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Brooklyn
Rental Market Report

July 2015

Introduction

Average rents throughout Brooklyn increased by 0.74% from $2,710.02 June 2015 to $2,730.18 in July 2015.

A QUICK LOOK

Monthly average rent increased by 0.74% compared to previous month, from $2,710.02 in June 2015 to $2,730.18 in July 2015. Annual average rent increased at 2.25% from $2,670.21 in July 2014 to $2,730.18 in July 2015. The inventory has been constantly increasing for the past few months; this month inventory increased by 8.32% to 4,086 from 3,772 June 2015. This increase was led by a 27% increase in Williamsburg dominated by listings at 1 N 4th Place.
At the time the sample was taken, these following neighborhoods contained less than 15 listings; Studios in Boerum Hill, Bushwick, Clinton Hill, Cobble Hill, Crown Heights, Dumbo, Greenpoint and Prospect Lefferts Gardens. As such, fluctuations in these areas are predominately the result of a small sample size.
The largest percentage increase in average prices was seen in Studio units in Williamsburg, which grew by 9.52%, again led by the new luxury building at 1 N 4th Place. The largest percentage decrease was seen in Studio units in Clinton Hill which decreased by 5.35%. This neighborhood also had one of the smallest studio sample sizes, making fluctuations in prices more sensitive relative to other areas.
The largest annual upward and downward shifts in rent prices were seen in Boerum Hill and Crown Heights. Rent increased by 9.4% in Boerum Hill from an average rent of $2,773.29 in July 2014 to $3,033 in July 2015. Crown Heights declined by 11.1% - from $2,110.39 in July 2014 to $1,876 in July 2015. Again, these neighborhoods consistently see smaller sample sizes so changes can be interpreted as moderately artificial.

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: July 2014 vs. July 2015
Type July '14 July '15 Change
Studios $2,113 $2,162 -2.3%
One-bedrooms $2,597 $2,625 -1.1%
Two-bedrooms $3,301 $3,404 3.1%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -4.05%
Boerum Hill
One-Bedroom -0.21% Two-Bedroom -1.09%
Bushwick
Studios -0.43%
Clinton Hill
Studios -5.35%
Cobble Hill
One-Bedroom -4.80% Two-Bedroom -0.95%
Crown Heights
Studios -0.94%
Dumbo
Studios -1.49% One-Bedroom -1.18%
Downtown BK
Two-Bedroom -1.18%
Fort Greene
One-Bedroom -0.85% Two-Bedroom -2.53%
Greenpoint
One-Bedroom -1.02%
Williamsburg
Two-Bedroom -1.73%

Where Prices Increased (Monthly)

Bay Ridge
One-Bedroom 2.66% Two-Bedroom 3.64%
Bed Stuy
Studios 0.13% One-Bedroom 2.67% Two-Bedroom 3.43%
Boerum Hill
Studios 1.78%
Brooklyn Heights
Studios 2.11% One-Bedroom 3.69% Two-Bedroom 3.24%
Bushwick
One-Bedroom 0.94% Two-Bedroom 0.22%
Clinton Hill
One-Bedroom 0.23% Two-Bedroom 0.49%
Cobble Hill
Studios 5.95%
Crown Heights
One-Bedroom 2.17% Two-Bedroom 0.97%
Dumbo
Two-Bedroom 2.38%
Downtown BK
Studios 0.93% One-Bedroom 0.10%
Fort Greene
Studios 7.75%
Greenpoint
Studios 0.76% Two-Bedroom 0.99%
Park Slope
Studios 1.77% One-Bedroom 0.60% Two-Bedroom 0.14%
PLG
Studios 0.69% One-Bedroom 1.26% Two-Bedroom 0.69%
Williamsburg
Studios 9.52% One-Bedroom 2.71%

Neighborhood Price Trends

• Average rent for the neighborhood increased by 1.30%.
• Despite average rent for One Bedroom and Two Bedroom apartments increasing by 2.66% and 3.64% respectively, the average rent for Studios decreased by 4.05% since previous month, which can be attributed to a decreased sample size consisting of lower priced units.

bay ridge studio apartment price trends bay ridge one bedroom price trends bay ridge two bedroom price trends

