BROOKLYN RENTAL MARKET REPORT
BROOKLYN RENTAL MARKET REPORT ARCHIVE
sign up for rental Market reports to be sent to your email
TABLE OF CONTENTS
JUMP TO A PARTICULAR SECTION
introduction
THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.
-
CHANGE
-
$2,911MAY 2020
-
$2,853JUNE 2020
A QUICK LOOK
Over the last month, the average rental price in Brooklyn has decreased by 1.98%, from $2,910.89 to $2,853.30. The average rental price for studio fell by 0.89%, from $2,268.27 to $2,248.16. The average rental price for a one-bedroom unit fell by 2.94%, from $2,845.80 to $2,762.23. The average rental price for a two-bedroom unit fell by 1.91%, from $3,618.61 to $3,549.50. Year-over-year rental prices are down across-the-board with studio, one-bedroom, and two-bedroom prices decreasing by 3.38%, 3.72%, and 5.61%, respectively.
This past month, the most expensive units by average rental price were observed in DUMBO, while the most affordable units by average rental price were in Borough Park/Sunset Park.
Out of the sixteen neighborhoods tracked by this report, only four saw their average rental price increase this past month: Bedford-Stuyvesant (+0.8%), Borough/Sunset Park (+4.4%), Clinton Hill (+1.9%), and DUMBO (+0.1%).
As concessions grow in both popularity and generosity, pricing in the Brooklyn rental market can be expected to adjust accordingly, especially within neighborhoods that have established luxury submarkets like Williamsburg and Downtown Brooklyn.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $3,148 | Borough/Sunset Park $1,400 |
| One bedrooms | Dumbo $4,083 | Borough/Sunset Park $1,854 |
| Two bedrooms | Dumbo $5,851 | Borough/Sunset Park $2,146 |
WHERE PRICES DECREASED
BAY RIDGE
Studios -5.1%
One-Bedroom -0.1%
Two-Bedroom -0.3%
BED STUY
One-Bedroom -3.2%
BOERUM HILL
Studios -2.2%
One-Bedroom -1.5%
Two-Bedroom -5.7%
BROOKLYN HEIGHTS
Studios -2.0%
One-Bedroom -2.5%
Two-Bedroom -1.9%
BUSHWICK
Studios -0.54%
One-Bedroom -3.7%
Two-Bedroom -3.0%
CLINTON HILL
Studios -1.6%
COBBLE HILL
Studio -1.6%
One-Bedroom -0.9%
Two-Bedroom -4.3%
CROWN HEIGHTS
Studios -1.9%
One-Bedroom -0.7%
Two-Bedroom -0.9%
DUMBO
One-Bedroom -5.6%
DOWNTOWN BK
Studios -3.9%
One-Bedroom -5.0%
Two-Bedroom -3.8%
FORT GREENE
Studios -2.2%
One-Bedroom -3.7%
Two-Bedroom -2.7%
GREENPOINT
Studios -3.25%
One-Bedroom -8.0%
Two-Bedroom -5.9%
PARK SLOPE
Two-Bedroom -5.5%
PLG/FLATBUSH
Studios -1.2%
Two-Bedroom -2.0%
WILLIAMSBURG
Studios -1.0%
One-Bedroom -8.5%
Two-Bedroom -3.9%
WHERE PRICES INCREASED
BAY RIDGE
Studios 0.8%
Two-Bedroom 4.5%
CLINTON HILL
One-Bedroom 0.4%
Two-Bedroom 5.4%
BOROUGH PARK/SUNSET PARK
Studios 12.0%
One-Bedroom 1.7%
Two-Bedroom 2.26%
DUMBO
Studios 4.7%
Two-Bedroom 1.9%
PARK SLOPE
Studios 2.2%
One-Bedroom 1.9%
PLG/FLATBUSH
One-Bedroom 0.1%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
JUNE 2019 VS. JUNE 2020
| TYPE | JUNE 2019 | JUNE 2020 | CHANGE |
|---|---|---|---|
| Studios | $2,327 | $2,248 | 3.4% |
| One bedrooms | $2,869 | $2,762 | 3.7% |
| Two bedrooms | $3,760 | $3,550 | 5.6% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE FELL BY 1.64%.
BEDFORD-STUYVESANT PRICE TRENDS
FOLLOWING TWO MONTHS OF SIZEABLE DROPS, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 0.76% THROUGH JUNE.
BOERUM HILL PRICE TRENDS
FALLING FOR THE SECOND MONTH IN A ROW, THE AVERAGE RENTAL PRICE IN BOERUM HILL DECREASED BY AN ADDITIONAL 3.52% THROUGH JUNE.
BOROUGH/SUNSET PARK PRICE TRENDS
THANKS, IN PART, TO ITS LOWER-END INVENTORY MIX WHICH CAN LEAD TO MONTH-OVER-MONTH PRICE SWINGS, BOROUGH PARK/SUNSET PARK SAW AVERAGE RENTAL PRICES INCREASE BY 4.41% THROUGH JUNE.
BROOKLYN HEIGHTS PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS FELL BY 2.11%.
BUSHWICK PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE IN BUSHWICK FELL BY 2.51%.
CLINTON HILL PRICE TRENDS
BUOYED BY A HANDFUL OF UNITS AT THE HIGHER-END OF THE MARKET, THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 1.86% THROUGH JUNE.
COBBLE HILL PRICE TRENDS
FOLLOWING ALMOST NO MOVEMENT LAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL FELL BY 3.17% THROUGH JUNE.
CROWN HEIGHTS PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS DECREASED BY 1.13%.
DOWNTOWN BROOKLYN PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN DECREASED 4.20%.
DUMBO PRICE TRENDS
FOLLOWING A DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN DUMBO STABILIZED THROUGH JUNE, INCREASING BY 0.06%.
FORT GREENE PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE IN FORT GREENE FELL BY 2.88%.
GREENPOINT PRICE TRENDS
ADJUSTING TO LAST MONTH’S SURGE IN LUXURY AVAILABILITIES, THE AVERAGE RENTAL PRICE IN GREENPOINT FELL BY 5.85% THROUGH JUNE.
PARK SLOPE PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY 1.26%.
PLG/FLATBUSH PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN PROSPECT LEFFERTS GARDENS/FLATBUSH FELL BY 1.10%.
WILLIAMSBURG PRICE TRENDS
THANKS TO A SIGNIFICANT INCREASE IN THE NUMBER AND AMOUNT OF OFFERED CONCESSIONS, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG FELL BY 4.65% THROUGH JUNE.
THE REPORT EXPLAINED
THE BROOKLYN RENTAL MARKET REPORTTM 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 EFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN BROOKLYN.
The Brooklyn Rental Market Report TM 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 specifc 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.
