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BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.

  • 1.83%
    CHANGE
  • $3,026
    MARCH 2020
  • $2,970
    APRIL 2020

A QUICK LOOK

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Over the last month, the average rental price in Brooklyn has decreased by 1.83%, from $3,025.90 to $2,970.39. The average rental price for a studio unit fell by 0.67%, from $2,325.16 to $2,309.51. The average rental price for a one-bedroom unit fell by 2.30%, from $2,926.51 to $2,859.22. The average rental price for a two-bedroom unit fell by 2.19%, from $3,826.03 to $3,742.43. Year-over-year, rental prices are up across-the-board, with studio, one-bedroom, and two-bedroom prices increasing by 0.93%, 0.22%, and 3.69%, respectively.

This past month, out of the sixteen neighborhoods tracked by this report, only five saw their average rental price increase: Bay Ridge (+1.4%), Boerum Hill (+1.8%), Borough Park/Sunset Park (+2.0%), Cobble Hill (+0.3%), and Prospect Lefferts Gardens (+3.6%). This past month, the most expensive rentals by average price were all in DUMBO. The most affordable studio units were in Bay Ridge, while the most affordable one and two-bedroom units could be found in Borough Park/Sunset Park.

NOTABLE TRENDS

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TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $3,350 Bay Ridge $1,450
One bedrooms Dumbo $4,412 Borough/Sunset Park $1,773
Two bedrooms Dumbo $6,161 Borough/Sunset Park $2,134

WHERE PRICES DECREASED

price_down_icon

BAY RIDGE

Studios -6.6%

BED STUY

Studios -1.2%

One-Bedroom -0.7%

Two-Bedroom -0.4%

BOERUM HILL

One-Bedroom -2.0%

BROOKLYN HEIGHTS

Studios -7.6%

Two-Bedroom -1.3%

BUSHWICK

One-Bedroom -1.9%

Two-Bedroom -2.8%

CLINTON HILL

Studios -4.5%

One-Bedroom -5.8%

Two-Bedroom -2.1%

BOROUGH PARK/SUNSET PARK

One-Bedroom -5.2%

COBBLE HILL

Studio -4.5%

One-Bedroom -0.2%

Two-Bedroom -0.2%

CROWN HEIGHTS

Studios -3.1%

DUMBO

One-Bedroom -6.3%

Two-Bedroom -6.3%

DOWNTOWN BK

Studios -0.6%

One-Bedroom -1.8%

Two-Bedroom -2.1%

FORT GREENE

Studios -5.7%

One-Bedroom -1.6%

Two-Bedroom -1.0%

GREENPOINT

One-Bedroom -6.3%

Two-Bedroom -11.4%

PARK SLOPE

Two-Bedroom -4.2%

WILLIAMSBURG

Studios -3.7%

One-Bedroom -3.9%

Two-Bedroom -9.3%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

One-Bedroom 0.5%

Two-Bedroom 7.4%

BOERUM HILL

Studios 2.2%

Two-Bedroom 4.2%

BROOKLYN HEIGHTS

One-Bedroom 1.7%

BUSHWICK

Studios 1.27%

BOROUGH PARK/SUNSET PARK

Studios 12.1%

Two-Bedroom 1.69%

CROWN HEIGHTS

One-Bedroom 0.4%

Two-Bedroom 0.2%

DUMBO

Studios 1.9%

GREENPOINT

Studios 0.61%

PARK SLOPE

Studios 0.1%

One-Bedroom 0.2%

PLG/FLATBUSH

Studios 7.5%

One-Bedroom 0.2%

Two-Bedroom 3.7%

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
Brooklyn Heights
Bushwick
4.12%
3.37%
12.69%
1.21%
4.14%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
3.25%
10.17%
1.11%
0.61%
7.92%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
6.86%
8.16%
1.19%
2.58%
5.65%

YEAR OVER YEAR Price change

APRIL 2019 VS. APRIL 2020

price changes
TYPE APRIL 2019 APRIL 2020 CHANGE
Studios $2,288 $2,310 0.9%
One bedrooms $2,853 $2,859 0.2%
Two bedrooms $3,609 $3,742 3.7%
BROOKLYN

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 1.36%.

BROOKLYN

THROUGH APRIL, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT FELL BY 0.73%.

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STABILIZING AFTER LAST MONTH’S LARGER-THAN-NORMAL INCREASE, THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 1.82%.

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BUOYED BY A 12.14% INCREASE IN STUDIO PRICING THAT WAS CAUSED BY A DEARTH OF INVENTORY, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 2.02%.

BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS FELL BY 1.77%.

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FOLLOWING A SLIGHT DROP IN MARCH, THE AVERAGE RENTAL PRICE IN BUSHWICK FELL BY AN ADDITIONAL 1.28% IN APRIL.

BROOKLYN

CORRECTING FROM LAST MONTH’S SLIGHT INCREASE, THE AVERAGE PRICE FOR A RENTAL UNIT IN CLINTON HILL FELL BY 3.96% THROUGH APRIL.

BROOKLYN

REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY JUST 0.34%.

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OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS FELL BY 0.69%.

BROOKLYN

AFTER A STABLE MARCH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 1.66% THROUGH APRIL.

BROOKLYN

FOLLOWING TWO MONTHS OF PRICE INCREASES, THE AVERAGE PRICE FOR A RENTAL UNIT IN DUMBO EXPERIENCED A CORRECTION OF 4.44%.

BROOKLYN

FOLLOWING A LARGE INCREASE LAST MONTH, THE AVERAGE PRICE FOR A RENTAL UNIT IN FORT GREENE EXPERIENCED A CORRECTION OF 2.36% THROUGH APRIL.

BROOKLYN

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT FELL BY 6.54%.

BROOKLYN

CONTINUING THE TREND THAT EMERGED LAST MONTH, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY AN ADDITIONAL 1.70% THROUGH APRIL.

BROOKLYN

THANKS TO AN INCREASING NUMBER OF AVAILABLE LUXURY UNITS IN THE AREA, THE AVERAGE RENTAL PRICE IN PROSPECT LEFFERTS GARDENS/FLATBUSH INCREASED BY 3.62%.

BROOKLYN

DUE TO AN INCREASE IN INVENTORY COINCIDING WITH A DIFFICULT PUBLIC HEALTH AND ECONOMIC CLIMATE, THE AVERAGE PRICE FOR A RENTAL UNIT IN WILLIAMSBURG FELL BY 5.98% THROUGH APRIL.

BROOKLYN

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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