BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.

  • 2.02%
    CHANGE
  • $2,600
    NOVEMBER 2020
  • $2,547
    DECEMBER 2020

A QUICK LOOK

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Over the last month, the average rental price in Brooklyn has fallen by 2.02%, from $2,599.77 to $2,547.27. The average rental price for a studio unit fell by 1.31%, from $2,060.51 to $2,033.46. The average rental price for a one-bedroom unit fell by 1.31%, from $2,493.16 to $2,460.47. The average rental price for a two-bedroom unit decreased by 3.01%, from $3,245.62 to $3,147.88. Compared to this time last year, rental prices are down across-the-board with studio, one-bedroom, and two-bedroom prices decreasing by 11.51%, 13.26%, and 15.46%, respectively. Overall, average rental pricing in Brooklyn is down 13.73% from this time last year.

This past month, the most expensive rental units by average price were observed in DUMBO. The most affordable studio and one-bedroom units could be found in Bay Ridge, while the most affordable two-bedroom units by were observed in Borough Park/Sunset Park.

Out of the sixteen neighborhoods tracked by this report, only two saw their overall average rental prices increase: Bushwick (+4.0%) and Greenpoint (+0.3%).

NOTABLE TRENDS

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TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $3,021 Bay Ridge $1,462
One bedrooms Dumbo $3,733 Bay Ridge $1,726
Two bedrooms Dumbo $5,428 Borough/Sunset Park $2,049

WHERE PRICES DECREASED

price_down_icon

BAY RIDGE

Studios -3.0%

Two-Bedroom -3.7%

BED STUY

Studios -1.7%

One-Bedroom -2.5%

Two-Bedroom -2.6%

BOERUM HILL

Studios -6.8%

One-Bedroom -3.8%

Two-Bedroom -5.8%

BOROUGH PARK/SUNSET PARK

Studios -2.21%

Two-Bedroom -3.2%

BROOKLYN HEIGHTS

Studios -2.9%

One-Bedroom -1.2%

Two-Bedroom -1.7%

CLINTON HILL

Studios -1.9%

One-Bedroom -4.1%

Two-Bedroom -2.7%

COBBLE HILL

Studio -1.9%

One-Bedroom -0.3%

Two-Bedroom -0.2%

CROWN HEIGHTS

Studios -0.1%

One-Bedroom -3.6%

Two-Bedroom -2.5%

DUMBO

Studios -1.0%

One-Bedroom -3.5%

Two-Bedroom -8.9%

DOWNTOWN BK

Studios -1.3%

Two-Bedroom -1.7%

FORT GREENE

One-Bedroom -1.7%

Two-Bedroom -6.2%

GREENPOINT

One-Bedroom -0.37%

Two-Bedroom -1.2%

PARK SLOPE

Studios -3.5%

One-Bedroom -0.5%

Two-Bedroom -2.1%

PLG/FLATBUSH

Studios -0.6%

One-Bedroom -1.1%

WILLIAMSBURG

Studios -2.7%

One-Bedroom -1.6%

Two-Bedroom -2.6%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

One-Bedroom 0.3%

BOROUGH PARK/SUNSET PARK

One-Bedroom 0.3%

BUSHWICK

Studios 4.1%

One-Bedroom 4.8%

Two-Bedroom 3.2%

DOWNTOWN BK

One-Bedroom 0.4%

FORT GREENE

Studios 1.0%

GREENPOINT

Studios 3.1%

PLG/FLATBUSH

Two-Bedroom 1.1%

BROOKLYN AVERAGE PRICE

BROOKLYN AVERAGE PRICE

BROOKLYN AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
Bay Ridge
Bed Stuy
Boerum Hill
BOROUGH/SUNSET
Brooklyn Heights
Bushwick
4.20%
10.37%
15.23%
7.05%
24.13%
10.38%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
11.29%
7.97%
10.82%
17.08%
10.12%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
17.20%
16.27%
13.96%
4.10%
22.90%

YEAR OVER YEAR Price change

DECEMBER 2019 VS. DECEMBER 2020

price changes
TYPE DECEMBER 2019 DECEMBER 2020 CHANGE
Studios $2,298 $2,033 11.5%
One bedrooms $2,837 $2,460 13.3%
Two bedrooms $3,723 $3,148 15.4%
BROOKLYN

FOLLOWING A SLIGHT INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE FELL BY 2.21% THROUGH DECEMBER.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT FELL BY 2.31%.

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THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN BOERUM HILL FELL BY 5.44%.

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AFTER A SLIGHT CORRECTION LAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK FELL BY AN ADDITIONAL 1.77% THROUGH DECEMBER.

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THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS FELL BY 1.80% THROUGH DECEMBER.

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THANKS TO A SIGNIFICANT INFLUX OF LUXURY INVENTORY IN THE AREA, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 3.98% THROUGH DECEMBER. A CORRECTION CAN BE EXPECTED ONCE THE MARKET ADJUSTS TO THE CURRENT INVENTORY.

BROOKLYN

FOLLOWING A STABLE NOVEMBER, THE AVERAGE RENTAL PRICE IN CLINTON HILL FELL BY 2.95% THROUGH DECEMBER.

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THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 0.70%.

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OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS FELL BY 2.20%.

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THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 0.94% THROUGH DECEMBER.

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FOLLOWING AN INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN DUMBO EXPERIENCED A CORRECTION OF 5.40% THROUGH DECEMBER.

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AFTER REMAINING VIRTUALLY UNCHANGED THROUGH NOVEMBER, THE AVERAGE RENTAL PRICE IN FORT GREENE EXPERIENCED A CORRECTION OF 2.90% IN DECEMBER.

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REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY JUST 0.31% THROUGH DECEMBER.

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THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY 1.94%.

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THROUGH DECEMBER, THE AVERAGE RENTAL PRICE PROSPECT LEFFERTS GARDENS/FLATBUSH REMAINED STABLE, FALLING BY JUST 0.12%.

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THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG FELL BY 2.32%.

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THE REPORT EXPLAINED

THE BROOKLYN RENTAL MARKET REPORTTM 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 EFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN BROOKLYN.

The Brooklyn Rental Market Report TM 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 specifc 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: 718-222-0211
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.

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