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Brooklyn
Rental Market Report

August 2014

Introduction

Average rents throughout Brooklyn increased from $2,599.09 in August 2013 to $2,741.66 in August 2014.

A QUICK LOOK

Rent prices in Brooklyn increased by approximately 2.68% from $2,670 in July 2014 to $2,742 in August 2014. Rent prices increased 5.49% from $2,599 to $2,742 compared to August 2013. Listing inventory decreased 16% compared to July 2014 from 2,327 units to 1,946 units.

The market appears to have picked up compared to July 2014. The largest percentage increases in rent prices were seen in Studios in Park Slope and One Bedroom units in Bushwick. The largest percentage decreases were seen in Studio units in Boreum Hill and One Bedroom units in Prospect Lefferts Gardens.

The largest annual upward and downward shifts in rent prices were seen in Crown Heights and Boreum Hill respectively. Rents increased 25.2% in Crown Heights compared to July 2013 from $1,874 to $2,347. Rents decreased by 2.1% in Boreum Hill from $2,846 to $2,785.

The Brooklyn rental market is clearly continuing its overall upward progression. Neighborhoods such as Williamsburg continue to see slower growth. This is evident as its monthly decrease was .22% and its yearly increase was 2.0%, relatively nominal changes compared to other neighborhoods in Brooklyn that are surging. Once again, underdeveloped areas like Bushwick and Crown Heights are leading the gentrification movement. Bushwick’s 17.59% monthly increase is tops among Brooklyn neighborhoods, with Crown Heights also growing at a significant 11.20% rate as well. One unique trend this month is Park Slopes’ 14.56% increase in average rents. This is a result of several lower priced units exiting the market. For example, all Studio and One Bedroom units under $2,400 are no longer listed. As with recent months, virtually all of the neighborhoods in Brooklyn are experiencing a positive year-over-year change. Those that have not have decreased by a negligible amount. Overall monthly changes have tended to fluctuate more drastically, however similar trends are exhibited. This can be expected to continue as many more new developments and conversions enter the marketing in the coming months.

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: August 2013 vs. August 2014
  August '13 August '14 Change
Studios $1,980 $2,230 12.6%
One-bedrooms $2,501 $2,653 6.1%
Two-bedrooms $3,316 $3,342 0.8%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -9.30%
Bed Stuy
Two-Bedroom -1.94%
Boerum Hill
Studios -11.96%
Brooklyn Heights
Studios -1.48%, One-Bedroom -8.17%, Two-Bedroom -7.81%
Clinton Hill
Studios -3.31%
Cobble Hill
Studios -4.42%, One-Bedroom -7.72%
Dumbo
Two-Bedroom -4.48%
Downtown BK
One-Bedroom -1.36%
Fort Greene
Studios -3.69%
Greenpoint
Studios -0.67%, One-Bedroom -1.16%
PLG
One-Bedroom -10.92%, Two-Bedroom -3.92%
Williamsburg
Studios -0.19%, One-Bedroom -2.38%

Where Prices Increased (Monthly)

Bay Ridge
One-Bedroom 3.98%, Two-Bedroom 6.26%
Bed Stuy
Studios 16.81%, One-Bedroom 6.06%
Boerum Hill
One-Bedroom 3.35%, Two-Bedroom 5.85%
Bushwick
Studios 19.18%, One-Bedroom 29.76%, Two-Bedroom 5.82%
Clinton Hill
One-Bedroom 0.50%, Two-Bedroom 1.19%
Cobble Hill
Two-Bedroom 3.84%
Crown Heights
Studios 22.10%, One-Bedroom 14.88%, Two-Bedroom 0.70%
Dumbo
Studios 21.73%, One-Bedroom 3.86%
Downtown BK
Studios 3.02%, Two-Bedroom 10.14%
Fort Greene
One-Bedroom 0.54%, Two-Bedroom 3.82%
Greenpoint
Two-Bedroom 1.78%
Park Slope
Studios 44.25%, One-Bedroom 9.45%, Two-Bedroom 0.99%
PLG
Studios 0.00%
Williamsburg
One-Bedroom 1.68%

Neighborhood Price Trends

• Although Studios experienced a sizeable 9.30% drop, One and Two Bedroom units increased at a rate that resulted in a trivial overall average rent increase of 0.92%.

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

• Overall average rent prices increased significantly for this month (5.51%) due to Studio prices increasing 16.81%.

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

This month saw a slight overall 0.42% rise in prices, however Studios fell considerably at 11.96%.

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

• Rent prices decreased a substantial 6.57% compared to last month and also saw a yearly drop of 1.3%.

brooklyn heights studio apartment price trends brooklyn heights one bedroom price trends brooklyn heights two bedroom price trends

• All unit types increased dramatically leading to this neighborhood having the highest overall average rent increase throughout Brooklyn of 17.59%. month.

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

• Unit type prices fluctuated rather modestly within a -3.31% to 1.19% range resulting in a nominal 0.20% overall decrease in prices.

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

• Although this neighborhood experienced a small 2.46% decrease in overall monthly prices, its yearly overall average increased by 7.7%.

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

• This neighborhood claimed the highest year-over-year increase among Brooklyn neighborhoods increasing a mammoth 25.2%.

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

• Overall average rents for this neighborhood increased from $3,239 last month to $3,400 this month.

downtown brooklyn studio apartment price trends downtown brooklyn one bedroom apartment prices downtown brooklyn two bedroom apartment price trends

• Overall monthly average rents increased by 4.53% due to a surge in Studio prices at 21.73%.

dumbo studio apartment price trends dumbo one bedroom apartment prices

• Both monthly and yearly overall average rents increased by negligible 1% or lower.

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

• This neighborhood saw virtually no fluctuations in overall average rent this month with prices increasing by 0.07%.

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

• This neighborhood experienced a unique month with overall average rents increasing by 14.56% as a result of a 44.25% increase in Studio prices, the highest among unit types in Brooklyn.

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

• Monthly overall average prices for this neighborhood continue to fall steadily, this month by 5.20%.

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

• This neighborhood continues to remain one of the most stable in Brooklyn with both monthly and yearly averages fluctuating by no more than 2%.

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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