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Brooklyn
Rental Market Report

April 2015

Introduction

Average rents across Brooklyn rose slightly this month. The average rent in Brooklyn increased to $2,714.14, up 0.48% from $2,711.22 in March 2015. Over the past 12 months, Brooklyn rents are up 2.26%, from $2,663.93 in April 2014.

A QUICK LOOK

Average rents in Brooklyn rose by 0.48% this month, from $2,711.22 in March 2015 to $2,724.14 in April 2015. The average price for a one bedroom and two bedroom units increased 1.23% and .91% respectively, since last month, while the average price for a studio fell 1.13% across Brooklyn. Boerum Hill saw the greatest change in rent prices since last month, with average rents falling 7.72%. Clinton Hill saw the greatest increases of any neighborhood in the report, with prices growing an average of 4.53% since last month. From a year-over-year perspective, the largest changes in average rent prices occurred in the neighborhoods of Downtown Brooklyn and Greenpoint. The average rent is up10.8% in Downtown Brooklyn over the last year, from an average of $3,114.00 in April 2014 to $3,451.00 in April 2015. Average rents are down 7.7% in Greenpoint over the last year, from $2,896.00 in April 2014 to $2,673.00 in April 2015. Listing inventory increased by 1.17% - from 2,984 rental units to 3,019 rental units. Williamsburg comprised the largest amount of on the market inventory in the report this month, accounting for nearly 24% of all listings in this month’s report.

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: April 2014 vs. April 2015
Type April '14 April '15 Change
Studios $2,129 $2,116 0.6%
One-bedrooms $2,566 $2,640 2.9%
Two-bedrooms $3,297 $3,417 3.6%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Two-Bedroom -9.42%
Bed Stuy
Studios -3.13%, One-Bedroom -0.24%
Boerum Hill
Studios -15.29%, One-Bedroom -4.14% Two-Bedroom -4.73%
Brooklyn Heights
Studios -12.22%
Bushwick
Studios -7.88% One-Bedroom -0.22% Two-Bedroom -2.75%
Cobble Hill
Studios -2.53%
Crown Heights
One-Bedroom -1.60%
Downtown BK
Studios -1.65%, One-Bedroom -1.03%, Two-Bedroom -1.12%
Dumbo
One-Bedroom -0.08%,
Fort Greene
Two-Bedroom -4.20%
Greenpoint
Studios -1.57% Two-Bedroom -0.24%
Park Slope
Two-Bedroom -0.95%
PLG
One-Bedroom -1.40%

Where Prices Increased (Monthly)

Bay Ridge
Studios 4.04% One-Bedroom 1.68%
Bed Stuy
Two-Bedroom 1.55%
Brooklyn Heights
One-Bedroom 4.61% Two-Bedroom 6.71%
Clinton Hill
Studios 6.75% One-Bedroom 7.65% Two-Bedroom 0.80%
Cobble Hill
One-Bedroom 2.10%, Two-Bedroom 2.53%
Crown Heights
Studios 7.11% Two-Bedroom 5.64%
Dumbo
Studios 7.75%, Two-Bedroom4.59%
Fort Greene
Studios 2.89%, One-Bedroom 2.92%
Greenpoint
One-Bedroom 3.91%,
Park Slope
Studios 0.96%, One-Bedroom 1.59%,
PLG
Studios 5.99%, Two-Bedroom 4.05%
Williamsburg
Studios 2.34% One-Bedroom 2.19% Two-Bedroom 6.69%

Neighborhood Price Trends

• The average neighborhood rent fell by 2.58% this month.
• Prices for studio and one bedroom units increased 4.04% and 1.68%, respectively.
• The average price for a two bedroom unit decreased substantially since last month, falling 9.42%.

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

• The average neighborhood rent fell by 0.37% since last month.
• Prices for studio and one bedroom units decreased 3.13% and 0.24%, respectively, since the previous month.
• The average price for a two bedroom unit increased 1.55% this month.

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

• The average neighborhood rent fell by 7.72% since March 2015.
• Prices for studio, one bedroom and two bedroom units fell by 15.29%, 4.14% and 4.73% respectively.
• Much of this change can be explained as a normal reaction to the somewhat artificial growth seen in the last two month’s reports, as the large units causing extreme increases have come off the market.

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

• The average price for a studio fell 12.22% this month.
• Prices for one and two bedroom units increased 4.61% and 6.71%, respectively, since the previous month.
• For the neighborhood as a whole, rents are up an average of 1.29% since March.

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

• The average neighborhood rent fell by 3.63% this month.
• Prices for studio, one bedroom and two bedroom units fell by 7.88%, 0.22%, and 2.75%, respectively since last month.
• It should be noted that there was only one studio on the market at the time data was collected.
• This neighborhood consistently has a small inventory of studio units, causing extreme price sensitivity in certain metrics.

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

• The average neighborhood rent increased 4.53% over last month.
• Prices for studio, one bedroom and two bedroom units increased 6.75%, 7.65%, and .8% respectively since last month.
• The average rent for the neighborhood is up 8.1% since April 2014, contrasted with an average 12-month average growth rate of 2.26% for the rest of Brooklyn.

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

• The average neighborhood rent increased 1.19% over last month.
• The average price for one and two bedroom units increased 2.10% and 2.53% since last month.
• Studio prices fell by an average of 2.53% since last month.
• It should be noted that this neighborhood consistently has a small sample size compared to other neighborhoods, especially in studio units.

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

• The average neighborhood rent increased 3.62% since March.
• One bedrooms in the neighborhood saw prices fall by average of 1.60%.
• The average price for studio and two bedroom units increased 7.11% and 5.64%, respectively, since last month.

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

• The average neighborhood rent fell by 1.23% since March.
• Prices for studio, one bedroom and two bedroom units fell by average of 1.65%, 1.03% and 1.12%, respectively.
• The neighborhood posted a year-over-year growth rate of 10.8% since April 2014.
• Studio units saw the largest year-over-year increase in rent prices, with the average rent for a studio in the neighborhood up 12.37% since April 2014.

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

• The average neighborhood rent increased 3.86% since March.
• The average price for studio and two bedroom units increased 7.75% and 4.59%, respectively, since last month.
• One bedrooms in the neighborhood saw prices fall slightly, dropping by an average of .08%.

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

• The average neighborhood rent fell by .17% since March.
• Two bedroom units saw the greatest change in prices, falling 4.20% since last month.
• The average price for studio and one bedroom units increased 2.89% and 2.92%, respectively, this month.

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

• The average rent in the neighborhood increased .71% this month.
• One bedroom units saw the greatest increase in prices since last month, at 3.91%.
• Prices for studio and two bedroom units fell slightly.
• Compared to April 2014, the average rent in the neighborhood is down 7.7%, the greatest 12 month decrease of any neighborhood study.

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

• The average rent in the neighborhood increased .34% over the previous month, and 5.8% over the past year.
• Prices for two bedroom units fell slightly, while prices for studio and one bedroom units increased by an average of .96% and 1.59%, respectively, since last month.

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

• The average rent in the neighborhood increased 2.7% over last month.
• The average price for studio and two bedroom units increased 5.99% and 4.05%, respectively, since last month.

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

• The average rent in the neighborhood increased 4.04% since last month.
• The average price for studio, one and two bedroom units increased 2.34%, 2.19%, and 6.69%, respectively.

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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