Brooklyn
Rental Market Report

October 2017

Introduction

Over the last month, overall rental prices in Brooklyn decreased by 1.1%, from $2,782.49 to $2,751.80.

A QUICK LOOK

Over the last month, the average rent in Brooklyn decreased by 1.10%, from $2,782 to $2,752. Studio rental prices decreased by 1.0%, from $2,228 to $2,206. One-bedroom rental prices decreased by 0.7%, from $2,658 to $2,640. Two-bedroom rental prices decreased by 1.5%, from $3,461 to $3,410. Year-over-year, studio rental prices decreased by 0.74%, one-bedroom rental prices decreased by 1.40%, and two-bedroom rental prices decreased by 0.15%. An overall rental price decrease of 1.1% month-over-month was expected as we began the fourth quarter, a traditionally slow period for the rental market.
October continued the trend of seasonal correction that began in September. All neighborhoods experienced overall rental price drops, except for: Bay Ridge (+1.0%), Brooklyn Heights (+1.2%), Clinton Hill (+2.6%), Cobble Hill (+0.5%). Once again, DUMBO remains home to the most expensive rental units in Brooklyn. The least expensive rental units this past month were in Bay Ridge.
A noteworthy occurrence this month was the solid 2.6% overall price growth seen in Clinton Hill. Most of this growth can be attributed to the addition of luxury rental units from new developments, including 504 Myrtle Avenue.
As we continue to make our way through the fourth quarter, a traditionally slow period for the rental market, slight price corrections can be expected.

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: October 2016 vs. October 2017
Type October 2016 October 2017 Change
Studios $2,222 $2,206 -0.74%
One-bedrooms $2,677 $2,640 -1.40%
Two-bedrooms $3,415 $3,410 -0.15%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -4.4% One-Bedroom -0.4%
Bed Stuy
One-Bedroom -0.6% Two-Bedroom -2.7%
Boerum Hill
Studios -7.4% Two-Bedroom -2.5%
Brooklyn Heights
Studios -0.1%
Bushwick
Studios -2.7% One-Bedroom -1.4% Two-Bedroom -0.4%
Cobble Hill
Studios -4.6%
Crown Heights
One-Bedroom -2.8% Two-Bedroom -2.4%
Dumbo
One-Bedroom -7.4% Two-Bedroom -7.6%
Downtown BK
Studios -3.7% One-Bedroom -2.8%
Fort Greene
Studios -0.8% Two-Bedroom -3.8%
Greenpoint
Studios -1.3% One-Bedroom -2.6% Two-Bedroom -6.6%
Park Slope
Studios -1.0% One-Bedroom -2.3% Two-Bedroom -3.5%
PLG
Studios -13.3% Two-Bedroom -1.2%
Williamsburg
One-Bedroom -3.0%

Where Prices Increased (Monthly)

Bay Ridge
Two-Bedroom 5.5%
Bed Stuy
Studios 2.3%
Boerum Hill
One-Bedroom 3.2%
Brooklyn Heights
One-Bedroom 2.4% Two-Bedroom 1.1%
Clinton Hill
Studios 3.7% One-Bedroom 3.7% Two-Bedroom 1.0%
Cobble Hill
One-Bedroom 2.4% Two-Bedroom 1.9%
Crown Heights
Studios 2.0%
Dumbo
Studios 8.6%
Downtown BK
Two-Bedroom 2.0%
Fort Greene
One-Bedroomn 1.8%
PLG
One-Bedroomn 3.7%
Williamsburg
Studios 2.0% Two-Bedroom 0.9%

• October was a stable month for rental prices in Bay Ridge, with overall rental prices growing by just 1.0%. Two-bedroom rental prices, however, outpaced the overall market, growing by an impressive 5.5%.

bay ridge studio apartment price trends

• Continuing the correction seen in September, overall rental prices in Bedford-Stuyvesant fell by 0.5% during October.

bedford-stuyvesant apartment

• Adhering to typical seasonality, overall rental prices in Boerum Hill experienced a 2.0% drop during October.

boerum hill apartment

• Buoyed by rental units from new developments, overall rental prices in Brooklyn Heights grew by 1.2% during October.

brooklyn heights apts

• Adhering to typical seasonality, overall rental prices in Bushwick experienced a correction of 1.4% during October.

bushwick apts

• During October, overall rental prices in Clinton Hill grew by 2.57%. Most of this growth can be attributed to the marketing of rental units from numerous new developments, such as The Posthouse at 504 Myrtle Avenue.

clinton hill apts

• Overall rental prices in Cobble Hill experienced a slight gain of 0.5% during October.

cobble hill apts

• During October, overall rental prices in Crown Heights experienced a slight correction of 1.3%.

crown heights apts

• Adhering to seasonality, overall rental prices in Downtown Brooklyn experienced a 1.0% drop.

downtown brooklyn apts

• Continuing the trend seen in September, overall rental prices in DUMBO slid by 3.7% in October. In addition to seasonality; low inventory, which leads to price sensitivity, contributed to this price drop.

dumbo apts

• As the rental market in Fort Greene continued its correction, overall prices fell by 1.2% during October

fort greene apts

• Overall rental prices in Greenpoint fell by 3.7% during October. This price drop can be attributed to the large number of new development rental units that were taken off the market from September to October, leaving the market to correct itself.

greenpoint apts

• After nearly three months of gains, overall rental prices in Park Slope fell by 2.5% during October.

park slope apts

• Adhering to seasonality, overall rental prices in Prospect Lefferts Gardens experienced a 3.2% drop in October. Most of this price decrease can be attributed to the 13.3% price drop seen in studio pricing as we saw fewer listings on the market from new developments, like 626 and 510 Flatbush Avenue, as compared to last month.

prospect lefferts gardens apts

• After experiencing a slight correction during September, overall rental prices in Williamsburg fell by just 0.05% during October.

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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