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Brooklyn
Rental Market Report

September 2014

Introduction

Average rents throughout Brooklyn increased from $2,655.25 in September 2013 to $2,702.59 in September 2014.

A QUICK LOOK

Rent prices in Brooklyn decreased by approximately 1.43% from $2,742 in August 2014 to $2,703 in September 2014. Rent prices increased 1.78% from $2,655 to $2,742 compared to September 2013. Listing inventory increased 30% compared to August 2014 from 1,946 units to 2,527 units.

The market appears to have slowed down compared to August 2014. The largest percentage increases in rent prices (among material sample sizes) were seen in Studios in Boerum Hill and Clinton Hill. The largest percentage decreases (among material sample sizes) were seen in Studio units in Park Slope and One Bedroom units in Bushwick.

The largest annual upward and downward shifts in rent prices (among material sample sizes) were seen in Crown Heights and Greenpoint respectively. Rents increased 10.5% in Crown Heights compared to September 2013 from $1,884 to $2,082. Rents decreased by 5.1% in Greenpoint from $2,912 to $2,764.

Despite the small downturn this month, the Brooklyn rental market is continuing its overall upward progression. Several unique trends took place this month. Perhaps the most notable is Bushwick’s dramatic 20.46% monthly downturn. This was due to an unusually low sample size for Studio units and several lower priced units in new buildings entering the market. Crown Heights also experienced a correction from last month’s excessive growth. This behavior, from these neighborhoods that are leading the gentrification movement, is not expected to continue for an extended period of time. In addition, neighborhoods such as Williamsburg, which are typically stable, saw higher than normal decreases in monthly average rents. Another neighborhood that experienced a considerable downward swing in prices compared to last month is Park Slope, with an influx of lower priced Studio units hitting the market. As with recent months, most of the neighborhoods in Brooklyn are experiencing a positive year-over-year change. Those with material sample sizes that have not increased have decreased by a relatively small amount, except for Greenpoint. Overall monthly changes have tended to fluctuate more drastically. This can be expected to continue as many more new developments and conversions enter the marketing in the coming months.

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: September 2013 vs. September 2014
  September '13 September '14 Change
Studios $2,010 $2,187 8.8%
One-bedrooms $2,539 $2,586 1.9%
Two-bedrooms $3,417 $3,335 2.4%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -4.35%, One-Bedroom -0.20%
Bed Stuy
Studios -8.44%, One-Bedroom -6.86%, Two-Bedroom -1.54%
Boerum Hill
Two-Bedroom -2.40%
Brooklyn Heights
One-Bedroom -1.20%
Bushwick
Studios -31.82%, One-Bedroom -21.90%, Two-Bedroom -8.53%
Clinton Hill
Two-Bedroom -1.03%
Cobble Hill
Studios -8.58%, One-Bedroom -1.24%
Crown Heights
Studios -15.10%, One-Bedroom -13.72%, Two-Bedroo -5.85%
Dumbo
One-Bedroom -0.55%
Downtown BK
Two-Bedroom -1.58%
Greenpoint
One-Bedroom -1.52%, Two-Bedroom -5.56%
Park Slope
Studios -22.67%, One-Bedroom -6.96%
PLG
Two-Bedroom -5.43%
Williamsburg
Studios -9.65%, Two-Bedroom -1.67%

Where Prices Increased (Monthly)

Bay Ridge
Two-Bedroom 0.53%
Boerum Hill
Studios 18.36% , One-Bedroom 4.60%
Brooklyn Heights
Studios 11.59%, Two-Bedroom 3.61%
Clinton Hill
Studios 17.45% , One-Bedroom 0.70%
Cobble Hill
Two-Bedroom 5.53%
Dumbo
Studios 3.27%, Two-Bedroom 7.66%
Downtown BK
Studios 2.85%, One-Bedroom 0.90%
Fort Greene
Studios 8.42%, One-Bedroom 3.08%, Two-Bedroom 1.96%
Greenpoint
Studios 3.74%
Park Slope
Two-Bedroom 0.53%
PLG
Studios 23.08%, One-Bedroom 5.22%
Williamsburg
One-Bedroom 0.83%

Neighborhood Price Trends

• Although average rent prices fell slightly by 1.01% this month, the more important trend is the 4.9% yearly increase in prices.

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

• This neighborhood saw both monthly and yearly overall average rent decreases with all unit types dropping at a steady pace.

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

• Overall monthly average rent increased at a notable 4.57% rate, the highest among Brooklyn neighborhoods with material sample sizes.

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

• Led by an 11.59% increase in Studio prices, overall average rent increased this month by 3.88%.

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

• Due to a low sample size this neighborhood’s 30.82% drop in Studio prices is distorted, while the 21.90% drop in One Bedroom prices is the result of several brand new lower priced units at 1238 Decatur Street entering the market.

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

• This neighborhood saw a significant yearly increase at 10% with all unit types increasing by at least 4%

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

• Overall average rents for this neighborhood remained steady this month decreasing by merely 0.33%

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

• Despite experiencing a significant 11.27% drop in monthly average rent, this neighborhood claimed the highest year-over-year increase among Brooklyn neighborhoods increasing by 10.5%.

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

• This neighborhood remained the most stable this month increasing by only 0.25%, with all unit types experiencing minimal fluctuations

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

• Overall yearly average rents increased by 6.6% due to a surge in Studio prices at 28.14%.

dumbo studio apartment price trends dumbo one bedroom apartment prices

• All unit types increased between 1.96% and 8.42% resulting in an overall average 3.99% rise in rent prices.

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

• Overall average rents decreased slightly this month falling from $2,802 to $2,764

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

• Spurred by a massive 22.67% drop in Studio prices due to an influx of lower priced new to market units, overall average monthly rents decreased significantly by 9.11%.

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

• Although both monthly and yearly Studio prices increased by at least 23% these figures are misleading due to a one unit sample size for this category.

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

• Typically one of the most stable neighborhoods in Brooklyn, this area experienced an uncharacteristic 9.65% drop in Studio average monthly rent

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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