom -1.44%
- Bushwick
- Studios -5.78%, Two-Bedroom -2.06%
- Clinton Hill
- Studios -2.52%, One-Bedroom -0.64%, Two-Bedroom -1.09%
- Cobble Hill
- One-Bedroom -2.50%, Two-Bedroom -4.17%
- Crown Heights
- Studios -0.38%, One-Bedroom -1.94%, Two-Bedroom -1.58%
- Dumbo
- Studios -2.54%
- Fort Greene
- Studios -4.77%, One-Bedroom -1.59%
- Greenpoint
- Studios -12.88%, One-Bedroom -4.21%
- PLG
- Studios -1.40%, One-Bedroom -1.17%
Where Prices Increased (Monthly)
- Bed Stuy
- Studios 4.58%, One-Bedroom 1.40%
- Boerum Hill
- One-Bedroom 1.14%
- Brooklyn Heights
- Studios 0.22%
- Bushwick
- One-Bedroom 1.02%
- Cobble Hill
- Studios 0.90%
- Dumbo
- One-Bedroom 2.53%, Two-Bedroom 0.64%
- Downtown BK
- Studios 10.57%, One-Bedroom 1.90%, Two-Bedroom 3.38%
- Fort Greene
- Two-Bedroom 3.86%
- Greenpoint
- Two-Bedroom 1.19%
- Park Slope
- Studios 2.89%, One-Bedroom 0.58%, Two-Bedroom 1.81%
- PLG
- Two-Bedroom 3.15%
- Williamsburg
- Studios 0.28%, One-Bedroom 0.19%, Two-Bedroom 5.73%
Neighborhood Price Trends
• Average rent prices fell by 4.87% this month, largely driven by an 11.94% decrease in studio rental prices. However overall average annual rent increased by 2.6%.
• Average monthly rent increased slightly by 1.5%, as the overall annual rent increased by 4.9%.
• The abnormally high growth of 42.63% in annual average rent of studios led to a substantial increase of 15.7% in overall annual rental prices from December 2013 to December 2014. As a result, Boerum Hill led the highest yearly change amongst all of the Brooklyn neighborhoods. However, the immense growth can be viewed as artificial due to a significantly small sample size of studio apartments.
• Average annual rent for 1 bedroom apartments decreased a substantial 6.51%, however the overall average change amongst all unit sizes remained relatively stable with average annual rents decreasing by 2.2%.
• Studio rent in this neighborhood decreased by 5.78%, with an overall monthly average decrease of 2.24%.
• The most notable change in this neighborhood was a 10.21% increase in 1 bedroom apartments since December 2013, however overall annual growth remained stable at 1.8%.
• 2 Bedroom apartments experienced a 4.17% drop this month, however, annual average rents witnessed a 7.4% growth led by a 11.89% and 16.39% increase in studio and 1 bedroom apartments, respectively.
• Overall annual average rent increased by 4.8% as annual average rent for studio apartments increased a noticeable 9.52%.
• Overall monthly average rent increased by 4.67% this month, as yearly average rents increased by 10.1% , continuing the growth trend of last month.
• Although the overall monthly average increased slightly by 0.49%, overall annual average rental prices increased by 5.7%, largely driven by a 12.32% growth in 2 bedroom apartment prices.
• A fall of 4.77% in average monthly prices for studios and 1.59% for 1 bedrooms was offset by a 3.86% increase in 2 bedroom apartment prices, with an overall average change of -0.32% for the month.
• Studio prices decreased a significant 12.88% this month, attributed to higher priced units coming off the market, lower priced units entering the market, and a small sample of studio inventory.
• Slight increases of 1.68% and 0.6% in monthly and annual average rents, respectively, imply a stable rental market for Park Slope.
• One of the largest growths in average rental prices was witnessed in PLG with a 9.5% increase since December 2013.
• Monthly averages remained stable with a 2.42% growth in rental prices since November 2014, however annual prices dropped 7.4% since December 2013, suggesting a maturing market.
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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