Brooklyn Rental Market Report | MNS is Real Impact Real Estate

Brooklyn
Rental Market Report

September 2017

Introduction

Over the last month, prices in Brooklyn have decreased by 1.3%, from $2,819.73 to $2,782.49.

A QUICK LOOK

Over the last month, the average rent in Brooklyn decreased by 1.32%, from $2,820 to $2,782. Studio prices decreased by 2.6%, from $2,287 to $2,228. One-bedroom prices decreased by 1.1%, from $2,687 to $2,658. Two-bedroom prices decreased by 0.7%, from $3,485 to $3,461. Year-over-year, studio prices decreased by 1.71%, one-bedroom prices decreased by 2.50%, and two-bedroom prices increased by 0.26%. An overall price decrease of 1.32% for the month was expected as we entered a slow point in the real estate market.
September was a correction month for overall rental prices in Brooklyn. All neighborhoods experienced overall price drops, except for: Bushwick (+0.6%), Cobble Hill (+2.1%), Crown Heights (+0.7%), Greenpoint (+1.0%), Park Slope (+1.5%), and PLG (+0.0%). DUMBO is home to the most expensive rental units in Brooklyn. This past month, the least expensive rental units were in Bay Ridge.
A noteworthy occurrence this month was the 5.0% price increase seen in Greenpoint two-bedroom rental units. Some of this growth can be attributed to the addition of luxury rental units from various new developments, including 44 Kent.
Overall rental prices in Brooklyn can be expected to continue their slight correction as we begin the fourth quarter, a traditionally slow period for real estate.

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: September 2016 vs. September 2017
Type September 2016 September 2017 Change
Studios $2,267 $2,228 -1.71%
One-bedrooms $2,726 $2,658 -2.50%
Two-bedrooms $3,452 $3,461 0.26%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
One-Bedroom -2.8% Two-Bedroom -1.7%
Bed Stuy
Studios -2.6% One-Bedroom -1.1% Two-Bedroom -2.4%
Boerum Hill
Studios -3.5% Two-Bedroom -1.6%
Brooklyn Heights
One-Bedroom -7.4% Two-Bedroom -0.6%
Bushwick
Two-Bedroom -0.1%
Clinton Hill
Studios -0.4% One-Bedroom -4.6%
Cobble Hill
One-Bedroom -5.2%
Dumbo
Studios -9.2% Two-Bedroom -3.0%
Downtown BK
Studios -0.3% One-Bedroom -0.3% Two-Bedroom -0.5%
Fort Greene
Studios -6.4% One-Bedroom -6.7% Two-Bedroom -11.2%
Greenpoint
Studios -5.8%
Park Slope
Studios -0.2%
PLG
Studios -2.8%
Williamsburg
Studios -4.0% One-Bedroom -0.9% Two-Bedroom -2.3%

Where Prices Increased (Monthly)

Bay Ridge
Studios 2.0%
Boerum Hill
One-Bedroom 0.3%
Brooklyn Heights
Studios 0.2%
Bushwick
Studios 0.5% One-Bedroom 1.4%
Clinton Hill
Two-Bedroom 0.2%
Cobble Hill
Studios 0.4% Two-Bedroom 8.7%
Crown Heights
Studios 0.1% One-Bedroom 1.6% Two-Bedroom 0.4%
Dumbo
One-Bedroom 3.6%
Greenpoint
One-Bedroom 3.2% Two-Bedroom 5.0%
Park Slope
One-Bedroomn 2.5% Two-Bedroom 1.7%
PLG
One-Bedroomn 2.2% Two-Bedroom 0.5%

• Overall rental prices in Bay Ridge experienced a slight drop during September, falling by 1.1%.

bay ridge studio apartment price trends

• Adhering to seasonality trends, Bedford-Stuyvesant rental prices experienced a slight correction. Overall rental prices fell by 2.0%.

bedford-stuyvesant apartment

• Boerum Hill rental prices had a relatively tame September, falling by only 1.5%.

boerum hill apartment

• Rental prices in Brooklyn Heights experienced a slight correction during September. Overall prices fell by 2.6%.

brooklyn heights apts

• Carrying over momentum from the summer, Bushwick overall rental prices saw an increase of just over 0.6%.

bushwick apts

• Following typical seasonality trends, overall rental prices in Clinton Hill fell by 1.6%.

clinton hill apts

• Cobble Hill experienced the largest gain in overall rental price of any Brooklyn sub-market, increasing by 2.1%.

cobble hill apts

• Rental prices in Crown Heights experienced modest growth of 0.7%.

crown heights apts

• Downtown Brooklyn experienced an only 0.4% drop in overall rental prices.

downtown brooklyn apts

• During September, overall rental prices in DUMBO slid by nearly 2.6%. One-bedrooms, however, grew by 3.6% during the same period.

dumbo apts

• During September, overall rental prices in Fort Greene experienced a drop. Most of this decline can be attributed to numerous new development rental units being taken off market along with a sizable number of low-priced units coming to market.

fort greene apts

• Greenpoint had a relatively solid September. Overall prices grew by just over 1.0%. Outpacing the overall Greenpoint market, two-bedroom rental unit prices grew by 5.0%.

greenpoint apts

• Carrying over momentum from sepust, overall rental prices in Park Slope grew by 1.5%.

park slope apts

• The overall rental price in Prospect Lefferts Gardens experienced no change month-to-month. One-bedroom rental prices, however, grew by 2.2%.

prospect lefferts gardens apts

• Adhering to normal rental market seasonality, coupled with an influx of lower priced units from east of the BQE, overall rental prices in Williamsburg experienced a slight correction of 2.4%.

williamsburg apts

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 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 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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