Average rents throughout Brooklyn increased by 0.25% from $2,716.55 in February 2016 to $2,723.46 in March 2016.
The monthly average rent in Brooklyn increased by 0.25%, from $2,716.55 in February 2016, as the annual average rent grew
slightly by 0.45%, from $2,711.22 in March 2015 to $2,723.46 in March 2016. The inventory this month rose by 3.84%, from 3,303
rental units in February 2016 to 3,430 rental units in March 2016.
At the time the sample was taken, these following neighborhoods consisted of less than 20 units in the sample size; Studios in Bay Ridge, Boerum Hill, Bushwick, Clinton Hill, Cobble Hill, Crown Heights, Dumbo, Greenpoint and Prospect Lefferts Gardens; and Two Bedrooms in Cobble Hill.
Brooklyn Heights experienced the largest growth of overall average rent this month, increasing by 2.31% from $3,183 in February 2016 to $3,257 in March 2016, as all other neighborhoods shifted between +/- 1.7%. From a listings standpoint, we saw the first increase in the number of units on the market, as we come out of the cooler months and into Spring where more leases begin to turnaround. As we move closer to the mid-year, we expect both inventory and pricing to increase.
From an annual standpoint, Crown Heights and Prospect Lefferts Gardens again saw the largest increases in the overall average rent, at 12.4% and 9.2%, respectively. These increases are indicative of very strong emerging markets. On a unit sector level, Studio units saw large price fluctuations in both directions. Of the areas that saw large increases – Crown Heights by 15.98%, Prospect Lefferts Garden by 15.46%, Fort Greene by 12.66%, Cobble Hill by 9.16%, Greenpoint by 8.79%, Bay Ridge by 7.47% and Williamsburg by 5.93% - decreases were noted in larger sized apartments. Of the areas that saw large decreases in Studios – Bushwick at 13.86%, Brooklyn Heights at 9.36%, Clinton Hill at 4.22% and BedStuy at 2.06% - increases were noted in larger sized apartments, indicative of the varying levels of individual and share/family-type apartment demands.
|Type||Most Expensive||Least Expensive|
|Studios||DUMBO $3,037||Bay Ridge $1,387|
|One-Bedrooms||DUMBO $3,947||Bay Ridge $1,708|
|Two-Bedrooms||DUMBO $5,553||Bay Ridge $2,227|
|Type||March '15||March '16||Change|
- Boerum Hill
- One-Bedroom -0.34% Two-Bedroom -3.87%
- Studios -0.11% One-Bedroom -1.67%
- Clinton Hill
- Studios -0.25%
- Cobble Hill
- Studios -0.17% Two-Bedroom -2.20%
- Crown Heights
- Studios -1.47%
- Studios -0.43% One-Bedroom -0.41%
- Fort Greene
- Studios -2.34% Two-Bedroom -1.76%
- Studios -1.93% Two-Bedroom -0.38%
- Park Slope
- One-Bedroom -0.31%
- One-Bedroom -1.41%
- Studios -1.26% One-Bedroom -1.83%
- Bay Ridge
- Studios 0.25% One-Bedroom 0.64% Two-Bedroom 0.65%
- Bed Stuy
- Studios 1.03% One-Bedroom 0.13% Two-Bedroom 0.17%
- Boerum Hill
- Studios 0.06%
- Brooklyn Heights
- Studios 1.32% One-Bedroom 3.56% Two-Bedroom 2.01%
- Two-Bedroom 1.05%
- Clinton Hill
- One-Bedroom 4.01% Two-Bedroom 0.04%
- Cobble Hill
- One-Bedroom 1.47%
- Crown Heights
- One-Bedroom 1.40% Two-Bedroom 4.19%
- Two-Bedroom 0.09%
- Downtown BK
- Studios 2.33% One-Bedroom 1.85% Two-Bedroom 0.86%
- Fort Greene
- One-Bedroom 1.79%
- One-Bedroom 0.86%
- Park Slope
- Studios 0.49% Two-Bedroom 1.44%
- Studios 1.15% Two-Bedroom 3.63%
- Two-Bedroom 0.18%
• Monthly average rent remained stable this month, as all unit class increased under 0.70%
• From an annual perspective, Studio and One Bedroom average rent saw a strong growth of 7.47% and 6.35%, respectively, as Two Bedroom units decreased by 0.97% since March 2015.
• Similar to the previous month, the average rent remained stable moving by 0.38% since February 2016, as the annual average rent increased by 3.3%.
• Boerum Hill’s Two Bedroom unit average rent saw the largest decrease this month at 3.87% compared to the other analyzed neighborhoods. This
was the result of a few lower priced units entering the market.
• Overall, the average monthly rent dipped by 1.7% since February 2016.
• All sectors across Brooklyn Heights saw moderate growth in monthly average rents, with an increase of 1.32% in Studios, 3.56% in One Bedrooms and 2.01% in Two Bedrooms, resulting in the highest growth in overall average rent amongst the other Brooklyn neighborhoods at 2.31%.
• Overall, both the monthly and annual average rent remained stable moving by -0.18% and -0.4%, respectively
• The One Bedroom sector in Clinton Hill saw an increase of 4.01% this monthy, mainly the result of a higher priced rental unit entering the market.
• Overall, the monthly average rent increased by 1.21% as the annual average rent increased slightly by 0.2%
• Although Studio and Two Bedroom average rents fell by 0.17% and 2.20%, respectively, One Bedrooms increased by 1.47% since the previous month, resulting in a relatively balanced overall movement of -0.51%
• Two Bedroom average rents increased by 4.19%, mainly triggered by higher priced rental units from 643 Washington Avenue.
• From a year-to-year perspective, all unit classes saw increases in average rent – Studios by 15.98%, One Bedrooms by 8.23%, and Two Bedrooms by 13.35% - resulting in the highest annual increase in the borough at 12.4%.
• All unit classes saw increases in average rent this month, with an overall increase of 1.55%
• DUMBO’s average rent remained stable and relatively unchanged with a slight decrease of 0.19% in monthly average rent and 0.8% increase in annual average rent.
• Studio and Two Bedroom average rents fell by 2.34% and 1.76%, respectively, since the previous month, as One Bedrooms increased by 1.79%, all the result of changes in inventory
• Although the monthly average rent remained relatively unchanged, moving by only 0.45%, the annual average rent increased by 4.2%.
• The overall average rent remained stable this month, with an overall average increase of 0.61%
• Two Bedroom units saw a noticeable growth of 3.63% since the previous month, mainly caused by higher priced units from 393 Lefferts Avenue
entering the market. With Studios increasing by 1.15% and One Bedrooms decreasing by 1.41%, the overall average monthly rent increased by 1.33%
• From a year-to-year perspective, Studio and Two Bedroom average rent saw staggering increases of 15.46% and 12.51%, respectively, influencing an overall 9.2% increase in average rent since March 2015.
• Although both the monthly and annual overall average rent remained relatively stable, a noticeable growth was seen in Studio units as the average rent increased by 5.93% since March 2015.
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).
TABLE OF CONTENTS
- A Quick Look
- Mean Brooklyn Rental Prices
- Brooklyn Price Trends
- Neighborhood Price Trends
- The Report Explained
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