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BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.

  • 2.95
    CHANGE
  • $2,731
    AUGUST 2020
  • $2,650
    SEPTEMBER 2020

A QUICK LOOK

brooklyn

Over the last month, the average rental price in Brooklyn has fallen by 2.95%, from $2,730.95 to $2,650.45. The average rental price for a studio unit fell by 2.42%, from $2,158.71 to $2,106.40. The average rental price for a one-bedroom unit fell by 2.98%, from $2,625.35 to $2,547.18 The average rental price for a two-bedroom unit fell by 3.26%, from $3,408.78 to $3,297.76. Year-over-year rental prices are down across-the-board with studio, one-bedroom, and two-bedroom prices decreasing by 10.44%, 12.33%, and 15.03%, respectively. This past month, the most expensive rental units by average price were observed in DUMBO. The most affordable studio, one-bedroom, and two-bedroom units could be found in Borough Park/Sunset Park.

Out of the sixteen neighborhoods tracked by this report, only one saw its’ average rental price increase: Bay Ridge (+0.2%). The largest month-over-month price drops were observed in neighborhoods that have seen a rash of new development, like Greenpoint (-4.4%) and Fort Greene (-5.3%), while traditionally more affordable neighborhoods have seen less dramatic price drops. With an ever-increasing supply, increased offered concession and the incoming fall season, rental pricing in Brooklyn can be expected to further adjust.

NOTABLE TRENDS

brooklyn
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $2,901 Borough/Sunset Park $1,404
One bedrooms Dumbo $3,836 Borough/Sunset Park $1,786
Two bedrooms Dumbo $5,685 Borough/Sunset Park $2,091

WHERE PRICES DECREASED

price_down_icon

BAY RIDGE

One-Bedroom -1.9%

BED STUY

Studios -0.5%

One-Bedroom -4.09%

Two-Bedroom -2.2%

BOERUM HILL

Studios -5.4%

One-Bedroom -4.5%

Two-Bedroom -3.7%

BROOKLYN HEIGHTS

Studios -5.3%

One-Bedroom -3.6%

Two-Bedroom -6.9%

BUSHWICK

Studios -1.5%

One-Bedroom -4.0%

Two-Bedroom -3.7%

CLINTON HILL

Studios -1.0%

One-Bedroom -3.1%

Two-Bedroom -4.0%

BOROUGH PARK/SUNSET PARK

Studios -6.5%

One-Bedroom -3.2%

Two-Bedroom -4.2%

COBBLE HILL

Studio -1.0%

One-Bedroom -1.6%

Two-Bedroom -4.0%

CROWN HEIGHTS

Studios -3.5%

One-Bedroom -2.8%

Two-Bedroom -2.0%

DUMBO

Studios -1.1%

One-Bedroom -4.8%

DOWNTOWN BK

Studios -2.3%

One-Bedroom -1.7%

FORT GREENE

Studios -5.0%

One-Bedroom -3.8%

Two-Bedroom -6.6%

GREENPOINT

Studios -1.3%

One-Bedroom -1.9%

Two-Bedroom -8.7%

PARK SLOPE

Studios -1.5%

One-Bedroom -2.4%

Two-Bedroom -4.1%

PLG/FLATBUSH

Studios -3.1%

One-Bedroom -2.2%

Two-Bedroom -0.4%

WILLIAMSBURG

Studios -2.6%

One-Bedroom -1.0%

Two-Bedroom -4.5%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

Studios 0.5%

Two-Bedroom 1.9%

DUMBO

Two-Bedroom 2.1%

DOWNTOWN BK

Two-Bedroom 0.3%

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
2.29%
5.27%
4.43%
15.72%
10.88%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
11.98%
10.44%
7.44%
19.24%
9.96%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
12.55%
16.84%
6.87%
5.78%
14.37%

YEAR OVER YEAR Price change

SEPTEMBER 2019 VS. SEPTEMBER 2020

price changes
TYPE SEPTEMBER 2019 SEPTEMBER 2020 CHANGE
Studios $2,352 $2,106 10.4%
One bedrooms $2,905 $2,547 12.3%
Two bedrooms $3,881 $3,298 15.0%
BROOKLYN

FOLLOWING A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE REBOUNDED BY 0.24% THROUGH SEPTEMBER, MAKING IT THE ONLY NEIGHBORHOOD TRACKED BY THIS REPORT THAT EXPERIENCED MONTH-OVER-MONTH GROWTH THROUGH SEPTEMBER.

BROOKLYN

THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT FELL BY 2.36% THROUGH SEPTEMBER.

BROOKLYN

FOLLOWING A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL FELL BY AN ADDITIONAL 4.36% THROUGH SEPTEMBER.

BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK FELL BY 4.48%.

BROOKLYN

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS FELL BY 5.64%.

BROOKLYN

BUSHWICK SAW ITS AVERAGE RENTAL PRICE DROP FALL BY 3.18% THROUGH SEPTEMBER.

BROOKLYN

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN CLINTON HILL FELL BY 2.95%.

BROOKLYN

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL FELL BY 1.88%. THE MAJORITY OF THIS DROP OCCURRED WITHIN TWO-BEDROOM PRICING, WHICH FELL BY 4.01% MONTH-OVER-MONTH.

BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS FELL BY 2.68%.

BROOKLYN

STABILIZING AFTER A FEW MONTHS OF LARGE PRICE DROPS, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY JUST 0.98% THROUGH SEPTEMBER.

BROOKLYN

WHEN COMPARED TO THE REST OF THE MARKET, THE AVERAGE RENTAL PRICE IN DUMBO FELL BY A SUBDUED 0.87% THROUGH SEPTEMBER.

BROOKLYN

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN FORT GREENE FELL BY 5.32%.

BROOKLYN

DUE TO AN INCREASING SUPPLY OF LUXURY INVENTORY IN ADDITION TO AN UPTICK IN OFFERED CONCESSIONS, THE AVERAGE OVERALL RENTAL PRICE IN GREENPOINT FELL BY 4.41% MONTH-OVER-MONTH.

BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY 2.84%.

BROOKLYN

FOLLOWING A SLIGHT INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN PROSPECT LEFFERTS GARDENS/FLATBUSH EXPERIENCED A CORRECTION OF 1.78% THROUGH SEPTEMBER.

BROOKLYN

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG FELL BY 2.85%.

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.

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.

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