Brooklyn
Rental Market Report

April 2018

Introduction

Over the last month, the average rental price in Brooklyn increased by 0.18%, from $2,783.33 to $2,788.43.

A QUICK LOOK

Over the last month, the average overall rent in Brooklyn increased by 0.18%, from $2,783.33 to $2,788.43. The average studio rental price fell by 0.5%, from $2,233.90 to $2,223.19. The average rental price for a one-bedroom unit increased by 0.4%, from $2,656.6 to $2,668.17. The average rental price for a two-bedroom unit increased by 0.4%, from $3,459.34 to $3,473.94. Year-over-year, studio rental prices are up 1.96%, while one-bedroom rental prices are down 0.23%, and two-bedroom rental prices are up 1.46%.
Nearly every tracked neighborhood experienced positive month-over-month rental price growth, with the exception of: Brooklyn Heights (-1.2%), Bushwick (-0.7%), Cobble Hill (-6.9%), Crown Heights (-0.1%), DUMBO (-0.4%), and Williamsburg (-1.3%). This past month, the most expensive rental units were in DUMBO, while the least expensive units were in Bay Ridge.
A noteworthy observation this month was the 7.2% year-over-year growth seen in Prospect Lefferts Gardens. This impressive growth is indicative a neighborhood that is slowly becoming a more popular destination for renters and developers alike.

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: April 2017 vs. April 2018
Type April 2017 April 2018 Change
Studios $2,181 $2,223 1.96%
One-bedrooms $2,674 $2,668 - 0.23%
Two-bedrooms $3,424 $3,474 1.46%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -1.1%
Bed Stuy
Studios -0.3% 2 Bedroom -1.2%
Boerum Hill
Studios -0.8%
Brooklyn Heights
Studios -4.4% 1 Bedroom -2.5%
Bushwick
1 Bedroom -4.5%
Cobble Hill
Studios -16.0% 2 Bedroom -6.8%
Crown Heights
1 Bedroom -2.0% 2 Bedroom -0.9%
Dumbo
1 Bedroom -0.6% 2 Bedroom -2.4%
Greenpoint
Studios -0.9% 1 Bedroom -0.5%
Park Slope
Studios -0.9%
PLG
1 Bedroom -1.7% 2 Bedroom -1.3%
Williamsburg
Studios -1.3% 2 Bedroom -2.8%

Where Prices Increased (Monthly)

Bay Ridge
1 Bedroom 3.9% 2 Bedroom 0.8%
Bed Stuy
1 Bedroom 3.8%
Boerum Hill
1 Bedroom 0.8% 2 Bedroom 2.9%
Brooklyn Heights
2 Bedroom 1.3%
Bushwick
Studios 0.8% 2 Bedroom 1.3%
Clinton Hill
Studios 6.1% 1 Bedroom 1.1% 2 Bedroom 5.7%
Cobble Hill
1 Bedroom 1.3%
Crown Heights
Studios 3.2%
Dumbo
Studios 4.2%
Downtown BK
Studios 1.3% 1 Bedroom 2.1% 2 Bedroom 6.2%
Fort Greene
Studios 0.7% 1 Bedroom 2.2% 2 Bedroom 1.1%
Greenpoint
2 Bedroom 2.0%
Park Slope
1 Bedroom 3.0% 2 Bedroom 1.9%
PLG
Studios 4.8%
Williamsburg
1 Bedroom 0.7%

• Over the last month, the average rental price in Bay Ridge increased by 1.31%.

bay ridge studio apartment price trends

• April proved to be a relatively stable month for rental pricing in Bedford-Stuyvesant, where the average rent increased by just 0.71%.

bedford-stuyvesant apartment

• The average rental price in Boerum Hill grew by 1.25% during April.

boerum hill apartment

• Rental prices in Brooklyn Heights experienced a slight drop during April, falling by 1.20%.

brooklyn heights apts

• The average rental price in Bushwick experienced a slight correction during April, falling by 0.73%.

bushwick apts

• The average rental price in Clinton Hill grew by an impressive 4.32% during April. This growth was the result of higher-end inventory coming onto market in conjunction with lower-end inventory exiting the market, which led to upward pressure on pricing.

clinton hill apts

• The average rental price in Cobble hill experienced a marked drop during April, falling by 6.87%. This drop occurred as a direct result of overpriced and over-sized inventory being taken off the market, leaving rental prices in the area to adjust. Rental prices in Cobble Hill are expected to stabilize in the upcoming months.

cobble hill apts

• April was a stable month for rental pricing in Crown Heights, where the average rental price fell by just 0.07%.

crown heights apts

• Rental pricing in Downtown Brooklyn experienced a solid April with the average rent increasing by 3.61%.

downtown brooklyn apts

• The average rental price in DUMBO fell by just 0.37% during April.

dumbo apts

• Carrying over some momentum from March, the average rental price in Fort Greene increased by 1.36% during April.

fort greene apts

• April proved to be a relatively stable month for rental pricing in Greenpoint, where the average rent increased by just 0.34%.

greenpoint apts

• The average rental price in Park Slope increased by 1.52% during April.

park slope apts

• After two months of sustained growth, the average rental price in Prospect Lefferts Gardens grew by just 0.13% during the month of April.

prospect lefferts gardens apts

• Rental prices in Williamsburg fell by 1.26% during April. Some of this price drop can be explained by an increase in listings in East Williamsburg.

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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