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BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.

  • 0.7%
    CHANGE
  • $3,620
    JANUARY 2024
  • $3,645
    FEBRUARY 2024

A QUICK LOOK

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Over the past month, the average rental price in Brooklyn has increased by 0.70%, from $3,620 to $3,645. The average rental price for a studio unit increased by 0.21%, from $2,903 to $2,909. The average rental price for a one-bedroom unit increased by 1.00%, from $3,486 to $3,521. The average rental price for a two-bedroom unit increased by 0.90%, from $4,369 to $4,408.

This past month, the most expensive studio, one and two-bedroom units by average price were all seen in Dumbo; while the most affordable studio units were in Bay Ridge. Most affordable one and two-bedroom units were seen in Borough Park / Sunset Park.

Out of the sixteen neighborhoods tracked by this report, ten saw their average rental prices increase month-over-month. The remaining areas decreased this month.

  • Bay Ridge: +1.61%
  • Bed Stuy: -0.95%
  • Boerum Hill: +2.11%
  • Borough Park/Sunset Park: -3.41%
  • Brooklyn Heights: +5.9%
  • Bushwick: +2.28%
  • Clinton Hill: +5.64%
  • Cobble Hill: -3.23%
  • Crown Heights: -3.67%
  • Downtown Brooklyn: +3.58%
  • Dumbo: -0.27%
  • Fort Greene: -3.17%
  • Greenpoint: +0.27%
  • Park Slope: +0.39%
  • PLG/Flatbush: +1.43%
  • Williamsburg: +0.47%

Compared to this time last year, rental prices are up across-the-board with studio, one-bedroom and two-bedroom unit prices by 7.82%, 6.04%, and 0.02%, respectively. Overall, average rental pricing in Brooklyn has increased by 4.88% since last year.

NOTABLE TRENDS

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TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $4,104 Bay Ridge $1,691
One bedrooms Dumbo $5,135 Borough Park/Sunset Park $2,074
Two bedrooms Dumbo $6,792 Borough Park/Sunset Park $2,543

WHERE PRICES DECREASED

price_down_icon

BED STUY

Studios -8.0%

BOERUM HILL

Two-Bedroom -3.9%

BOROUGH PARK/SUNSET PARK

Studios -0.4%

One-Bedroom -6.1%

Two-Bedroom -3.7%

COBBLE HILL

Studio -2.8%

Two-Bedroom -6.0%

CROWN HEIGHTS

Studios -9.0%

One-Bedroom -3.1%

DUMBO

One-Bedroom -0.1%

Two-Bedroom -1.1%

DOWNTOWN BROOKLYN

Studios -0.9%

FORT GREENE

Studios -1.8%

One-Bedroom -5.5%

Two-Bedroom -2.2%

GREENPOINT

One-Bedroom -4.5%

PARK SLOPE

One-Bedroom -0.8%

Two-Bedroom -0.6%

PLG/FLATBUSH

Studios -3.6%

WILLIAMSBURG

Studios -1.8%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

Studios 1.2%

One-Bedroom 1.5%

Two-Bedroom 2.0%

BED STUY

One-Bedroom 2.1%

Two-Bedroom 1.9%

BOERUM HILL

Studios 2.1%

One-Bedroom 9.6%

BROOKLYN HEIGHTS

Studios 11.8%

One-Bedroom 8.2%

Two-Bedroom 0.2%

BUSHWICK

Studios 3.5%

One-Bedroom 1.1%

Two-Bedroom 2.3%

CLINTON HILL

Studios 1.6%

One-Bedroom 4.1%

Two-Bedroom 9.3%

COBBLE HILL

One-Bedroom 0.8%

CROWN HEIGHTS

Two-Bedroom 0.2%

DUMBO

Studios 1.0%

DOWNTOWN BROOKLYN

One-Bedroom 2.0%

Two-Bedroom 7.5%

GREENPOINT

Studios 2.6%

Two-Bedroom 2.8%

PARK SLOPE

Studios 3.6%

PLG/FLATBUSH

One-Bedroom 2.3%

Two-Bedroom 4.6%

WILLIAMSBURG

One-Bedroom 2.3%

Two-Bedroom 0.7%

BROOKLYN AVERAGE PRICE

BROOKLYN AVERAGE PRICE

BROOKLYN AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
Bay Ridge
Bed Stuy
Boerum Hill
BOROUGH/SUNSET
Brooklyn Heights
Bushwick
4.67%
2.44%
5.81%
8.73%
9.18%
5.93%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
3.50%
12.35%
3.74%
7.52%
4.09%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
2.39%
3.41%
5.86%
8.86%
3.00%

YEAR OVER YEAR Price change

FEBRUARY 2023 VS. FEBRUARY 2024

price changes
TYPE FEBRUARY 2023 FEBRUARY 2024 CHANGE
Studios $2,698 $2,909 7.82%
One bedrooms $3,321 $3,521 6.04%
Two bedrooms $4,407 $4,408 0.02%
BROOKLYN

THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 1.61%.

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OVERALL, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT SLIGHTLY DECREASED BY JUST 0.95% THIS MONTH.

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THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 2.11%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK / SUNSET PARK DECREASED BY 3.41%.

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THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS THIS PAST MONTH INCREASED BY 5.90%.

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THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 2.28% OVER THE PAST MONTH.

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THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 5.64% THIS PAST MONTH.

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OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL DECREASED BY 3.23%.

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CROWN HEIGHTS RENTS DECREASED THIS MONTH BY 3.67%.

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AVERAGE RENTS THIS MONTH IN DOWNTOWN BROOKLYN INCREASED BY 3.58%.

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MONTH-OVER-MONTH, RENTS IN DUMBO SLIGHTLY DECREASED BY JUST 0.27%.

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THE AVERAGE RENTAL PRICE IN FORT GREENE DECREASED BY 3.17% THIS PAST MONTH.

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OVER THE PAST MONTH, AVERAGE RENTAL PRICE IN GREENPOINT SLIGHTLY INCREASED BY JUST 0.27%.

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AVERAGE RENTS IN PARK SLOPE SLIGHTLY INCREASED BY JUST 0.39% THIS PAST MONTH.

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THE AVERAGE RENTAL PRICE INCREASED BY 1.43% OVER THE PAST MONTH.

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THE AVERAGE RENTAL PRICE IN WILLIAMSBURG SLIGHTLY INCREASED BY JUST 0.47% THIS PAST MONTH.

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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.

HTTP://WWW.MNS.COM/BROOKLYN_RENTAL_MARKET_REPORT

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