BROOKLYN RENTAL MARKET REPORT
BROOKLYN RENTAL MARKET REPORT ARCHIVE
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TABLE OF CONTENTS
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introduction
THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.
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CHANGE
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$2,953DECEMBER 2019
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$2,983JANUARY 2020
A QUICK LOOK
Over the last month, the average rental price in Brooklyn has increased by 1.05%, from $2,952.55 to $2,983.44. The average rental price for a studio unit increased by 3.54%, from $2,298.09 to $2,379.35. The average rental price for a one-bedroom unit increased by 1.20%, from $2,836.63 to $2,870.58. The average rental price for a two-bedroom unit decreased by 0.61%, from $3,722.95 to $3,700.40. Year-over-year, rental prices are up across-the-board, with studio, one-bedroom, and two-bedroom prices increasing by 6.88%, 7.45%, and 7.29%, respectively.
Out of the sixteen neighborhoods tracked by this report, only five saw their average rental prices fall over the last month: Bay Ridge (-0.1%), Brooklyn Heights (-4.8%), Downtown Brooklyn (-1.7%), Fort Greene (-0.7%), and Williamsburg (-0.5%). Through January, the most expensive rentals by average price could be found in DUMBO. The least expensive studio and one-bedroom rentals were seen in Bay Ridge, while the least expensive two-bedroom units were observed in Borough Park/Sunset Park.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $3,373 | Bay Ridge $1,475 |
| One bedrooms | Dumbo $4,388 | Bay Ridge $1,746 |
| Two bedrooms | Dumbo $5,923 | Borough/Sunset Park $2,175 |
WHERE PRICES DECREASED
BAY RIDGE
One-Bedroom -1.8%
Two-Bedroom -0.2%
BROOKLYN HEIGHTS
Studios -2.3%
One-Bedroom -0.2%
Two-Bedroom -9.1%
BUSHWICK
One-Bedroom -1.3%
CLINTON HILL
One-Bedroom -1.3%
Two-Bedroom -1.6%
CROWN HEIGHTS
Studios -0.3%
Two-Bedroom -0.4%
DUMBO
Studios -1.4%
Two-Bedroom -1.5%
DOWNTOWN BK
One-Bedroom -1.0%
Two-Bedroom -4.1%
FORT GREENE
One-Bedroom -2.1%
Two-Bedroom -4.2%
GREENPOINT
Studios -2.9%
PARK SLOPE
Studios -0.5%
PLG/FLATBUSH
Studios -1.5%
WILLIAMSBURG
Studios -2.3%
One-Bedroom -1.8%
WHERE PRICES INCREASED
BAY RIDGE
Studios 2.0%
BED STUY
Studios 13.5%
One-Bedroom 1.2%
Two-Bedroom 0.6%
BOERUM HILL
Studios 7.6%
One-Bedroom 2.1%
Two-Bedroom 0.7%
BUSHWICK
Studios 2.9%
Two-Bedroom 2.2%
CLINTON HILL
Studios 9.9%
BOROUGH/SUNSET
PARK
Studios 0.8%
One-Bedroom 0.7%
Two-Bedroom 0.9%
COBBLE HILL
Studio 9.9%
One-Bedroom 10.0%
Two-Bedroom 4.0%
CROWN HEIGHTS
One-Bedroom 3.6%
DUMBO
One-Bedroom 6.6%
DOWNTOWN BK
Studios 1.6%
FORT GREENE
Studios 7.7%
GREENPOINT
One-Bedroom 1.0%
Two-Bedroom 5.9%
PARK SLOPE
One-Bedroom 0.2%
Two-Bedroom 1.3%
PLG/FLATBUSH
One-Bedroom 1.8%
Two-Bedroom 3.0%
WILLIAMSBURG
Two-Bedroom 1.9%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
JANUARY 2019 VS. JANUARY 2020
| TYPE | JANUARY 2019 | JANUARY 2020 | CHANGE |
|---|---|---|---|
| Studios | $2,226 | $2,379 | 6.9% |
| One bedrooms | $2,672 | $2,871 | 7.5% |
| Two bedrooms | $3,449 | $3,700 | 7.3% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE REMAINED STABLE, FALLING BY JUST 0.13%.
BEDFORD-STUYVESANT PRICE TRENDS
THANKS TO AN INCREASE IN LUXURY INVENTORY IN THE AREA, ESPECIALLY AMONG STUDIO UNITS, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY AN IMPRESSIVE 4.31%.
BOERUM HILL PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 3.00%.
BOROUGH/SUNSET PARK PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK REMAINED RELATIVELY STABLE, INCREASED BY JUST 0.80%.
BROOKLYN HEIGHTS PRICE TRENDS
FOLLOWING A LARGE INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS EXPERIENCED A CORRECTION OF 4.83% THROUGH JANUARY.
BUSHWICK PRICE TRENDS
THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 1.23%.
CLINTON HILL PRICE TRENDS
BUOYED BY A 9.88% INCREASE IN STUDIO PRICING, THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 1.38% THROUGH JANUARY.
COBBLE HILL PRICE TRENDS
DUE TO INCONSISTENT OVERALL INVENTORY LEVELS COMBINED WITH AN INCREASE IN AVAILABLE LUXURY UNITS, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 11.97% THIS PAST MONTH.
CROWN HEIGHTS PRICE TRENDS
CONTINUING THE TREND THAT EMERGED LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY AN ADDITIONAL 0.92% THROUGH JANUARY.
DOWNTOWN BROOKLYN PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 1.72%.
DUMBO PRICE TRENDS
FOLLOWING LAST MONTH’S PRICE DROP, THE AVERAGE RENTAL PRICE IN DUMBO REBOUNDED BY 0.97%.
FORT GREENE PRICE TRENDS
THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN FORT GREENE FELL BY 0.67%.
GREENPOINT PRICE TRENDS
BUILDING UPON LAST MONTH’S INCREASE, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 1.87%.
PARK SLOPE PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN PARK SLOPE REMAINED STABLE, INCREASING BY JUST 0.49%.
PLG/FLATBUSH PRICE TRENDS
FOLLOWING A SLIGHT DROP IN DECEMBER, THE AVERAGE RENTAL PRICE IN PLG/FLATBUSH INCREASED BY 1.35%.
WILLIAMSBURG PRICE TRENDS
THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG FELL BY 0.46%.
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.
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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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