After three consecutive months of declines to begin the year, the April 2013 Brooklyn Rental Market Report confirms a positive recovery since the first day of the month.
According to the report, the overall rent in Brooklyn has increased by 2.15%, representing a total increase of $52.31. With summer rapidly approaching, the positive momentum is expected to intensify in the upcoming months. Only two neighborhoods, Clinton Hill (-.03%) and Williamsburg (-1.03%) failed to deliver positive growth in rental averages during the previous thirty days. On a yearly basis, both Greenpoint and Bushwick lead the borough with an overall rent increase of 20%.
Studios: For several months in a row, studios continue to represent a low percentage of inventory throughout all of Brooklyn. In particular, available studios have been limited to a handful of units in Bay Ridge, Boerum Hill, Bushwick, Clinton Hill, Cobble Hill, and Prospect Lefferts Gardens. In these specific neighborhoods, the blended average price of a studio is roughly $1,567. For tenants looking to rent a studio apartment, the supply of these particular units are relatively accessibly in Brooklyn Heights and Williamsburg. Contrary to the theory of supply / demand, the average rent for a studio in these two specific neighborhoods, with significantly more abundant inventory, is noticeably greater at $2,378. Irrefutably, the location and character of Brooklyn Heights and Williamsburg warrant the supplement rent averages.
Month to Month trends: During April, the overall asking rent has increased by $52.31 to $2,487 from $2,434 in March – representing an overall increase of 2.15%. Neighborhoods with noteworthy rent appreciations include Fort Greene (7.35%), Park Slope (3.71%), Prospect Lefferts Gardens (3.61%), Bushwick (3.55%), and DUMBO (3.43%). Both Brooklyn Heights and Cobble Hill provided minimum volatility with 0.04% and 0.85% increases, respectively.
Year to Year trends:Analyzing the data for the previous 12 months, the Brooklyn rental market has proved to be consistent and relatively strong. Since April 2012, the average apartment rent in Brooklyn has increased by $122 from $2,364. Furthermore, studios lead the sector tracked in the report with a yearly increase of 6.51%, followed by the two-bedroom sector at 5.80%, and one-bedrooms at 3.35%. The greatest 12 month monetary increase belongs to Greenpoint with an increase of $457.
- Studios - Fort Greene: Up 16.2% ($282)
- One-bedrooms - 1-Beds - DUMBO: Up 6.65% ($236)
- Two-bedrooms - 2-Beds - Bushwick: Up 8.77% ($173)
|April '12||April '13||Change|
|Most Expensive||Least Expensive|
|Studios||Williamsburg $2,730||Prospect Lefferts Garden $1,200|
|One-bedrooms||Dumbo $3,779||Bay Ridge $1,514|
|Two-bedrooms||Dumbo $5,467||Bay Ridge $1,984|
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 ReportTM is based on a crosssection of data from available listings and priced under $10,000, with ultra-luxury 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).
TABLE OF CONTENTS
- A Quick Look
- Mean Brooklyn Rental Prices
- Brooklyn Price Trends
- Neighborhood Price Trends
- The Report Explained
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