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Brooklyn
Rental Market Report
March 2014
Introduction
Overall rents remained level across the borough in March rising only 0.28% to $2,637, up from $2,629 in February. This marks the second straight month
overall rental pricing in Brooklyn changed less than one percent. It can be expected that incoming rental inventory throughout Brooklyn in the coming
months will have an upward effect on pricing.
Notably, since this time last year jumped pricing in Brooklyn has risen 6.39% from $2,478 in March 2013 to $2,637 this month. By dollar volume, this trend
has been led by a growing demand and low inventory of Two-Bedroom units in many Brooklyn neighborhoods. This unit increased 5.92% to an average
price of $3,335 in March. Furthermore, Two-Bedrooms in the following neighborhoods increased by ten percent or more: Bay Ridge (+10%), Bushwick
(+10%), PLG (+11%), Williamsburg (+15%), and Crown Heights (16%). As price per square foot in rental properties throughout Brooklyn continue to rise, it
can be expected that Two-Bedroom units will continue to reach higher price points.
Overall rents in Bed-Stuy increased the most in March relative to the rest of the Brooklyn neighborhoods. Each unit type increased in price led by One-
Bedrooms which increased 5.0% since the previous month, from $1,752 to $1,841. This comes as demand for units off Jefferson, Greene and DeKalb
Avenues continued to rise.
As the first quarter of 2014 comes to an end and the spring rental season begins, inventory throughout Brooklyn can be expected to rise slightly and
with it overall pricing
Notable Trends
| Most Expensive | Least Expensive | |
|---|---|---|
| Studios | DUMBO $2,975 | Bay Ridge $1,200 |
| One-Bedrooms | DUMBO $3,934 | Bay Ridge $1,587 |
| Two-Bedrooms | DUMBO $5,281 | Bay Ridge $2,137 |
| March '13 | March '14 | Change | |
|---|---|---|---|
| Studios | $1,862 | $2,030 | 9.0% |
| One-bedrooms | $2,424 | $2,544 | 4.9% |
| Two-bedrooms | $3,148 | $3,335 | 5.9% |
A Quick Look
Where Prices Decreased
- Bay Ridge
- Studios -2.0%, One-Bedroom -2.4%, Two-Bedroom -0.9%
- Brooklyn Heights
- Two-Bedroom -0.8%
- Bushwick
- Studios -3.5%, One-Bedroom -3.7%
- Clinton Hill
- Two-Bedroom -2.7%
- Cobble Hill
- Studios -3.4%
- Crown Heights
- Studios -1.6%, Two-Bedroom -0.3%
- Downtown BK
- Studios -1.0%, Two-Bedroom -1.2%
- Fort Greene
- Studios -4.9%, Two-Bedroom -0.2%
- Greenpoint
- Studios -0.8%, One-Bedroom -2.9%
- Park Slope
- One-Bedroom -3.3%, Two-Bedroom -2.1%
- Williamsburg
- One-Bedroom -1.9%
Where Prices Increased
- Bed Stuy
- Studios 0.2%, One-Bedroom 5.0%, Two-Bedroom 3.1%
- Boerum Hill
- Studios 2.9%, One-Bedroom 1.6%, Two-Bedroom 0.2%
- Brooklyn Heights
- Studios 2.2%, One-Bedroom 1.8%
- Bushwick
- Two-Bedroom 0.5%
- Clinton Hill
- Studios 2.2%, One-Bedroom 0.8%
- Cobble Hill
- One-Bedroom 0.2%, Two-Bedroom 0.1%
- Crown Heights
- One-Bedroom 9.6%
- Dumbo
- Studios 2.1%, One-Bedroom 0.2%, Two-Bedroom 1.5%
- Downtown BK
- One-Bedroom 0.8%
- Fort Greene
- One-Bedroom 2.8%
- Greenpoint
- Two-Bedroom 0.8%
- Park Slope
- Studios 4.4%
- PLG
- Studios 3.2%, Two-Bedroom 0.5%, One-Bedroom 8.1%
- Williamsburg
- Studios 0.7%, Two-Bedroom 1.7%
Neighborhood Price Trends
• After reaching a 13-month high in January of $1,685 pricing for One-Bedrooms dipped for the second consecutive month to $1,587 in March.
• After four consecutive months of decline, pricing for One-Bedrooms in Bed-Stuy rebound in March reaching $1,841.
• After three consecutive months of decline, pricing for One-Bedrooms in Boerum Hill increased to $2,479.
• Rents for Studios in Brooklyn Heights reached $2,275, increasing for the third consecutive month.
• Overall rents dropped 2.6% from the previous month from $1,977 from $2,020. month.
• After reaching a 13-month high in February of $3,245 rents for Two-Bedrooms in Clinton Hill dipped to $3,157 (-2.7%). previous month from $2,264 to $2,330.
• Since this time last year overall rents in Cobble Hill increased 7.8% from $2,628 to $2,883.
Rents for Two-Bedrooms in Crown Heights remained level this month at $2,431, but have increased 9.2% since December from $2,227.
• After increasing for the past three months, rents for Two-Bedrooms dipped in March to $4,034.
Rents for One-Bedrooms in DUMBO increased 11% since this time last year from $3,543 to $3,934.
Pricing for One-Bedrooms in Fort Greene reached a 13-month high in March, reaching $2,841, up 8.4% from $2,621 in December.
• Rents for Two-Bedrooms in Greenpoint increased 9% to $3,181 since this time last year, up from $2,925.
• Rents for One-Bedrooms in Park Slope increased 8% since this time last year from $2,319 to $2,512.
• Overall rents in Prospect-Lefferts Gardens jumped 7.1% since this time last year from $1,588 to $1,700.
• Since this time last year overall rents in Williamsburg increased 7.4% from $3,137 to $3,369.
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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