Brooklyn Rental Market Report | MNS is Real Impact Real Estate

Brooklyn
Rental Market Report

August 2017

Introduction

Over the last month, prices in Brooklyn have increased by 0.8%, from $2,798.23 to $2,819.73.

A QUICK LOOK

Over the last month, the average rent in Brooklyn has increased by 0.77%, from $2,798 to $2,819. This month, studio prices increased by 3.0%, from $2,221 to $2,287. One-bedroom prices increased by 0.8%, from $2,664 to $2,687. Two-bedroom prices decreased by 0.7%, from $3,509 to $3,485. Over the last year, studio prices increased by 1.86%, one-bedroom prices decreased by 1.02%, and two-bedroom prices decreased by 0.15%. An overall price increase of 0.77% for the month indicates a stable rental market in Brooklyn.
August, overall, was a strong month for prices in Brooklyn. Over half of the neighborhood average price changes were positive. The four largest gains are as follows: Cobble Hill by 7.3%, Bay Ridge by 3.4%, Boerum Hill by 2.8%, and Williamsburg by 2.4%. DUMBO is home to the most expensive studio and one-bedrooms units on the market, while Brooklyn Heights has the most expensive two-bedrooms units. The least expensive units can be found in Bay Ridge.
A noteworthy occurrence this month was the strong price increase experienced by all units in Cobble hill. Studio prices grew by 7.4%, one-bedroom prices also increased by 7.4%, and two-bedrooms prices grew by 7.1%. Much of this growth can be attributed to the low inventory in the area. Another noteworthy occurrence this month was the sustained growth by the Williamsburg rental market. Overall, Williamsburg prices grew by 2.4% month-to-month and 0.7% year-to-year. This jump in month-to-month pricing in Williamsburg can be explained in part by the addition of units from 2 North 6th, which just launched leasing for all its units.
As we enter peak rental season for New York City, prices are expected to maintain strong growth.

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: August 2016 vs. August 2017
Type August 2016 August 2017 Change
Studios $2,246 $2,287 1.86%
One-bedrooms $2,714 $2,687 1.02%
Two-bedrooms $3,490 $3,485 0.15%

A Quick Look

Where Prices Decreased (Monthly)

Bed Stuy
One-Bedroom -0.4%
Boerum Hill
Two-Bedroom -3.3%
Brooklyn Heights
Two-Bedroom -3.3%
Bushwick
Two-Bedroom -1.3%
Clinton Hill
One-Bedroom -1.9% Two-Bedroom -3.0%
Crown Heights
Studios -0.6%
Dumbo
Studios -0.6% One-Bedroom -1.2% Two-Bedroom -2.3%
Downtown BK
Two-Bedroom -5.4%
Fort Greene
Studios -3.0% One-Bedroom -0.7%
Greenpoint
One-Bedroom -4.9% Two-Bedroom -3.3%
PLG
Studios -2.3% One-Bedroom -5.1%

Where Prices Increased (Monthly)

Bay Ridge
Studios 1.2% One-Bedroomn 4.5% Two-Bedroom 4.0%
Bed Stuy
Studios 2.1% Two-Bedroom 0.2%
Boerum Hill
Studios 14.5% One-Bedroom 2.7%
Brooklyn Heights
Studios 2.4% One-Bedroom 6.1%
Bushwick
Studios 3.1% One-Bedroom 0.1%
Clinton Hill
Studios 0.6%
Cobble Hill
Studios 7.4% One-Bedroomn 7.4% Two-Bedroom 7.1%
Crown Heights
One-Bedroom 3.4% Two-Bedroom 2.3%
Downtown BK
Studios 1.5% One-Bedroom 0.9%
Fort Greene
Two-Bedroom 2.0%
Greenpoint
Studios 7.4%
Park Slope
Studios 5.7% One-Bedroomn 0.5% Two-Bedroom 0.7%
PLG
Two-Bedroom 0.4%
Williamsburg
Studios 5.7% One-Bedroomn 1.2% Two-Bedroom 1.0%

• Rental prices in Bay Ridge experienced modest growth in the past month. Much of this growth can be attributed to an increase in inventory and typical rental market seasonality. Overall, prices in Bay Ridge saw a 3.4% month-to-month increase.

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

• Over the last month, rental prices in Bedford-Stuyvesant remained stable, growing by an overall 0.53%.

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

• Although studio rental prices in Boerum Hill saw an impressive growth of 14.5%, the overall market grew by only 2.84%. Studios in Boerum Hill have traditionally seen large price swings because of low inventory. However, in addition to low inventory, numerous over-sized and atypical studio apartments from 233 Schermerhorn Street were added to market.

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

• Brooklyn Heights saw increases in rental prices across the board. Traditionally a strong rental market, overall growth was 0.9%. Year-over-year Brooklyn Heights rental prices grew by 2.7%.

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

• Bushwick saw a modest 0.48% increase in overall rental prices. bushwick studio apartment price trends bushwick one bedroom apartment price trends bushwick two bedroom apartment price trends

• Prices in Clinton Hill fell by 1.7% during the month of August. Much of this decrease can be credited to the 3.01% slide in twobedroom rental prices.

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

• Cobble Hill had an impressive August, overall prices experienced 7.26% growth. This growth can be attributed to two factors, low inventory and the addition of atypical units to the market.

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

• Studio prices in Cobble Hill saw a 0.62% slide, while one-bedroom and two-bedroom prices grew by 3.32% and 2.31%, respectively. Overall, the market experienced a price increase of 1.81%.

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

• Downtown Brooklyn experienced a 5.35% slide in two-bedroom prices, while studios increased by 1.41%. Overall, the market prices fell by only 1.69%. This increase in studio pricing can be partially attributed to the addition of units from 33 Bond Street.

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

• Over the last month, DUMBO prices remained stable, dropping by only 1.57%.

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

• Prices remained stable in Fort Greene, falling by only 0.15%.

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

• Over the last month, prices in Greenpoint saw a 7.4% increase in studios, 4.87% decrease in 1 beds, and a 3.36% decrease in 2 beds, for an overall monthly average drop of 0.64%. Much of this movement can be explained by typical market seasonality in Greenpoint and a balance of both new construction and pre-war buildings in the area.

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

• Rental prices in Park Slope experienced a 1.91% overall increase. This increase in overall price was driven by a 5.75% increase in studio pricing.

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

• Overall prices in PLG fell by 2.21%. This change in price was, mostly, caused by a 5.15% slide in one-bedroom prices. Onebedrooms in PLG saw the addition of numerous underpriced and undersized studio units which exerted downward pressure on pricing in the area.

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

• Williamsburg experienced a solid month for rental prices. Overall, market prices increased by 2.39%. The most impressive change was experienced by the studio rental market, which grew by 5.71%. This growth in the studio market can be credited to the addition of units from 2 North 6th, which launched its initial leasing over the past 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 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: 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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