Brooklyn
Rental Market Report

November 2017

Introduction

Over the last month, overall rental prices in Brooklyn decreased by 0.8%, from $2,751.80 to $2,730.56.

A QUICK LOOK

Over the last month, the average rent in Brooklyn decreased by 0.77%, from $2,751.80 to $2,730.56. Studio rental prices decreased by 0.8%, from $2,206 to $2,188. One-bedroom rental prices decreased by 0.9%, from $2,640 to $2,615. Two-bedroom rental prices decreased by 0.6%, from $3,410 to $3,389. Year-over-year, studio rental prices grew by 0.55%, one-bedroom rental prices increased by 0.21%, and two-bedroom rental prices increased by 1.39%. A month-over-month overall rental price decrease of 0.79% was expected as seasonality trends that emerged in September continued into November.
Just like October, November continued the downward trend we saw emerging in September. All overall neighborhood rental price changes were negative, except for: Boerum Hill (+0.4%), Brooklyn Heights (+1.4%), DUMBO (+1.3%), and Fort Greene (+2.3%). DUMBO remains home to the most expensive rental units in Brooklyn, while the least expensive studio and one-bedroom rental units can be found in Bay Ridge, and the least expensive two-bedroom units are in Prospect Lefferts Gardens.
A noteworthy occurrence this month was the 2.3% month-over-month rental price increase seen in Fort Greene. This growth was thanks, in large part, to the addition of new development luxury rentals to the market.
As we continue to make our way through the fourth quarter, a traditionally slow period for the rental market, slight price corrections can be expected.

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: November 2016 vs. November 2017
Type November 2016 November 2017 Change
Studios $2,176 $2,188 0.55%
One-bedrooms $2,610 $2,615 0.21%
Two-bedrooms $3,342 $3,389 1.39%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -1.0% 2 Bedroom -2.3%
Bedroom Stuy
Studios -3.9% 1 Bedroom -1.9%
Boerum Hill
1 Bedroom -8.7%
Brooklyn Heights
Studios -1.2%
Bushwick
Studios -0.8% 1 Bedroom -4.0% 2 Bedroom -2.0%
Clinton Hill
2 Bedroom -4.0%
Cobble Hill
Studios -1.9% 1 Bedroom -0.1% 2 Bedroom -0.3%
Crown Heights
1 Bedroom -5.0% Studios -2.4%
Dumbo
2 Bedroom -0.7%
Downtown BK (New)
Studios -3.7% 1 Bedroom -3.1% 2 Bedroom -4.2%
Greenpoint
Studios -8.2% 2 Bedroom -1.2%
Park Slope
Studios -7.5% 2 Bedroom -1.5%
PLG
1 Bedroom -3.7% 2 Bedroom -4.2%
Williamsburg
Studios -1.0% 2 Bedroom -0.9%

Where Prices Increased (Monthly)

Bay Ridge
1 Bedroom 1.5%
Bedroom Stuy
2 Bedroom 0.4%
Boerum Hill
Studios 2.7% 2 Bedroom 6.4%
Brooklyn Heights
1 Bedroom 3.2% 2 Bedroom 1.5%
Clinton Hill
Studios 3.6% 1 Bedroom 0.2%
Crown Heights
2 Bedroom 0.0%
Dumbo
Studios 5.2% 1 Bedroom 0.8%
Fort Greene
Studios 5.0% 1 Bedroom 1.5% 2 Bedroom 1.3%
Greenpoint
1 Bedroom 1.4%
Park Slope
1 Bedroom 0.1%
PLG
Studios 1.9%
Williamsburg
1 Bedroom 2.1%

• November proved to be another stable month for rentals in Bay Ridge, with overall prices falling by just 0.8%.

bay ridge studio apartment price trends

• Bedford Stuyvesant continued the correction seen originally in September, with overall rental prices falling by 1.6% during November.

bedford-stuyvesant apartment

• Overall rental prices in Boerum Hill remained stable during November, growing by just 0.4%.

boerum hill apartment

• During November, overall rental prices in Brooklyn Heights grew by just 1.4%.

brooklyn heights apts

• Adhering to seasonality and continuing the downward trend seen in October, overall rental prices in Bushwick fell by 2.3% during November.

bushwick apts

• After experiencing some growth in October, overall rental prices in Clinton Hill fell by 0.6% during November.

clinton hill apts

• Cobble Hill overall rental prices remained stable during November, falling by just 0.6%.

cobble hill apts

• Continuing the price trend seen in October, overall rental prices in Crown Heights fell by 2.4% during November.

crown heights apts

• Overall rental prices in Downtown Brooklyn experienced a correction of 3.7% during November.

downtown brooklyn apts

• Overall, rental prices in DUMBO grew by 1.3% during November. Most of this growth can be attributed to the 5.2% price increase seen in studio rental units.

dumbo apts

• Buoyed by the addition of luxury rental units to the market this month, overall rental prices in Fort Greene grew by 2.3% during November.

fort greene apts

• Overall rental prices in Greenpoint fell by 2.5% during November, continuing the correction originally seen in October.

greenpoint apts

• Adhering to seasonality, rental prices in Park Slope fell by 2.6% during November.

park slope apts

• As most of the luxury units in Prospect Lefferts Gardens were rented out during the summer, the market was left to correct itself over the next few months. November was no exception to this, with overall prices falling by 2.4%.

prospect lefferts gardens apts

• November was another exceptionally stable month in Williamsburg with overall rental prices falling by a miniscule 0.01%.

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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