• The monthly average rent grew by 2.28% since the previous month, with One Bedroom units increasing by 2.67% and Two Bedroom units increasing by 3.43%.

bedford-stuyvesant studio apartment price trends bedford-stuyvesant one bedroom price trends bedford-stuyvesant two bedroom price trends

• This neighborhood remained stable with a slight decrease of 0.04% in the monthly average rent.
• Studio average rent grew slightly by 1.78%, as One Bedroom and Two Bedroom average rent decreased by 0.21 and 1.09%, respectively.

boerum hill studio apartment price trends boerum hill one bedroom price trends boerum hill two bedroom apartment price trends

• All units’ averages increased respectively by 2.11%, 3.69% and 3.24% since last month, led by numerous listings at 180 Montague st and 29 Willow St.

brooklyn heights studio apartment price trends brooklyn heights one bedroom price trends brooklyn heights two bedroom price trends

• Despite Bushwick inventory increasing by 23%, monthly average rent remained stable with a slight increase of 0.29% since the previous month.

bushwick studio apartment price trends bushwick one bedroom apartment price trends bushwick two bedroom apartment price trends

• Rent prices for Studio units fell by 5.35% this month after a couple higher priced loft-style units at 275 Park Ave left the market.
• One Bedroom and Two Bedroom unit prices remained stable with a 0.23% and 0.49% change since last month, respectively.
• Overall average rent decreased by 1.24%.

clinton hill studio apartment price trends clinton hill one bedroom apartment price trends clinton hill two bedroom apartment price trends

• Monthly average rent decreased slightly by 0.51% since last month.
• Studio unit rent increased by 5.95% after a few listings under $2,000/month left the market.
• One Bedroom units rent decreased by 4.80% since last month as 2 listings priced at $3,700 and $3,995 left the market.
• Two Bedrooms units remained stable with a -0.95% change.

cobble hill studio apartment trends cobble hill one bedroom apartment price trends cobble hill two bedroom apartment price trends

• With Studios decreasing slightly by 0.94% and One Bedroom and Two Bedroom units increasing by 2.17% and 0.97% respectively, overall monthly rent balanced out with a 0.84% change.

crown heights studio apartment prices crown heights one bedroom apartment prices crown heights two bedroom apartment prices

• Rent prices for Studio and One Bedroom units remained relatively unchanged, with monthly increases of 0.93% and 0.10% respectively.
• Two Bedroom unit rent decreased slightly by 1.18%.

downtown brooklyn studio apartment price trends downtown brooklyn one bedroom apartment prices downtown brooklyn two bedroom apartment price trends

• Studio and One Bedroom unit averages decreased by 1.49% and 1.18%, respectively.
• As Two Bedroom units increased by 2.38%, overall monthly rent remained stable at 0.31%.

dumbo studio apartment price trends dumbo one bedroom apartment prices dumbo two bedroom apartment price trends

• A staggering growth of 7.75% in Studio average rent was witnessed as a result of numerous higher priced listings at Avalon Fort Greene on 343 Gold St.
• One Bedroom and Two Bedrooms units decreased slightly, resulting in an overall average decrease of 0.59%

fort greene studio apartment prices fort greene one bedroom apartment price trends fort greene two bedroom apartment prices

• Although Greenpoint inventory increased by 9% since the previous month, average rent prices remained stable at 0.25%

greenpoint studio apartment prices greenpoint one bedroom apartment price trends greenpoint two bedroom apartment price trends

• Overall monthly average rent increased by 0.70% since the previous month, as Studio, One Bedroom and Two Bedroom average rent increased by 1.77%, 0.60% and 0.14%, respectively.

park slope nyc studio apartment prices park slope one bedroom apartments park slope two bedroom apartment price trends

• Overall rent remained stable in PLG with a slight increase of 0.88%.

prospect lefferts gardens studio apartment prices prospect lefferts gardens one bedroom apartment price trends prospect lefferts gardens two bedroom apartment prices

• Rent prices in Studios increased substantially by 9.52% since last month. This was largely due to a surge of studio inventory at 1 N 4th Place achieving over $3,500 per month.
• Listing inventory itself increased the most amongst the other neighborhoods at 27% since last month

williamsburg studio apartment price trends williamsburg one bedroom prices williamsburg two bedroom apartment price trends

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 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).

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