BROOKLYN RENTAL MARKET REPORT
BROOKLYN RENTAL MARKET REPORT ARCHIVE
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TABLE OF CONTENTS
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introduction
THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.
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CHANGE
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$3,040OCTOBER 2019
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$2,974NOVEMBER 2019
A QUICK LOOK
Thanks to typical rental market seasonality, along with the addition of Borough/Sunset Park to this report, the average rental price in Brooklyn fell by 2.17% through November, from $3,040.45 to $2,974.39. The average rental price for a studio unit fell by 0.93%, from $2,392.62 to $2,370.29. The average rental price for a one-bedroom unit fell by 2.67%, from $2,875.81 to $2,798.95. The average rental price for a two-bedroom unit fell by 4.31%, from $3,852.92 to $3,686.72. Year-over-year, rental prices are up across-the-board, with studio, one-bedroom, and two-bedroom prices increasing by 4.51%, 4.02%, and 7.43%, respectively.
Out of the now sixteen neighborhoods tracked by this report, nine experienced price corrections of some kind: Bay Ridge (-1.1%), Bedford-Stuyvesant (-0.3%), Bushwick (-1.8%), Clinton Hill (-2.1%), Crown Heights (-2.6%), Downtown Brooklyn (-1.1%), Greenpoint (-3.1%), Park Slope (-0.04%), and Prospect Lefferts Gardens/Flatbush (-3.7%). This past month, the most expensive units by average rent in Brooklyn could be found in DUMBO, while the least expensive studio and one-bedroom units were in Bay Ridge. The least expensive two-bedroom units were in Borough/Sunset Park.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $3,504 | Bay Ridge $1,466 |
| One bedrooms | Dumbo $4,354 | Bay Ridge $1,732 |
| Two bedrooms | Dumbo $6,171 | Borough/Sunset Park $2,191 |
WHERE PRICES DECREASED
BAY RIDGE
Studios -1.0%
Two-Bedroom -2.0%
BED STUY
Studios -1.6%
One-Bedroom -1.1%
BOERUM HILL
One-Bedroom -1.5%
Two-Bedroom -0.4%
BROOKLYN HEIGHTS
One-Bedroom -4.7%
Two-Bedroom -0.2%
BUSHWICK
Studios -3.0%
One-Bedroom -0.2%
Two-Bedroom -2.2%
CLINTON HILL
Studios -4.6%
One-Bedroom -3.7%
COBBLE HILL
One-Bedroom -0.5%
Two-Bedroom -11.6%
CROWN HEIGHTS
Studios -0.5%
One-Bedroom -3.2%
Two-Bedroom -3.5%
DOWNTOWN BK
Studios -0.8%
One-Bedroom -3.0%
FORT GREENE
One-Bedroom -0.6%
GREENPOINT
Studios -2.7%
Two-Bedroom -8.7%
PARK SLOPE
Studios -0.2%
One-Bedroom -1.9%
PLG/FLATBUSH
Studios -6.2%
One-Bedroom -1.7%
Two-Bedroom -3.5%
WILLIAMSBURG
Two-Bedroom -1.9%
WHERE PRICES INCREASED
BAY RIDGE
One-Bedroom 0.1%
BED STUY
Two-Bedroom 1.3%
BOERUM HILL
Studios 17.4%
BROOKLYN HEIGHTS
Studios 9.2%
CLINTON HILL
Two-Bedroom 0.9%
DUMBO
Studios 3.5%
One-Bedroom 8.3%
Two-Bedroom 2.2%
DOWNTOWN BK
Two-Bedroom 0.1%
FORT GREENE
Studios 2.7%
Two-Bedroom 0.1%
GREENPOINT
One-Bedroom 3.8%
PARK SLOPE
Two-Bedroom 1.5%
WILLIAMSBURG
Studios 3.4%
One-Bedroom 0.7%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
BROOKLYN RENTS: NOVEMBER 2018 VS. NOVEMBER 2019
| TYPE | NOVEMBER 2018 | NOVEMBER 2019 | CHANGE |
|---|---|---|---|
| Studios | $2,268 | $2,370 | 4.5% |
| One bedrooms | $2,691 | $2,799 | 4.0% |
| Two bedrooms | $3,432 | $3,687 | 7.4% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE FELL BY 1.07%.
BEDFORD-STUYVESANT PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT REMAINED RELATIVELY STABLE, FALLING BY JUST 0.35%.
BOERUM HILL PRICE TRENDS
THANKS TO ITS LOW INVENTORY NATURE, THE AVERAGE RENTAL PRICE FOR STUDIO IN BOERUM HILL INCREASED BY 17.36% WHILE THE OVERALL AVERAGE RENTAL PRICE INCREASED BY JUST 3.49%.
BOROUGH/SUNSET PARK PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH/SUNSET PARK WAS $1,916.77.
BROOKLYN HEIGHTS PRICE TRENDS
FOLLOWING A DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS REBOUNDED BY 0.43%. THE MAJORITY OF THIS INCREASE OCCURRED WITHIN STUDIO PRICING, WHICH INCREASED BY AN IMPRESSIVE 9.18%.
BUSHWICK PRICE TRENDS
ADHERING TO TYPICAL RENTAL MARKET SEASONALITY, THE AVERAGE RENTAL PRICE IN BUSHWICK FELL BY 1.76%.
CLINTON HILL PRICE TRENDS
CONTINUING THE TREND THAT EMERGED LAST MONTH, THE AVERAGE RENTAL PRICE FOR A UNIT IN CLINTON HILL FELL BY AN ADDITIONAL 2.12% THROUGH NOVEMBER.
COBBLE HILL PRICE TRENDS
DUE TO THE ABSENCE OF STUDIO INVENTORY WITHIN THE COBBLE HILL RENTAL MARKET, THE OVERALL AVERAGE PRICE INCREASED BY 4.09% THIS PAST MONTH. ONCE STUDIO INVENTORY IS REPLENISHED IN THE AREA, OVERALL PRICING CAN BE EXPECTED TO ADJUST.
CROWN HEIGHTS PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS FELL BY 2.59%.
DOWNTOWN BROOKLYN PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 1.08%.
DUMBO PRICE TRENDS
FOLLOWING TWO MONTHS OF DROPS, THE AVERAGE RENTAL PRICE IN DUMBO INCREASED BY 4.32%. THIS INCREASE IS THE RESULT OF LOW INVENTORY IN THE AREA, WHICH CAN OFTEN LEAD TO MONTH-OVER-MONTH PRICE FLUCTUATIONS.
FORT GREENE PRICE TRENDS
REMAINING STABLE, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 0.55% THROUGH NOVEMBER.
GREENPOINT PRICE TRENDS
FOR THE SECOND MONTH IN A ROW, RENTAL PRICES IN GREENPOINT EXPERIENCED A DROP, THIS TIME FALLING BY 3.13%.
PARK SLOPE PRICE TRENDS
FOLLOWING AN INCREASE IN OCTOBER, THE AVERAGE RENTAL PRICE IN PARK SLOPE REMAINED STEADY THROUGH NOVEMBER, FALLING BY JUST 0.04%.
PLG/FLATBUSH PRICE TRENDS
WITH THE ADDITION OF FLATBUSH TO THIS AREA, AVERAGE RENTAL PRICES FELL BY 3.70%.
WILLIAMSBURG PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 0.44%.
THE REPORT EXPLAINED
THE BROOKLYN RENTAL MARKET REPORTTM 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 EFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN BROOKLYN.
The Brooklyn Rental Market Report TM 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 specifc 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.
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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.
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