BROOKLYN RENTAL MARKET REPORT
BROOKLYN RENTAL MARKET REPORT ARCHIVE
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TABLE OF CONTENTS
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introduction
THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.
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CHANGE
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$2,974NOVEMBER 2019
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$2,953DECEMBER 2019
A QUICK LOOK
Over the last month, the average rental price in Brooklyn has decreased by 0.73%, from $2,974.39 to $2,952.55. The average price for a studio unit fell by 3.05%, from $2,370.29 to $2,298.09. The average rental price for a one-bedroom unit increased by 1.35%, from $2,798.95 to $2,836.63. The average rental price for a two-bedroom unit increased by 0.98%, from $3,686.72 to $3,722.95. Year-over-year, rental prices are up across-the-board, with studio, one-bedroom, and two-bedroom prices increasing by 2.30%, 6.29%, and 7.70%, respectively.
Out of the sixteen neighborhoods tracked by this report, exactly half saw their average rental prices fall: Bushwick (-0.1%), Borough/Sunset Park (-1.7%), Clinton Hill (-3.3%), Cobble Hill (-15.1%), DUMBO (-3.4%), Downtown Brooklyn (-0.6%), Park Slope (-2.0%), and Prospect Lefferts Gardens (-0.8%). This past month, the most expensive rentals were observed in DUMBO. The least expensive studio and one-bedroom rentals were in Bay Ridge, while the least expensive two-bedroom rentals were in Borough/Sunset Park.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $3,422 | Bay Ridge $1,446 |
| One bedrooms | Dumbo $4,118 | Bay Ridge $1,778 |
| Two bedrooms | Dumbo $6,013 | Borough/Sunset Park $2,156 |
WHERE PRICES DECREASED
BAY RIDGE
Studios -1.3%
BED STUY
Two-Bedroom -0.4%
BOERUM HILL
Two-Bedroom -1.8%
BROOKLYN HEIGHTS
Studios -4.6%
BUSHWICK
Studios -0.3%
One-Bedroom -0.7%
CLINTON HILL
Studios -9.4%
One-Bedroom -0.1%
Two-Bedroom -1.7%
BOROUGH/SUNSET
Studios -5.6%
Two-Bedroom -1.6%
COBBLE HILL
One-Bedroom -0.2%
Two-Bedroom -0.2%
DUMBO
Studios -2.3%
One-Bedroom -5.4%
Two-Bedroom -2.6%
DOWNTOWN BK
Studios -1.6%
One-Bedroom -0.3%
Two-Bedroom -0.1%
FORT GREENE
Studios -3.9%
GREENPOINT
Studios -0.4%
PARK SLOPE
Studios -5.8%
Two-Bedroom -1.2%
PLG/FLATBUSH
One-Bedroom -1.2%
Two-Bedroom -1.8%
WHERE PRICES INCREASED
BAY RIDGE
One-Bedroom 2.7%
Two-Bedroom 2.4%
BED STUY
Studios 0.1%
One-Bedroom 0.9%
BOERUM HILL
Studios 17.4%
One-Bedroom 3.1%
BROOKLYN HEIGHTS
One-Bedroom 11.7%
Two-Bedroom 7.0%
BUSHWICK
Two-Bedroom 0.6%
BOROUGH/SUNSET
One-Bedroom 2.0%
CROWN HEIGHTS
Studios 3.5%
One-Bedroom 0.2%
Two-Bedroom 1.4%
FORT GREENE
One-Bedroom 5.4%
Two-Bedroom 1.0%
GREENPOINT
One-Bedroom 2.8%
Two-Bedroom 8.1%
PARK SLOPE
One-Bedroom 0.1%
PLG/FLATBUSH
Studios 1.3%
WILLIAMSBURG
Studios 1.0%
One-Bedroom 1.6%
Two-Bedroom 5.1%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
BROOKLYN RENTS: DECEMBER 2018 VS. DECEMBER 2019
| TYPE | DECEMBER 2018 | DECEMBER 2019 | CHANGE |
|---|---|---|---|
| Studios | $2,246 | $2,298 | 2.3% |
| One bedrooms | $2,669 | $2,837 | 6.3% |
| Two bedrooms | $3,457 | $3,723 | 7.7% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
FOLLOWING A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE REBOUNDED BY 1.49% THROUGH DECEMBER.
BEDFORD-STUYVESANT PRICE TRENDS
FOR THE SECOND MONTH IN A ROW, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT REMAINED STABLE, INCREASING BY JUST 0.19%.
BOERUM HILL PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 0.51%.
BOROUGH/SUNSET PARK PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH/SUNSET PARK FELL BY 1.66%.
BROOKLYN HEIGHTS PRICE TRENDS
THANKS TO AN INCREASE IN LUXURY LISTINGS COINCIDING WITH A SLIGHT DECREASE IN OVERALL INVENTORY IN THE AREA, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS INCREASED BY 5.62%IN DECEMBER.
BUSHWICK PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BUSHWICK FELL BY JUST 0.09%.
CLINTON HILL PRICE TRENDS
MARKING THE THIRD MONTH OF PRICE DROPS IN THE AREA, THE AVERAGE RENTAL PRICE IN CLINTON HILL FELL BY 3.26% THROUGH DECEMBER.
COBBLE HILL PRICE TRENDS
THANKS TO THE REINTRODUCTION OF STUDIO INVENTORY IN THE AREA, THE AVERAGE RENTAL PRICE IN COBBLE HILL EXPERIENCED A CORRECTION OF 15.12%. ONCE INVENTORY LEVELS BECOME MORE CONSISTENT, PRICING IN THE AREA CAN BE EXPECTED TO NORMALIZE.
CROWN HEIGHTS PRICE TRENDS
FOLLOWING LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS REBOUNDED BY 1.60% THROUGH DECEMBER.
DOWNTOWN BROOKLYN PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 0.56%.
DUMBO PRICE TRENDS
AFTER LAST MONTH’S INCREASE, THE AVERAGE RENTAL PRICE IN DUMBO EXPERIENCED A CORRECTION OF 3.39%.
FORT GREENE PRICE TRENDS
THANKS TO A 5.44% INCREASE IN ONE-BEDROOM RENTAL PRICING IN THE AREA, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 1.07%.
GREENPOINT PRICE TRENDS
FOLLOWING TWO MONTHS OF PRICE DECREASES, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 3.93% THROUGH DECEMBER.
PARK SLOPE PRICE TRENDS
OVERALL, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY 1.98% THROUGH DECEMBER.
PLG/FLATBUSH PRICE TRENDS
STABILIZING AFTER THE ADDITION OF FLATBUSH TO THIS AREA AVERAGE, THE AVERAGE RENTAL PRICE IN PLG/FLATBUSH FELL BY JUST 0.76% THIS PAST MONTH.
WILLIAMSBURG PRICE TRENDS
THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 2.78%.
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.
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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.
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