Brooklyn
Rental Market Report

MARCH 2019

Introduction

Over the last month, the average rental price in Brooklyn increased by 1.70%, from $2,815.91 to $2,863.78.

A QUICK LOOK

Over the last month, the average rental price in Brooklyn increased by 1.70%, from $2,815.91 to $2,863.78. The average rental price for a studio unit increased by 2.65%, from $2,223.12 to $2,281.96. The average rental price for a one-bedroom unit increased by 2.22%, from $2.721.93 to $2,782.38. The average rental price for a two-bedroom unit increased by 0.69%, from $3,502.67 to $3,526.99. Year-over-year, rental prices are up across-the-board with studio, one-bedroom, and two-bedroom prices increasing by 2.15%, 4.73%, and 1.96%, respectively.

This past month, thirteen out of the fifteen neighborhoods tracked by this report saw their average rental prices increase, with only DUMBO (-2.90%) and Downtown Brooklyn (-0.23%) experiencing corrections. Greenpoint continues to post strong month-over-month average price increases, this impressive consistent growth is the direct result of a steady stream of listings coming onto the market from newer developments in the area, specifically from buildings like One Blue Slip and The Greenpoint, both of which are located along Greenpoint’s ever-changing waterfront.

As we enter the warmer months of 2019, it will be interesting to see how real estate market seasonality, together with other market drivers, such as Amazon’s exit and the now-abandoned L-train shutdown plan, will affect the greater Brooklyn rental market.

brooklyn quick look studios brooklyn quick look 1 bed brooklyn quick look 2 bed brooklyn quick year over year change

• This past month, the average rental price in Bay Ridge increased by 1.58%.

bay ridge studio apartment price trends

• During March, the average rental price in Bedford-Stuyvesant increased by 0.82%.

bedford-stuyvesant apartment

• Building on the momentum from last month’s increase, the average rental price in Boerum Hill during March increased by 6.72%. The majority of this price increase occurred within two-bedroom pricing where a handful of luxury units increased two-bedroom pricing by 17.75%.

boerum hill apartment

• After a large increase last month, the average rental price in Brooklyn Heights increased by a relatively subdued 2.87% during March.

brooklyn heights apts

• March was a relatively stable month for rental pricing in Bushwick, where pricing increased by just 0.73%.

bushwick apts

• Over the past month, the average rental price in Clinton Hill increased by 2.10%.

clinton hill apts

• Thanks to a confluence of low-inventory numbers and an increase in luxury inventory, the average rental price in Cobble Hill increased by 6.80% during March.

cobble hill apts

• During March, the average rental price in Crown Heights increased by 1.50%.

crown heights apts

• March was a stable month for rental pricing in Downtown Brooklyn, where the average price decreased by just 0.23%.

downtown brooklyn apts

• This past month, the average rental price in DUMBO fell by 2.90%.

dumbo apts

• While studio pricing in Fort Greene increased by an impressive 4.44% during March, the average overall Fort Greene rental price increased by just 1.61% in that same span.

fort greene apts

• Continuing to adjust to an increase of luxury inventory, the average rental price in Greenpoint increased by 3.35% during March.

greenpoint apts

• This past month, the average rental price in Park Slope increased by 1.10%.

park slope apts

• Rental pricing in Prospect Lefferts Gardens remained stable during March, increasing by just 0.39%.

prospect lefferts gardens apts

• For the fourth month in a row, the average rental price in Williamsburg experienced an increase, this time improving by 1.28%.

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: 718.222.0211

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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Tools

  • Determine if it's better to rent or to buy by filling in a few numbers and percentages.

  • Check out samples of leases and riders you will find throughout the Manhattan rental market.

  • A list of maps and transit options available in New York City and beyond.

  • Print out our moving checklist so you can be sure to have all your ducks in a row before you move.

  • Know the pertinent steps to buying an apartment in Manhattan. The guidance you receive can make or break your deal. Know before you go.

  • We know real estate terms and abbreviations can get confusing, so we’ve put together a list of terms and definitions for you.