REPORTS
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MANHATTAN
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BROOKLYN
BROCHURES
Introduction
Average rents throughout Brooklyn increased 6.82% from $2,566 in June 2013 to $2,741 in June 2014.
A QUICK LOOK
Overall rents rose less than 1% in the past month from $2,717 in May to $2,741 in June. This is to be expected as the initial wave of summer move-ins
subsides and the rental market begins to normalize. Several new development buildings entered the market in Brooklyn this month including 316
Bergen Street, 339 Greene Avenue, and 1560 Fulton Street.
> Average rents rose 6.8% from this time last year from $2,566 to $2,741. Most notably, Studio units in both Bay Ridge and Bedford Stuyvesant rose
approximately 42% compared to May of 2013. This continued rising trend in these two neighborhoods can be attributed to new development buildings
and conversion buildings entering the market. As mentioned last month, new building developers are turning their focus away from the saturated
markets close to Williamsburg and Downtown Brooklyn in favor of neighborhoods further into the heart of Brooklyn.
Crown Heights again saw the highest increase in pricing this year relative to the rest of Brooklyn. Studio units increased 36.87%, One-Bedroom units
increased 19.59%, and Two-Bedroom units increased 13.57% compared to last month. Several new development, converted, and renovated buildings
listed a large number of units this past month including 764 Saint John’s Place, 341 Eastern Parkway, and 836 Bergen Street. It is well known that Brooklyn
is rapidly gentrifying and Crown Heights is currently at the forefront of that movement.
Following the rapid frenzy of rental units being listed and leased last month, the Brooklyn rental market seems to have calmed down a bit.
Notable Trends
| Most Expensive | Least Expensive | |
|---|---|---|
| Studios | DUMBO $3,095 | PLG $1,500 |
| One-Bedrooms | DUMBO $3,847 | Bay Ridge $1,454 |
| Two-Bedrooms | DUMBO $5,515 | Bay Ridge $2,291 |
| June '13 | June '14 | Change | |
|---|---|---|---|
| Studios | $1,937 | $2,240 | 15.6% |
| One-bedrooms | $2,458 | $2,538 | 5.1% |
| Two-bedrooms | $3,303 | $3,400 | 2.9% |
A Quick Look
Where Prices Decreased (Monthly)
- Bay Ridge
- Studios -0.2%, One-Bedroom -6.1%
- Bed Stuy
- One-Bedroom -0.9%
- Boerum Hill
- Studios -5.5%, One-Bedroom -3.7%
- Brooklyn Heights
- Studios -2.9%, One-Bedroom -4.6%
- Bushwick
- One-Bedroom -7.8%, Two-Bedroom -0.3%
- Clinton Hill
- Two-Bedroom -2.8%
- Cobble Hill
- One-Bedroom -6.7%, Two-Bedroom -1.1%
- Crown Heights
- Two-Bedroom -2.7%
- Downtown BK
- One-Bedroom -0.4%
- Fort Greene
- One-Bedroom -1.0%, Two-Bedroom -4.6%
- Greenpoint
- Studios -1.9%, One-Bedroom -2.3%, Two-Bedroom -0.2%
- Park Slope
- One-Bedroom -0.7%
Where Prices Increased (Monthly)
- Bay Ridge
- Two-Bedroom 4.2%
- Bed Stuy
- Studios 2.1%, Two-Bedroom 3.3%
- Boerum Hill
- Two-Bedroom 3.5%
- Brooklyn Heights
- Two-Bedroom 0.2%
- Bushwick
- Studios 6.6%
- Clinton Hill
- Studios 3.8%, One-Bedroom 0.3%
- Cobble Hill
- Studios 17.4%
- Crown Heights
- Studios 1.1%, One-Bedroom 7.1%
- Dumbo
- Studios 5.5%, One-Bedroom 0.4%, Two-Bedroom 3.6%
- Downtown BK
- Studios 1.6%, Two-Bedroom 6.4%
- Fort Greene
- Studios 6.8%
- Park Slope
- Studios 6.0%, Two-Bedroom 4.8%
- PLG
- Studios 20.0%, One-Bedroom 2.5%, Two-Bedroom 2.0%
- Williamsburg
- Studios 1.9%, One-Bedroom 0.6%, Two-Bedroom 0.4%
Neighborhood Price Trends
• Bay Ridge prices stayed the same compared to May 2014 but Studio units saw an increase of 43% compared to June 2013.
• Bay Ridge prices stayed the same compared to May 2014 but Studio units saw an increase of 43% compared to June 2013.
• Rents for Boerum Hill stayed the same as last month, decreasing only 1.33% from $2,904 to $2,865.
• Rents for Brooklyn Heights remained stable since the past month, dropping only 2% from $3,355 to $3,289.
• One Bedroom units in Bushwick fell 7.8% since May 2014, dropping from $2,130 to $1,964. month.
• Pricing for Cobble Hill Studios rose 17.5% from $1,958 to $2,300 and One Bedrooms fell 6.7% from $3,051 to $2,847.
• Rents for One Bedroom units rose 7% from $1,985 to $2,125 from last month.
• Two bedroom units in Downtown Brooklyn rose 6.41% from $3,999 to $4,256 compared to May of 2014.
• Rents for Studio and Two Bedroom units in DUMBO rose 5.52% from $2,933 to $3,095 and 3.64% from $5,321 to $5,515 respectively from last month.
• Studios in Fort Green rose an average of 6.8% compared to last month from $2,380 to $2,542 and Two Bedroom units fell 4.6% from $3,824 to $3,648.
• Pricing for units in Greenpoint remained stable from last month, decreasing only 1.39% from $2,923 to $2,882.
• Rents for Two Bedroom apartments in Park Slope rose 4.8% from $3,237 to $3,392 compared to last month.
• Overall rents in Prospect-Lefferts Gardens rose 6.43% from $1,751 to $1,864, the highest overall neighborhood shift in pricing in all of Brooklyn this month.
• Apartment pricing remained stable compared to last month in Williamsburg, rising less than 1% in all unit types.
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).
Tools
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Determine if it's better to rent or to buy by filling in a few numbers and percentages.
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A list of maps and transit options available in New York City and beyond.
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Know the pertinent steps to buying an apartment in Manhattan. The guidance you receive can make or break your deal. Know before you go.
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