BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.

  • 2.17%
    CHANGE
  • $3,040
    OCTOBER 2019
  • $2,974
    NOVEMBER 2019

A QUICK LOOK

brooklyn

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

brooklyn
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

price_down_icon

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

price_up_icon

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
Bay Ridge
Bed Stuy
Boerum Hill
Brooklyn Heights
Bushwick
0.05%
1.47%
13.51%
11.60%
11.47%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
10.98%
9.02%
3.77%
5.53%
2.98%
Fort Greene
Greenpoint
Park Slope
PLG
Williamsburg
5.70%
15.76%
5.40%
1.18%
19.38%

YEAR OVER YEAR Price change

BROOKLYN RENTS: NOVEMBER 2018 VS. NOVEMBER 2019

price changes
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

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE FELL BY 1.07%.

BROOKLYN

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT REMAINED RELATIVELY STABLE, FALLING BY JUST 0.35%.

BROOKLYN

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%.

BROOKLYN

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH/SUNSET PARK WAS $1,916.77.

BROOKLYN

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%.

BROOKLYN

ADHERING TO TYPICAL RENTAL MARKET SEASONALITY, THE AVERAGE RENTAL PRICE IN BUSHWICK FELL BY 1.76%.

BROOKLYN

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.

BROOKLYN

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.

BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS FELL BY 2.59%.

BROOKLYN

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 1.08%.

BROOKLYN

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.

BROOKLYN

REMAINING STABLE, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 0.55% THROUGH NOVEMBER.

BROOKLYN

FOR THE SECOND MONTH IN A ROW, RENTAL PRICES IN GREENPOINT EXPERIENCED A DROP, THIS TIME FALLING BY 3.13%.

BROOKLYN

FOLLOWING AN INCREASE IN OCTOBER, THE AVERAGE RENTAL PRICE IN PARK SLOPE REMAINED STEADY THROUGH NOVEMBER, FALLING BY JUST 0.04%.

BROOKLYN

WITH THE ADDITION OF FLATBUSH TO THIS AREA, AVERAGE RENTAL PRICES FELL BY 3.70%.

BROOKLYN

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 0.44%.

BROOKLYN

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.

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.

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