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Introduction
Over the last month, the average rental price in Brooklyn increased by 0.78%, from $2,985.37 to $3,008.69.
A QUICK LOOK
Over the last month, the average rental price in Brooklyn increased by 0.78%, from $2,985.37 to $3,008.69. The average rental price for a studio unit increased by 0.84%, from $2,326.70 to $2,346.30. The average rental price for a one-bedroom unit decreased by 0.15%, from $2,869.05 to $2,864.89. The average rental price for a two-bedroom unit increased by 1.45%, from $3,760.36 to $3,814.88. Year-over-year, rental prices are up across-the-board, with studio, one-bedroom, and two-bedroom prices increasing by 6.71%, 3.94%, and 6.95%, respectively.
Out of the fifteen neighborhoods tracked by this report, only five saw their average rental prices fall: Boerum Hill (-3.01%), Cobble Hill (-4.00%), Crown Heights (-0.40%), Fort Greene (-2.48%), and Park Slope (-1.08%). Out of all tracked unit types, one-bedrooms performed the best on a by-neighborhood basis, with pricing falling in only three neighborhoods: Boerum Hill (-7.6%), Cobble Hilll (-13.3%), and Crown Heights (-1.4%). This past month, the most expensive rental units by average price were in DUMBO, while the most affordable units were in Bay Ridge.
• Following a slight correction in June, the average rental price in Bedford-Stuyvesant bounced back by 1.63% through July.
• After a price increase in June, the average rental price in Boerum Hill experienced a correction of 3.01% during July.
• The average rental price in Brooklyn Heights remained stable through July, increasing by just 0.08%.
• After an influx of inventory in June caused pricing to fall, the average rental price in Clinton Hill rebounded by 0.97% through July.
• This past month, the average rental price in Cobble Hill fell by 4.00%. Thanks to its lowinventory nature, Cobble Hill occasionally experiences larger-than-normal month-overmonth price swings.
• Remaining stable through July, the average rental price in Crown Heights decreased by just 0.40%.
• Due to a contraction in overall supply along with an increase in luxury inventory in the area, the average rental price in Downtown Brooklyn increased by an impressive 5.60% through July.
• Following a large increase last month, the average rental price in Fort Greene experienced a correction of 2.48% during July.
• Buoyed by its ever-growing luxury submarket, the average rental price in Greenpoint increased by 5.16% during July.
• This past month, the average rental price in Park Slope experienced a correction of 1.08%.
• Over the last month, the average rental price in PLG has increased by 2.77%.
• After breaking from its half year streak of month-over-month price increases last month, the Williamsburg rental market is back on track with the average rental price increasing by 3.50% this past month.
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: 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.
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).
Tools
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