Brooklyn
Rental Market Report

OCTOBER 2018

Introduction

Over the last month, the average rental price in Brooklyn decreased by 1.18%, from $2,877.11 to $2,843.25.

A QUICK LOOK

Over the last month, the average rental price in Brooklyn decreased by 1.18%, from $2,877.11 to $2,843.25. The average rental price for a studio unit decreased by 0.9%, from $2,275.11 to $2,253.98. The average rental price for a one-bedroom unit decreased by 0.02%, from $2,701.84 to $2,701.25. The average rental price for a two-bedroom unit decreased by 2.0%, from $3,587.06 to $3,514.89. Year-over-year, studio rental prices are up 2.19%, while one and two-bedroom prices are up 2.33% and 3.07%, respectively. Overall, the average rental price in Brooklyn is up 3.32% from this time last year.

As is typical for this time of the year, most analyzed neighborhoods experienced price drops, except for: Brooklyn Heights (+1.7%), DUMBO (+4.0%), Greenpoint (+0.6%), and Park Slope (+1.2%). Out of all tracked unit types, one-bedroom units performed the best on a month-over- month and per neighborhood basis, with prices increasing in: Brooklyn Heights (+5.1%), Clinton Hill (+0.3%), DUMBO (+5.4%), Fort Greene (+1.9%), Park Slope (+3.8%), and Williamsburg (+0.2%). During October, the most expensive rentals by average price were in DUMBO, while the least expensive rentals by average price were all in Bay Ridge.

Year-over-year, only three out of fifteen analyzed neighborhoods experienced price drops; Crown Heights (-1.56%), Boerum Hill (-5.45%), and Williamsburg (-5.87%). The drops in both Boerum Hill and Crown Heights can be attributed to an increase in concessions offered at new developments along with an influx of lower-priced inventory. The price drop in Williamsburg, however, can be credited to the impending L-train shutdown, which is having a negative, albeit temporary, effect on both residential and commercial rental prices in the area. Out of the neighborhoods that experienced year-over-year price gains, Prospect Lefferts Gardens stands out. Neighborhoods like Fort Greene (+9.15%) and DUMBO (+14.06%) saw their average rents grow thanks to an increase in listings from new developments along with their plentiful transportation options. Prospect Lefferts Gardens, which consistently ranks as one of the least expensive Brooklyn neighborhoods to rent in, became a destination for frugal renters looking for the next affordable area. This flood of renters along with a decrease in overall supply, led to an impressive 7.60% year-over-year average rental price increase in the neighborhood.

brooklyn quick look studios brooklyn quick look 1 bed brooklyn quick look 2 bed brooklyn quick year over year change

• After a slight increase last month, the average rental price in Bay Ridge fell by 0.57%.

bay ridge studio apartment price trends

• October was a relatively stable month for rental prices in Bedford-Stuyvesant, which fell by just 0.52% this past month.

bedford-stuyvesant apartment

• As higher-end units left the rental market in Boerum Hill, pricing was left to adjust. The average rental price in Boerum Hill experienced a correction of 7.31% during October.

boerum hill apartment

• The average rental price in Brooklyn Heights increased by 1.75% during October. This overall increase is the direct result of gains within studio and one-bedroom, which saw prices grow by 4.41% and 5.14%, respectively.

brooklyn heights apts

• Over the last month the average rental price in Bushwick fell by 1.91%.

bushwick apts

• After a sizeable gain last month, the average rental price in Clinton Hill experienced a slight correction of 1.05% during October.

clinton hill apts

• Following last month’s strong gains, the average rental price in Cobble Hill fell by 4.16% during October.

cobble hill apts

• The average rental price in Crown Heights fell by 4.89% during October. This drop can be explained by an increase in offered concessions, an influx of lower-end units, and typical rental market seasonality taking effect.

crown heights apts

• During October, the average rental price in Downtown Brooklyn fell by 2.78%.

downtown brooklyn apts

• After a slight drop last month, the average rental price in DUMBO increased by 4.05% during October.

dumbo apts

• Riding some of the momentum from last month, the average rental price in Fort Greene fell by 2.20% this past month.

fort greene apts

• Reversing the trend seen over the last two months, the average rental price in Greenpoint increased by 0.57% during October.

greenpoint apts

• The average rental price in Park Slope increased by 1.21% during October.

park slope apts

• Continuing the trend seen last month, the average rental price in Prospect Lefferts Gardens fell by 1.98% during October.

prospect lefferts gardens apts

• The average rental price in Williamsburg fell by 0.61% during October.

williamsburg apts

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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