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Introduction
Over the last month, the average rental price in Brooklyn increased by 1.27%, from $2,916.75 to $2,953.93.
A QUICK LOOK
Over the last month, the average rental price in Brooklyn increased by 1.27%, from $2,916.75 to $2,953.93. The average rental price for a studio unit increased by 1.60% from $2,288.17 to $2,324.87. The average rental price for a one-bedroom unit increased by 0.76%, from $2,852.98 to $2,874.66. The average rental price for a two-bedroom unit increased by 1.47%, from $3,609.09 to $3,662.27. Year-over-year, rental prices are up across-the-board, with studio, one-bedroom, and two-bedroom prices increasing by 4.24%, 6.68%, and 3.27%, respectively.
Out of all the neighborhoods tracked by this report, only two saw their average rental prices fall: DUMBO (-0.47%) and Downtown Brooklyn (-0.49%). Most of this overall rental price growth can be attributed to typical rental market seasonality. Out of all tracked unit types, one-bedrooms performed the best on a byneighborhood basis, with pricing increasing everywhere except: Brooklyn Heights (-2.5%) and DUMBO (-4.0%). This past month, the most expensive rental units could be found in DUMBO while the least expensive were in Bay Ridge.
As we enter peak rental season, pricing can be expected to adjust across-the-board.
• During May, the average rental price in Bay Ridge remained stable, increasing by just 0.11%.
• Over the last month, the average rental price in Bedford-Stuyvesant increased by 0.09%.
• The average rent in Boerum Hill remained stable this past month, increasing by just 0.81%.
• Following a large increase last month, the average rental price in Bushwick stabilized during May, increasing by just 0.41%.
• In line with typical rental market seasonality, the average rental price in Clinton Hill increased by 2.90% during May.
• Thanks to low inventory numbers, the average rental price for a studio in Cobble Hill increased by 13.71%. As a result of this large increase in studio pricing, the overall average rental price in Cobble Hill increased by 5.82%.
• The average rental price in Downtown Brooklyn experienced a correction of 0.49% during May.
• Following last month’s correction, the average rental price in DUMBO remained stable, decreasing by just 0.47%.
• Carrying over some momentum from last month, the average rental price in Fort Greene increased by 1.97% during May.
• The average rental price in Prospect Lefferts Gardens increased by 0.59% during May.
• Over the last month, the average rental price in Williamsburg increased by 1.29%. This most recent monthly price increase signals half a year of month-over-month rental price increases.
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: 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. (http://www.mns.com/brooklyn_rental_market_report).
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