Average rents throughout Brooklyn decreased by 0.92% from $2,743.83 in September 2015 to $2,718.54 in October 2015.
The Brooklyn rental market experienced a slight decrease of 0.92% in monthly average rent, moving from $2,743.83 in September
2015 to $2,718.54 in October 2015. Conversely, annual average rent increased by 0.92%, from $2,693.71 in October 2014 to
$2,718.54 in October 2015. The Inventory declined by 9.53%, from 3956 rental units in September 2015 to 3579 rental units in
October 2015; such downward movement is common as we approach the cooler months.
At the time the sample was taken, the following neighborhoods consisted of less than 15 units in their respective samples; Studios in Bay Ridge, Bedford-Stuyvesant, Boerum Hill, Bushwick, Clinton Hill, Cobble Hill, DUMBO, Greenpoint and Prospect Lefferts Garden. Small sample sizes often result in heightened price fluctuations in average rents.
Most neighborhoods experienced slight decreases in this month’s report. The highest increase was seen amongst Studios in Bushwick with a 2.34% change since September 2015, resulting from a few lower priced rental units departing the market, while inventory levels decreased. The largest decrease was seen in the Two Bedroom sector in Boerum Hill with a 6.76% decrease since last month, similarly the result of higher priced rental units leaving the market.
In terms of inventory, Williamsburg made up 21% of the units on the market at the time the sample was taken, with 748 units – the most amongst the other Brooklyn neighborhoods. BedStuy followed making up 14.3% of the inventory at 513 units. Cobble Hill and DUMBO saw the least amount of inventory, at 1.4% (51) and 2.1% (76) units respectively.
From an annual perspective, Williamsburg saw the greatest increase in average rents, moving 10.5% from $3,167 in October 2014 to $3,499 in October 2015. This large movement in pricing is largely attributed to the 509 rental unit building at 1 N 4th Place, which hit the market in January this year and continues to achieve record high prices.
|Type||Most Expensive||Least Expensive|
|Studios||DUMBO $3,160||Bay Ridge $1,335|
|One-Bedrooms||DUMBO $4,060||Bay Ridge $1,713|
|Two-Bedrooms||DUMBO $5,429||Bay Ridge $2,246|
|Type||October '14||October '15||Change|
- Bay Ridge
- One-Bedroom -0.24% Two-Bedroom -1.91%
- Bed Stuy
- Studios -3.26% Two-Bedroom -1.06%
- Boerum Hill
- Studios -2.47% Two-Bedroom -6.76%
- Brooklyn Heights
- Studios -3.17% One-Bedroom -0.19% Two-Bedroom -2.07
- One-Bedroom -3.32% Two-Bedroom -0.26%
- Clinton Hill
- Two-Bedroom -2.86%
- Cobble Hill
- Studios -2.88% One-Bedroom -1.19%
- Crown Heights
- Studios -0.27% One-Bedroom -1.76% Two-Bedroom -2.39%
- One-Bedroom -1.54% Two-Bedroom -1.08%
- Downtown BK
- One-Bedroom -1.48% Two-Bedroom -1.55%
- Park Slope
- Studios -3.53% One-Bedroom -0.67% Two-Bedroom -0.08%
- Studios -2.09% One-Bedroom -2.41%
- Studios -3.26% One-Bedroom -0.66% Two-Bedroom -0.42%
- Bay Ridge
- Studios 0.83%
- Bed Stuy
- One-Bedroom 0.62%
- Boerum Hill
- One-Bedroom 0.33%
- Studios 2.34%
- Clinton Hill
- Studios 1.29% One-Bedroom 0.95%
- Cobble Hill
- Two-Bedroom 2.31%
- Studios 0.14%
- Downtown BK
- Studios 0.49%
- Fort Greene
- Studios 0.86% One-Bedroom 0.05% Two-Bedroom 0.83%
- Studios 2.31% One-Bedroom 1.02% Two-Bedroom 0.70%
- Two-Bedroom 0.89%
• Overall monthly and annual rents remained relatively unchanged with -0.69% and -0.1% movements, respectively.
• Studio and Two Bedroom average rents both fell since last month, at 3.26% and 1.06% respectively, as One Bedrooms increased slightly by 0.62%
• Overall, the monthly average dipped slightly by 1.06% as the annual average increased by 3.2%.
• Studio and Two Bedroom average rents decreased by 2.47% and 6.76%, respectively, caused by higher priced rental units departing the market
since the previous month, coupled with standard seasonality price decreases.
• Overall, the monthly average fell by 3.51% since last month, while the annual average remained relatively unchanged at -0.3%.
• The Brooklyn Heights monthly average rent declined by 1.76%, as a result of slight decreases across all unit types.
• Conversely, the annual average rent increased by 6.6% since October 2014, indicating a stable market growth.
• While Studio average rents increased by 2.34%, One and Two Bedrooms fell by 3.32% and 0.26%, respectively, balancing out the overall monthly
average with a -0.57% movement.
• Annual rents grew slightly by 1.1% since October 2014.
• Clinton Hill remained stable this month with an overall movement of -0.56%
• Similar to Clinton Hill, Cobble Hill remained stable with a -0.04% movement since last month, as studios decreased by 2.88% and Two Bedrooms increased by 2.31%.
• Crown Heights experienced slight decreases in average rent across Studio, One Bedroom and Two Bedroom units at 0.27%, 1.76% and 2.39%
• Overall, the monthly average decreased by 1.6%, as the annual average rose by 2.4%.
• The Downtown Brooklyn average rent fell slightly by 1% since the previous month, as rental prices amongst all unit types moved within 1.5% in both directions.
• The monthly average rent fell by just under 1% since last month, with Studios remaining stable at 0.14%, and One and Two bedrooms moving between -1-1.54%.
• Fort Greene was 1 of only 2 neighborhoods to increase across all unit classes this month, with Studio, One Bedroom and Two Bedroom average rent increasing by 0.86%, 0.05% and 0.83% respectively, balancing out at a stable 0.59% since last month.
• Greenpoint was the only other neighborhood to see increases across the board, with Studios increasing by 2.31%, One Bedrooms by 1.02% and Two Bedrooms by 0.70%, with an overall average increase of 1.24% since last month.
• Studio average rent declined by 3.53%, with One Bedroom and Two Bedroom average rents falling by 0.67% and 0.08%, respectively.
• The monthly and annual average rents fell slightly by 1.17% and 0.7%, respectively.
• Studio and One Bedroom average rent prices decreased by 2.09% and 2.41%, respectively, caused by an influx of lower priced rental listings into the
market this month.
• Overall, the monthly average rent dropped slightly by 0.94%, as the annual average rent increased by 1.2% since October 2014.
• While all unit classes dropped slightly due to seasonality, averaging out at -1.34%, the annual average increased substantially by 10.5%, largely the result of the 509 rental unit building at 1 N 4th Place, which hit the market in January this year,achieving record high prices.
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).
TABLE OF CONTENTS
- A Quick Look
- Mean Brooklyn Rental Prices
- Brooklyn Price Trends
- Neighborhood Price Trends
- The Report Explained
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