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Brooklyn
Rental Market Report

October 2014

Introduction

Average rents throughout Brooklyn decreased from $2,698.43 in October 2013 to $2,693.71 in October 2014.

A QUICK LOOK

Average rents throughout Brooklyn decreased from $2,698.43 in October 2013 to $2,693.71 in October 2014.

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: October 2013 vs. October 2014
  October '13 October '14 Change
Studios $2,082 $2,157 3.6%
One-bedrooms $2,574 $2,580 0.2%
Two-bedrooms $3,439 $3,345 -2.7%

A Quick Look

Where Prices Decreased (Monthly)

Boerum Hill
One-Bedroom -1.66%
Brooklyn Heights
Studios -9.07%, One-Bedroom -1.83%, Two-Bedroom-7.37%
Bushwick
Two-Bedroom -0.17%
Clinton Hill
Studios -4.37%
Cobble Hill
Studios -6.30%
Crown Heights
Studios -7.34%, One-Bedroom -2.74%, Two-Bedroom -5.11%
Dumbo
Studios -3.60%, One-Bedroom -1.46%
Downtown BK
Studios -1.87%, One-Bedroom -1.99%, Two-Bedroom -3.75%
Greenpoint
Studios -8.58%, One-Bedroom -5.61%
Park Slope
One-Bedroom -2.83%, Two-Bedroom -1.79%
PLG
Studios -9.69%
Williamsburg
One-Bedroom -5.46%, Two-Bedroom -0.70%

Where Prices Increased (Monthly)

Bay Ridge
Studios 4.55%, One-Bedroom 2.95%, Two-Bedroom 4.13%
Bed Stuy
Studios 10.66%, One-Bedroom 0.40%, Two-Bedroom 0.70%
Boerum Hill
Studios 3.93%, Two-Bedroom 0.07%
Bushwick
Studios 13.19%, One-Bedroom 2.49%
Clinton Hill
One-Bedroom 3.83%, Two-Bedroom 2.95%
Cobble Hill
One-Bedroom 4.09%, Two-Bedroom 1.49%
Dumbo
Two-Bedroom 6.50%
Fort Greene
Studios 1.67%, One-Bedroom 5.30%, Two-Bedroom 4.69%
Greenpoint
Two-Bedroom 1.54%
Park Slope
Studios 2.50%
PLG
One-Bedroom 6.48%, Two-Bedroom 1.93%
Williamsburg
Studios 3.63%

Neighborhood Price Trends

• Although average rent prices rose by 3.88% this month, the more important trend is the 9.3% yearly increase in prices which was the highest in the borough.

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

• Driven by a significant 10.66% increase in Studio prices, overall average monthly rents increased 3.32%. This was due to high-end units at 689 Myrtle Avenue and 357 Decatur Street entering the market

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

• This neighborhood remained stable this month increasing by a trivial 0.53%, however it should be noted that the Studio sample size consisted of only 3 units.

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

• All unit types saw a decline in monthly average rents, leading to the greatest overall decrease among Brooklyn neighborhoods of 6.11%

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 13.19% rise in Studio prices distorts the overall average rent increase of 4.29%

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

• While this neighborhood experienced a considerable 6.0% upturn in yearly average rents, monthly average rents only increased by 1.19%.

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

• Overall yearly and monthly average rent changes for this neighborhood remained steady as percentage changes fell between the -1.0% and 1.0% range.

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

• With all unit types falling by at least 2.74% overall average monthly rents decreased by a sizable 5.02%.

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

• Despite experiencing a 2.74% downturn this month, yearly average rents increased 5.4% which continues the trend of last month.

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 4.6% due to a surge in Studio prices of 15.77%.

dumbo studio apartment price trends dumbo one bedroom apartment prices

• This neighborhood claimed the highest overall average monthly increase (among material sample sizes) in rents at 4.07%, while also rising by 5.0% from last year.

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

• Although both monthly and yearly average rents fall by at least 4.05%, a Studio sample size of one unit renders this data misleading.

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

• Led by a 6.12% drop in One Bedroom prices, overall yearly average rents decreased by 4.0%.

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

• Overall average rents fell by a nominal amount this month at a less than 0.5% rate.

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

• In spite of overall monthly rents declining only 1.17%, this neighborhood experienced the greatest yearly drop (among material sample sizes) throughout Brooklyn at 9.5%.

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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