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Brooklyn
Rental Market Report

July 2014

Introduction

Rent prices in Brooklyn decreased by approximately 2.58% from $2,741 in June 2014 to $2,670 in July 2014.

A QUICK LOOK

Rent prices in Brooklyn decreased by approximately 2.58% from $2,741 in June 2014 to $2,670 in July 2014. Rent prices increased 4.14% from $2,564 to $2,670 compared to July 2013. Listing inventory increased 2% compared to June 2014 from 2,271 units to 2,327 units.

The market appears to have dropped compared to June 2014. The largest percentage increases in rent prices were seen in One Bedroom units in Brooklyn Heights and Cobble Hill. The largest percentage decreases were seen in Studio units in Bay Ridge and Bedford–Stuyvesant.

The largest annual upward and downward shifts in rent prices were seen in Crown Heights and Dumbo respectively. Rents increased 17.5% in Crown Heights compared to July 2013 from $1,796 to $2,110. Rents decreased by .3% in Dumbo from $4,083 to $4,071.

The Brooklyn rental market appears to be continuing the trends it has exhibited for the past several months. Neighborhoods such as Williamsburg and DUMBO continue to see slower growth, while much of the more rapid expansion is taking place in underdeveloped areas like Bushwick and Crown Heights. In addition, several new luxury developments continue to enter the market in Brooklyn Heights which has caused a surge in prices in the neighborhood. Another notable neighborhood is Cobble Hill. Although its monthly price averages have remained stable, the neighborhood is among the highest in terms of increases in yearly price changes. Brooklyn’s yearly progression continues it steady upward pattern, while month to month prices have fallen due to the maturation of inventory on the market in several neighborhoods. Looking forward, this movement will likely be sustained as new developments and conversions will be entering the market at relatively moderate pace in the near future.

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 2013 vs. July 2014
  July '13 July '14 Change
Studios $1,917 $2,113 10.2%
One-bedrooms $2,456 $2,597 5.8%
Two-bedrooms $3,320 $3,301 -0.6%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -17.22%, Two-Bedroom -9.69%
Bed Stuy
Studios -25.90%, One-Bedroom -2.68%
Boerum Hill
Studios -3.27%, One-Bedroom -7.57%
Bushwick
Studios -7.34%
Clinton Hill
Studios -4.16%, One-Bedroom -3.30%, Two-Bedroom -2.48%
Cobble Hill
Two-Bedroom -11.27%
Crown Heights
One-Bedroom -5.99%
Dumbo
Studios -2.93%, One-Bedroom -2.38%, Two-Bedroom -1.10%
Downtown BK
One-Bedroom -1.91%, Two-Bedroom -1.81%
Fort Greene
Studios -13.26%, One-Bedroom -6.38%, Two-Bedroom -9.48%
Greenpoint
Studios -1.47%, Two-Bedroom -6.79%
Park Slope
Studios -6.81%, One-Bedroom -1.35%, Two-Bedroom -5.49%
PLG
Studios -13.33%, One-Bedroom -2.12%, Two-Bedroom -0.69%
Williamsburg
Studios -1.05%, Two-Bedroom -1.43%

Where Prices Increased (Monthly)

Bay Ridge
One-Bedroom 3.42%
Bed Stuy
Two-Bedroom 0.68%
Boerum Hill
Two-Bedroom 0.16%
Brooklyn Heights
Studios 2.40%, One-Bedroom 12.57%, Two-Bedroom 2.60%
Bushwick
One-Bedroom 3.86%, Two-Bedroom 2.04%
Cobble Hill
Studios 0.17%, One-Bedroom 14.44%
Crown Heights
Studios 0.11%, Two-Bedroom 1.00%
Downtown BK
Studios 0.02%
Greenpoint
One-Bedroom 0.60%
Williamsburg
One-Bedroom 5.21%

Neighborhood Price Trends

• With the exception of One Bedroom units, this neighborhood experienced a sizeable 8.77% drop in average overall rents compared to last month.

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

• Overall average rent prices dropped dramatically for this month (8.72%) due to Studio prices dropping 25.9%, the largest decline for a particular unit type in all of Brooklyn.

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

• This month saw a modest overall 3.21% fall in prices, however Two Bedroom units remained relatively stable.

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

• Rent prices increased considerably compared to last month, but this neighborhood’s most notable figure is the 8% rise from July 2013.

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

• With monthly overall average rents falling by a nominal amount the most significant trend to consider is the 11.3% yearly increase in prices, second highest throughout all of Brooklyn. month.

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

• All unit type prices fell moderately this month with overall average rents dropping from $2,602 to $2,519.

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

• This neighborhood’s average monthly rents remained the most stable throughout Brooklyn falling a trivial .23%.

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

• This neighborhood claimed the highest year-over-year increase among Brooklyn neighborhoods increasing a mammoth 17.5%.

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

• Overall average rents for this neighborhood fell slightly from $3,284 last month to $3,239 this month.

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

• Both monthly and yearly average overall rents remained relatively stable decreasing a minimal 1.95% and .3% respectively.

dumbo studio apartment price trends dumbo one bedroom apartment prices

• All unit types experienced a significant drop in average rents compared to last month resulting in Brooklyn’s greatest overall average price decrease at 9.56%.

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

• This neighborhood saw marginal fluctuations this month, with the exception of Two Bedroom units which fell by $223.23.

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

• Average rents fell across all unit types compared to last month causing overall rents to fall from $2,679 to $2,559.

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

• Although this neighborhood’s overall average prices fell by 4.53% from last month, the more significant trend is its year-over-year increase of 7.8%.

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

• This neighborhood continues to remain one of the most stable in Brooklyn with both monthly and yearly average rents increasing less than 1%.

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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